TRUST RECOUPMENT TAX ACT 1985 TRUST RECOUPMENT TAX ACT 1985 - TABLE OF PROVISIONS 1. Short title [see Note 1] 2. Commencement [see Note 1] 3. Incorporation 4. Imposition of tax 5. Rates of tax TRUST RECOUPMENT TAX ACT 1985 - LONG TITLE An Act to impose a tax in respect of income of certain trusts TRUST RECOUPMENT TAX ACT 1985 - SECT 1 Short title [see Note 1] This Act may be cited as the Trust Recoupment Tax Act 1985. TRUST RECOUPMENT TAX ACT 1985 - SECT 2 Commencement [see Note 1] This Act shall come into operation on the day on which the Trust Recoupment Tax Assessment Act 1985 comes into operation. TRUST RECOUPMENT TAX ACT 1985 - SECT 3 Incorporation The Trust Recoupment Tax Assessment Act 1985 is incorporated and shall be read as one with this Act. TRUST RECOUPMENT TAX ACT 1985 - SECT 4 Imposition of tax Where a taxable amount exists under the Trust Recoupment Tax Assessment Act 1985, tax is imposed and shall be levied and paid on that taxable amount. TRUST RECOUPMENT TAX ACT 1985 - SECT 5 Rates of tax The rate of tax imposed by this Act on a taxable amount is: (a) in the case of a primary taxable amount or a secondary taxable amount--45%; (b) in the case of an elected taxable amount--75%; and (c) in the case of a company taxable amount--46%. TRUST RECOUPMENT TAX ACT 1985 - NOTES Act No. 3 of 1985 as amended This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 55 of 2006 The text of any of those amendments not in forceon that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing,Attorney-General's Department, Canberra Contents 1............ Short title [see Note 1]....................................................................... 1 2............ Commencement [see Note 1].............................................................. 1 3............ Incorporation...................................................................................... 1 4............ Imposition of tax................................................................................ 1 5............ Rates of tax......................................................................................... 1 Notes 3 TRUST RECOUPMENT TAX ACT 1985 - NOTES Notes to the Trust Recoupment Tax Act 1985 Note 1 The Trust Recoupment Tax Act 1985 as shown in this compilation comprises Act No. 3, 1985 amended as indicated in the Tables below. All relevant information pertaining to application, saving or transitional provisions prior to 19 June 2006 is not included in this compilation. For subsequent information see Table A. Table of Acts Act Number and year Date of Assent Date of commencement Application, saving or transitional provisions Trust Recoupment Tax Act 1985 3, 1985 29 Mar 1985 5 Apr 1985 (see s. 2) Taxation Laws (Miscellaneous Provisions) Act 1986 109, 1986 4 Nov 1986 4 Nov 1986 S. 7 Taxation Laws Amendment (Rates and Rebates) Act 1989 70, 1989 21 June 1989 21 June 1989 S. 8 Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 55, 2006 19 June 2006 Schedules 1, 3 and 4: 1 July 2006Remainder: Royal Assent Sch. 1 (item 32(1)) [see Table A] Table of Amendments ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted Provision affected How affected S. 5...................................... am. No. 109, 1986; No. 70, 1989; No. 55, 2006 Table A Application, saving or transitional provisions Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (No. 55, 2006) Schedule 1 32 Application (1) The amendments made by this Schedule, except the amendment of the Income Tax (Bearer Debentures) Act 1971, apply to assessments for the 2006-2007 year of income and later years of income.