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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Family Trust Distribution Tax (Primary
Liability) Amendment (Temporary
Budget Repair Levy) Bill 2014
No. , 2014
(Treasury)
A Bill for an Act to amend the Family Trust
Distribution Tax (Primary Liability) Act 1998, and
for related purposes
No. , 2014
Family Trust Distribution Tax (Primary Liability) Amendment
(Temporary Budget Repair Levy) Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 2
Schedule 1--Temporary budget repair levy
3
Family Trust Distribution Tax (Primary Liability) Act 1998
3
No. , 2014
Family Trust Distribution Tax (Primary Liability) Amendment
(Temporary Budget Repair Levy) Bill 2014
1
A Bill for an Act to amend the Family Trust
1
Distribution Tax (Primary Liability) Act 1998, and
2
for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Family Trust Distribution Tax
6
(Primary Liability) Amendment (Temporary Budget Repair Levy)
7
Act 2014.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
2
Family Trust Distribution Tax (Primary Liability) Amendment
(Temporary Budget Repair Levy) Bill 2014
No. , 2014
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as Schedule 1 to the Tax
Laws Amendment (Temporary Budget
Repair Levy) Act 2014 commences.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedule(s)
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Each Act that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Temporary budget repair levy Schedule 1
No. , 2014
Family Trust Distribution Tax (Primary Liability) Amendment
(Temporary Budget Repair Levy) Bill 2014
3
Schedule 1
--Temporary budget repair levy
1
2
Family Trust Distribution Tax (Primary Liability) Act 1998
3
1 At the end of the Act
4
Add:
5
5 Temporary budget repair levy
6
(1) This section applies:
7
(a) in relation to tax payable under section 271-55 in
8
Schedule 2F to the Income Tax Assessment Act 1936--to
9
notices mentioned in that section that are given by the
10
Commissioner in a temporary budget repair levy year; or
11
(b) otherwise--to present entitlements conferred, or distributions
12
made, in a temporary budget repair levy year.
13
(2) Increase the amount of the percentage mentioned in section 4 by 2
14
percentage points.
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(3) In this section:
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temporary budget repair levy year has the same meaning as in
17
section 4-11 of the Income Tax (Transitional Provisions) Act 1997.
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