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