A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (NO. 2) 1999 NO. 72, 1999 

A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (NO. 2) 1999 NO. 72, 1999 
- TABLE OF PROVISIONS

1.   Short title    
2.   Commencement    
3.   Imposition of ultimate beneficiary non-disclosure tax    
4.   Rate of ultimate beneficiary non-disclosure tax    

A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (No. 2) 1999
- SECT 1   Short title  

        This Act may be cited as the A New Tax System (Ultimate Beneficiary
Non-disclosure Tax) Act (No. 2) 1999.

A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (No. 2) 1999
- SECT 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.

A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (No. 2) 1999
- SECT 3   Imposition of ultimate beneficiary non-disclosure tax  

        Tax payable under paragraph 102UM(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.

A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (No. 2) 1999
- SECT 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%.

[Minister's second reading speech made in--
House of Representatives on 13 May 1999
Senate on 21 June 1999]
(88/99)

A NEW TAX SYSTEM (ULTIMATE BENEFICIARY NON-DISCLOSURE TAX) ACT (NO. 2) 1999 NO. 72, 1999
- NOTES
Contents

[GRAPHIC]
A New Tax System (Ultimate Beneficiary Non-disclosure Tax) Act (No. 2)
1999
No. 72, 1999
An Act to implement A New Tax System by imposing ultimate beneficiary
non-disclosure tax, and for related purposes
[Assented to 8 July 1999]
The Parliament of Australia enacts: