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Brief
Family Trust Distribution Tax (Primary Liability) Act 1998
This Act may be cited as the Family Trust Distribution Tax (Primary Liability) Act 1998. The Act commences on the day it receives the Royal Assent.
The Act imposes a tax on certain distributions, including by trusts, partnerships and companies. The amount of the tax imposed is 47% of the income or capital distributed.
A temporary budget repair levy applies to notices mentioned in section 271-55 of Schedule 2F to the Income Tax Assessment Act 1936, as well as present entitlements conferred or distributions made in a temporary budget repair levy year. The amount of the tax imposed is increased by 2 percentage points.
The legislation history and amendment history are included in endnotes 3 and 4 respectively. They provide information about each law that has amended the compiled law.
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