Family Trust Distribution Tax (Secondary Liability) Act 1998

Family Trust Distribution Tax (Secondary Liability) Act 1998

This Act was enacted to impose a tax on unpaid family trust distribution tax. It commences on the day it receives Royal Assent, with amendments made up to Act No. 41 of 2011 being incorporated.

The tax imposed by this Act is equal to the unpaid amount, and it applies to unpaid amounts in respect of certain sections of the Income Tax Assessment Act 1936, specifically sections 271-60 and 271-65.

The Act has undergone several amendments, with the most recent one being made in 2011. The amendments have affected various provisions of the Act, including section 3, which was amended by Act No. 41 of 2011.

Key Provisions:

• Short title: Family Trust Distribution Tax (Secondary Liability) Act 1998
• Commencement: The Act commences on the day it receives Royal Assent.
• Imposition of tax: Tax payable under sections 271-60 and 271-65 in Schedule 2F of the Income Tax Assessment Act 1936 is imposed.
• Amount of tax: The amount of the tax imposed is equal to the unpaid amount.

Amendments:

• Act No. 41 of 2011 made amendments to section 3 of the Act.
• Other amendments were made up to Act No. 41 of 2011, as listed in the Table of Amendments.