Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Change to managed investment trust final withholding tax rate
2.1 The Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012 and Schedule 1 to Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 .
Overview
2.2 The purpose of the amendment is to raise the managed investment trust final withholding tax rate from 7.5 per cent to 15 per cent.
Human rights implications
2.3 This amendment does not engage any of the applicable rights or freedoms.
Conclusion
2.4 This amendment is compatible with human rights as it does not raise any human rights issues.
Assistant Treasurer, the Hon David Bradbury