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This Act may be cited as the Trust Recoupment Tax Act 1985.
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Commonwealth act
This Act imposes a tax on trust recoupment amounts identified by the companion Trust Recoupment Tax Assessment Act 1985, specifying who must pay and at what percentage. It sets distinct rates for primary/secondary, elected and company taxable amounts (45%, 75%, 46%) and allows a temporary 2 percentage‑point increase for certain years, so trustees, beneficiaries and companies know the tax liability when trust amounts are recouped.
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Direct links to the current provisions in Trust Recoupment Tax Act 1985.
This Act may be cited as the Trust Recoupment Tax Act 1985.
This Act shall come into operation on the day on which the Trust Recoupment Tax Assessment Act 1985 comes into operation.
The Trust Recoupment Tax Assessment Act 1985 is incorporated and shall be read as one with this Act.
Where a taxable amount exists under the Trust Recoupment Tax Assessment Act 1985, tax is imposed and shall be levied and paid on that taxable amount.
The rate of tax imposed by this Act on a taxable amount is: (a) in the case of a primary taxable amount or a secondary taxable amount—45%; (b) in the case of an elected taxable amount—75%; and (c) in the case of a company taxable amount—46%.
(1) This section applies to the temporary budget repair levy years. (2) Increase the rate of tax mentioned in paragraph 5(a) by 2 percentage points. (3) In this section:
temporary budget repair levy year means a year of income corresponding to a temporary budget repair levy year (within the meaning of 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 Trust Recoupment Tax Act 1985.
This Act shall come into operation on the day on which the Trust Recoupment Tax Assessment Act 1985 comes into operation.
The Trust Recoupment Tax Assessment Act 1985 is incorporated and shall be read as one with this Act.
Where a taxable amount exists under the Trust Recoupment Tax Assessment Act 1985, tax is imposed and shall be levied and paid on that taxable amount.
The rate of tax imposed by this Act on a taxable amount is: (a) in the case of a primary taxable amount or a secondary taxable amount—45%; (b) in the case of an elected taxable amount—75%; and (c) in the case of a company taxable amount—46%.
(1) This section applies to the temporary budget repair levy years. (2) Increase the rate of tax mentioned in paragraph 5(a) by 2 percentage points. (3) In this section:
temporary budget repair levy year means a year of income corresponding to a temporary budget repair levy year (within the meaning of section 4‑11 of the Income Tax (Transitional Provisions) Act 1997).