Senate
Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018
Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018
Income Tax Rates Amendment (Sovereign Entities) Bill 2018
Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)This memorandum takes account of amendments made by the House of Representatives to the bill as introduced.
Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| ADI | authorised deposit-taking institution |
| AMIT | attribution managed investment trust |
| ATO | Australian Taxation Office |
| CGT | capital gains tax |
| Commissioner | Commissioner of Taxation |
| GDP | gross domestic product |
| GFC | global financial crisis |
| GST Act | A New Tax System (Goods and Services) Act 1999 |
| ITAA 1936 | Income Tax Assessment Act 1936 |
| ITAA 1997 | Income Tax Assessment Act 1997 |
| IT(TP)A 1997 | Income Tax (Transitional Provisions) Act 1997 |
| MIT | managed investment trust |
| NANE income | non-assessable non-exempt income |
| NDIS | National Disability Insurance Scheme |
| OECD | Organisation for Economic Co-operation and Development |
| TAA 1953 | Taxation Administration Act 1953 |
| this Bill | Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019 |