Trust Recoupment Tax Act 1985

The Trust Recoupment Tax Act 1985 is an Act of the Australian Parliament that imposes a tax on income of certain trusts. The compilation is as of 25 June 2014 and includes amendments up to Act No. 50, 2014.

The Act imposes tax on taxable amounts under the Trust Recoupment Tax Assessment Act 1985 at rates of 45%, 75%, or 46% depending on the type of taxable amount. A temporary budget repair levy of 2 percentage points was introduced for temporary budget repair levy years.

The compilation includes notes about the endnotes, abbreviations, legislation history, amendment history, uncommenced amendments, modifications, misdescribed amendments, and miscellaneous information.

Relevant provisions include:

Section 4 states that tax is imposed on taxable amounts under the Trust Recoupment Tax Assessment Act 1985.
Section 5 sets out the rates of tax.
Section 6 introduces a temporary budget repair levy.
Section 6(2) increases the rate of tax by 2 percentage points.

Key dates include:

29 March 1985: Assent
5 April 1985: Commencement
4 November 1986: Commencement of Taxation Laws (Miscellaneous Provisions) Act 1986
21 June 1989: Commencement of Taxation Laws Amendment (Rates and Rebates) Act 1989
19 June 2006: Commencement of Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006
25 June 2014: Commencement of Trust Recoupment Tax Amendment (Temporary Budget Repair Levy) Act 2014

Note: This summary focuses on the main points and key dates of the Trust Recoupment Tax Act 1985. The actual compilation is much more detailed and includes a wide range of information.