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Short title
1 Short title
This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.
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Commonwealth act
This Act taxes the “fund payment part” of amounts identified under section 840‑805 of the Income Tax Assessment Act 1997 (s3). It sets withholding tax rates (s4) that depend on the recipient’s residency in an “information exchange country” (s4(1), s4(3)) and on the type of MIT income: generally 15%, 10% for payments from a clean building MIT, and 30% for non‑concessional MIT income or recipients not resident in an information exchange country. It therefore affects entities receiving fund payments and those who must classify residency and MIT income types.
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Direct links to the current provisions in Income Tax (Managed Investment Trust Withholding Tax) Act 2008.
This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
clean building managed investment trust has the same meaning as in the Income Tax Assessment Act 1997.
entity has the same meaning as in the Income Tax Assessment Act 1997.
fund payment has the same meaning as in the Income Tax Assessment Act 1997.
income year has the same meaning as in the Income Tax Assessment Act 1997.
information exchange country has the same meaning as in the Income Tax Assessment Act 1997.
non‑concessional MIT income has the same meaning as in the Income Tax Assessment Act 1997.
The tax known as income tax, to the extent that that tax is payable by an entity in accordance with section 840‑805 of the Income Tax Assessment Act 1997, is imposed on amounts identified in that section as the fund payment part.
(1) The rate of income tax imposed by this Act is: (a) if the entity is a resident of an information exchange country: (i) 15% for fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or (ii) 10% for fund payments, to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust (except to the extent mentioned in subparagraph (iii)); or (iii) 30% for fund payments, to the extent that they are attributable to non‑concessional MIT income; or (b) otherwise—30%. (3) An entity is a resident of an information exchange country if: (a) the entity is a resident of that country for the purposes of the taxation laws of that country; or (b) if there are no taxation laws of that country applicable to the entity or the entity’s residency status cannot be determined under those laws: (i) for an individual—the individual is ordinarily resident in that country; or (ii) for another entity—the entity is incorporated or formed in that country and is carrying on a business in that country.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.
This Act commences on the day on which it receives the Royal Assent.
In this Act:
clean building managed investment trust has the same meaning as in the Income Tax Assessment Act 1997.
entity has the same meaning as in the Income Tax Assessment Act 1997.
fund payment has the same meaning as in the Income Tax Assessment Act 1997.
income year has the same meaning as in the Income Tax Assessment Act 1997.
information exchange country has the same meaning as in the Income Tax Assessment Act 1997.
non‑concessional MIT income has the same meaning as in the Income Tax Assessment Act 1997.
The tax known as income tax, to the extent that that tax is payable by an entity in accordance with section 840‑805 of the Income Tax Assessment Act 1997, is imposed on amounts identified in that section as the fund payment part.
(1) The rate of income tax imposed by this Act is: (a) if the entity is a resident of an information exchange country: (i) 15% for fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or (ii) 10% for fund payments, to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust (except to the extent mentioned in subparagraph (iii)); or (iii) 30% for fund payments, to the extent that they are attributable to non‑concessional MIT income; or (b) otherwise—30%. (3) An entity is a resident of an information exchange country if: (a) the entity is a resident of that country for the purposes of the taxation laws of that country; or (b) if there are no taxation laws of that country applicable to the entity or the entity’s residency status cannot be determined under those laws: (i) for an individual—the individual is ordinarily resident in that country; or (ii) for another entity—the entity is incorporated or formed in that country and is carrying on a business in that country.