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Short title
1 Short title
This Act may be cited as the Family Trust Distribution Tax (Primary Liability) Act 1998.
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Commonwealth act
The Act imposes a flat tax on trust income or capital amounts caught by specified Schedule 2F rules, raising the effective charge on certain trust distributions to 47% (49% in a temporary budget repair levy year). It doesn’t rename who is liable—liability is determined by the relevant Schedule 2F provisions—and it interacts with Commissioner notices and other tax laws, changing after‑tax returns and incentives around distribution timing and form.
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Direct links to the current provisions in Family Trust Distribution Tax (Primary Liability) Act 1998.
This Act may be cited as the Family Trust Distribution Tax (Primary Liability) Act 1998.
This Act commences on the day on which it receives the Royal Assent.
Tax payable under section 271‑15, 271‑20, 271‑25, 271‑30 or 271‑55 in Schedule 2F to the Income Tax Assessment Act 1936 on the amount or value of income or capital is imposed.
The amount of the tax imposed by this Act is 47% of the amount or value of the income or capital.
(1) This section applies: (a) in relation to tax payable under section 271‑55 in Schedule 2F to the Income Tax Assessment Act 1936—to notices mentioned in that section that are given by the Commissioner in a temporary budget repair levy year; or (b) otherwise—to present entitlements conferred, or distributions made, in a temporary budget repair levy year. (2) Increase the amount of the percentage mentioned in section 4 by 2 percentage points. (3) In this section:
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Family Trust Distribution Tax (Primary Liability) Act 1998.
This Act commences on the day on which it receives the Royal Assent.
Tax payable under section 271‑15, 271‑20, 271‑25, 271‑30 or 271‑55 in Schedule 2F to the Income Tax Assessment Act 1936 on the amount or value of income or capital is imposed.
The amount of the tax imposed by this Act is 47% of the amount or value of the income or capital.
(1) This section applies: (a) in relation to tax payable under section 271‑55 in Schedule 2F to the Income Tax Assessment Act 1936—to notices mentioned in that section that are given by the Commissioner in a temporary budget repair levy year; or (b) otherwise—to present entitlements conferred, or distributions made, in a temporary budget repair levy year. (2) Increase the amount of the percentage mentioned in section 4 by 2 percentage points. (3) In this section:
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.