1998-99
   The Parliament of the
   Commonwealth of Australia
   HOUSE OF REPRESENTATIVES
   Presented and read a first time
   A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Bill (No. 1)
   1999
   No. , 1999
   (Treasury)
   A Bill for an Act to implement A New Tax System by imposing ultimate
   beneficiary non-disclosure tax, and for related purposes

   ISBN: 0642 40013X

   Contents

   A Bill for an Act to implement A New Tax System by imposing ultimate
   beneficiary non-disclosure tax, and for related purposes

   The Parliament of Australia enacts:

      1 Short title

   This Act may be cited as the A New Tax System (Ultimate Beneficiary
   Non-disclosure Tax) Act (No. 1) 1999.

      2 Commencement

   This Act commences, or is taken to have commenced, on the day on which
   the A New Tax System (Closely Held Trusts) Act 1999 commences.

      3 Imposition of ultimate beneficiary non-disclosure tax

   Tax payable under paragraph 102UK(2)(a) of the Income Tax Assessment
   Act 1936 is imposed on the whole or the part of a share of the net
   income of a trust as mentioned in that paragraph.

      4 Rate of ultimate beneficiary non-disclosure tax

   The rate of tax imposed by this Act on the whole or the part of the
   share of the net income is 48.5%.