SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
History
Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Note: See section
3AA
.
Chapter 2
-
Collection, recovery and administration of income tax
History
Ch 2 title inserted by
No 73 of 2006
, s 3 and Sch 5 item 40, effective 1 July 2006.
PART 2-5
-
PAY AS YOU GO (PAYG) WITHHOLDING
Division 12
-
Payments from which amounts must be withheld
History
Div 12 (except s
12-190
) applies to a payment made on or after 1 July 2000.
Subdivision 12-H
-
Distributions of withholding MIT income
History
History
S 12-415 inserted by
No 79 of 2007
.
Subdiv 12-H heading substituted by No 53 of 2016, s 3 and Sch 6 item 38, effective 5 May 2016. For application provision, see note under Division
12A
heading. The heading formerly read
Subdivision 12-H
-
Distributions of managed investment trust income
Subdiv 12-H substituted by
No 32 of 2008
, s 3 and Sch 1 item 1, applicable to fund payments made in relation to the first income year starting on or after the first 1 July after 23 June 2008 and later income years. Subdivision 12-H formerly read:
Subdivision 12-H
-
Distributions of managed investment trust income to foreign residents
Guide to Subdivision 12-H
SECTION 12-375 WHAT THIS DIVISION IS ABOUT
A distribution to a foreign resident by managed investment trusts of their Australian sourced income and some capital gains may be subject to a single non-final withholding at the corporate tax rate. This includes distributions made to the foreign resident indirectly through one or more intermediaries, if relevant notices have been provided by payers.
Generally, the distribution must be made by the managed investment trust within 3 months after the end of its income year.
Division
6
of Part
III
of the
Income Tax Assessment Act 1936
does not apply to trustees and intermediaries to the extent that they have to withhold under this subdivision (see section
99G
of that Division).
History
S 12-375 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
Operative provisions
SECTION 12-380 OBJECT
12-380(1)
The object of this Subdivision is to implement a withholding regime to assist the collection of Australian tax on distributions of Australian sourced income by *managed investment trusts to foreign residents (directly, or indirectly through one or more *intermediaries).
12-380(2)
This regime overcomes information problems in applying alternative withholding regimes by:
(a)
providing for withholding at a flat rate
-
the *corporate tax rate; and
(b)
clarifying when withholding is required when payments are made via *intermediaries, which is commonly the case with distributions from *managed investment trusts.
Note:
Withholding other than at a flat rate would require managed investment trusts and intermediaries to know information about the foreign resident that they are unlikely to know.
History
S 12-380 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-385 WITHHOLDING BY TRUSTEE OF MANAGED INVESTMENT TRUST
12-385(1)
The trustee of a *managed investment trust that makes a *fund payment in relation to an income year to an entity covered by section
12-410
must withhold an amount from the payment.
12-385(2)
The amount the trustee must withhold is:
| Amount of the *fund payment
×
*corporate tax rate |
History
S 12-385 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-390 WITHHOLDING BY INTERMEDIARY
12-390(1)
An entity must withhold an amount from a payment (the
later payment
) it makes if:
(a)
the entity is an *intermediary in relation to a payment (the
earlier payment
) it received; and
(b)
all or some of the later payment (the
notice part
) is attributable to the part of the earlier payment that was covered by the notice the entity received in relation to the earlier payment; and
(c)
the later payment is made to an entity covered by section
12-410
.
Note:
Paragraph (1)(b) means that the notice part is attributable to a fund payment made by a managed investment trust, or 2 or more fund payments made by one or more managed investment trusts, to an intermediary.
12-390(2)
The amount the entity must withhold is:
| Notice part
×
*corporate tax rate |
History
S 12-390 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-395 MEANING OF MANAGED INVESTMENT TRUST
12-395(1)
A trust is a
managed investment trust
in relation to an income year if:
(a)
the trustee of the trust makes the first *fund payment in relation to the income year; and
(b)
the conditions in this table are satisfied.
|
Conditions to be satisfied
|
|
Item
|
Condition
|
| 1 |
At the time the payment is made, or at an earlier time in the income year:
(a) the trustee was an Australian resident; or
(b) the central management and control of the trust was in Australia. |
| 2 |
At the time the payment is made, the trust is a managed investment scheme (as defined by section
9
of the
Corporations Act 2001
) and is operated by a financial services licensee (as defined by section
761A
of that Act) whose licence covers operating such a managed investment scheme. |
| 3 |
At the time the payment is made:
(a) units in the trust are listed for quotation in the official list of an *approved stock exchange in Australia; or
(b) the trust has at least 50 *members (ignoring objects of a trust); or
(c) one of the entities covered by a paragraph of subsection (2) is a member of the trust. |
12-395(2)
These are the entities:
(a)
a *life insurance company;
(b)
a *complying superannuation fund, a *complying approved deposit fund or a *foreign superannuation fund, being a fund that has at least 50 *members;
(c)
a trust for which the conditions in table items 1 and 2 in subsection (1), and the condition in paragraph (a) or (b) of table item 3, are satisfied;
(d)
an entity that is recognised, under a *foreign law relating to corporate regulation, as an entity with a similar status to a managed investment scheme and that has at least 50 members;
(e)
a trust:
(i)
interests in which are owned directly by an entity covered by an earlier paragraph; or
(ii)
interests in which are held indirectly by an entity covered by an earlier paragraph through a *chain of trusts;
where the conditions in table items 1 and 2 in subsection (1) are satisfied for the trust, or for each trust in the chain.
Exception: foreign resident individual having a substantial interest
12-395(3)
The condition in table item 3 in subsection (1) is not satisfied for a trust at a time if, at that time, one foreign resident individual, directly or indirectly:
(a)
held, or had the right to acquire, interests representing 10% or more of the value of the interests in the trust; or
(b)
had the control of, or the ability to control, 10% or more of the rights attaching to *membership interests in the trust; or
(c)
had the right to receive 10% or more of any distribution of income that the trustee may make.
Start-up phase
12-395(4)
A trust that is created during an income year is a
managed investment trust
in relation to the income year if, at the time the trustee of the trust makes the first *fund payment in relation to the income year, the conditions in table items 1 and 2 in subsection (1) are satisfied for the trust.
Wind-up phase
12-395(5)
A trust that ceases to exist during an income year is a
managed investment trust
in relation to the income year if:
(a)
at the time the trustee makes the first *fund payment in relation to the income year, the conditions in table items 1 and 2 in subsection (1) are satisfied for the trust; and
(b)
the trust was a *managed investment trust in relation to the previous income year otherwise than because of subsection (4).
History
S 12-395 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-400 MEANING OF FUND PAYMENT
12-400(1)
The object of this section is to ensure that the total of the *fund payments that the trustee of a trust makes in relation to an income year equals, as nearly as practicable, the net income of the trust for the income year, disregarding these amounts (
excluded amounts
):
(a)
a dividend (as defined in Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
) that is subject to, or exempted from, a requirement to withhold under Subdivision
12-F
;
(b)
interest (as so defined) that is subject to, or exempted from, such a requirement;
(c)
a *royalty that is subject to, or exempted from, such a requirement;
(d)
a *capital gain from a *CGT asset that is not *taxable Australian property;
(e)
amounts that are not from an *Australian source;
and disregarding deductions relating to excluded amounts.
12-400(2)
Work out as follows how much of a payment (the
actual payment
) made by the trustee of a trust in relation to an income year is a
fund payment
in relation to that year:
Method statement
Step 1.
Reduce the actual payment by so much of it that is attributable to excluded amounts.
Step 2.
Work out what it is reasonable to expect will be the *net income of the trust for the income year:
(a) disregarding excluded amounts, expected excluded amounts and deductions relating to those amounts; and
(b) on the basis that a *capital gain from *taxable Australian property of the trust that was or would be reduced under step 3 of the method statement in subsection 102-5(1) were double the amount it actually is.
Step 3.
The
fund payment
is so much of the step 2 amount as is reasonable having regard to:
(a) the object of this section; and
(b) the step 1 amount; and
(c) the amounts of any earlier *fund payments made by the trustee in relation to the income year; and
(d) the expected amounts of any later fund payments the trustee expects to make in relation to the income year.
12-400(3)
The expected *net income of the trust and the expected amounts of future *fund payments are to be worked out on the basis of the trustee
'
s knowledge when the actual payment is made.
12-400(4)
However, an amount is not a
fund payment
in relation to the income year unless it is paid:
(a)
during the income year; or
(b)
within 3 months after the end of the income year; or
(c)
within a longer period (starting at the end of the period referred to in paragraph (b) and not exceeding 3 months) allowed by the Commissioner.
12-400(5)
The Commissioner may allow a longer period as mentioned in paragraph (4)(c) only if the Commissioner is of the opinion that the trustee was unable to make the payment during the income year, or within 3 months after the end of the income year, because of circumstances beyond the influence or control of the trustee.
History
S 12-400 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-405 MEANING OF INTERMEDIARY
12-405(1)
An entity is an
intermediary
in relation to a payment it receives at a time (the
receipt time
) if:
(a)
it is *carrying on a *business at the receipt time that consists predominantly of providing a custodial or depository service (as defined by section
766E
of the
Corporations Act 2001
) pursuant to an Australian financial services licence (as defined by section
761A
of that Act); and
(b)
it received the payment in the course of that business; and
(c)
before or at the receipt time, it received a notice of the kind referred to in section
12-415
in relation to the payment; and
(d)
either:
(i)
subsection (2) is satisfied for the entity at the receipt time; or
(ii)
the business is carried on at the receipt time through an *Australian permanent establishment.
12-405(2)
This subsection is satisfied for an entity at the receipt time if:
(a)
for a trust
-
at that time:
(i)
the trustee was an Australian resident; or
(ii)
the central management and control of the trust was in Australia; or
(b)
for another entity
-
the entity is an Australian resident at the receipt time.
History
S 12-405 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-410 ENTITY TO WHOM PAYMENT IS MADE
12-410(1)
An entity (the
recipient
) is covered by this section for a payment made to it by another entity (the
payer
) if any of these conditions is satisfied when the payment is made:
(a)
the recipient is a foreign resident;
(b)
the payer believes, or has reasonable grounds to believe, that the recipient is a foreign resident;
(c)
the payer has no reasonable grounds to believe that the recipient is an Australian resident, and either:
(i)
the recipient has an address outside Australia (according to any record that is in the payer
'
s possession, or is kept or maintained on the payer
'
s behalf, about the transaction to which the payment relates); or
(ii)
the payer is authorised to make the payment at a place outside Australia (whether to the recipient or to anyone else);
(d)
the recipient has a connection outside Australia of a kind set out in the regulations.
12-410(2)
However, a recipient is not covered by this section for a payment if the recipient is an *intermediary.
History
S 12-410 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-415 NOTICES
12-415(1)
An entity that makes a payment to another entity (the
recipient
) from which an amount would have been required to be withheld under this Subdivision if the payment had been made to an entity covered by section
12-410
may give the recipient a notice.
12-415(2)
The notice:
(a)
must specify that part of the payment from which an amount would have been so required to have been withheld; and
(b)
if that part is worked out by reference to a *discount capital gain
-
must specify the amount of that gain; and
(c)
must specify the income year of the *managed investment trust to which the relevant *fund payment relates.
12-415(3)
An *intermediary in relation to a payment cannot give a notice in relation to an amount:
(a)
that is a payment only because of section
11-5
; and
(b)
that is attributable (wholly or partly) to the first-mentioned payment.
Note:
Under section
11-5
, an entity is taken to have paid an amount to another entity if the first entity applies or deals with the amount on the other entity
'
s behalf or as the other entity directs.
History
S 12-415 inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
SECTION 12-420 AGENCY RULES
12-420(1)
This Subdivision has effect as if a payment made to an entity in the capacity as agent for another entity (the
principal
) had been made to the principal.
12-420(2)
However, if the agent is an *intermediary in relation to the payment:
(a)
this Subdivision has effect as if the intermediary were not an agent in relation to the payment; and
(b)
for the purposes of this Subdivision, the receipt by the intermediary of the payment on behalf of the principal is not to be treated as a payment to the principal by any entity.
Note:
As a result of subsection (2), an agent intermediary may be required to withhold amounts under this Subdivision.
Subdiv 12-H inserted by
No 79 of 2007
, s 3 and Sch 10 item 1, applicable to the first income year starting on or after the first 1 July after the day on which
No 79 of 2007
receives the Royal Assent (ie 21 June 2007) and later income years.
Operative provisions
SECTION 12-390
WITHHOLDING BY CUSTODIANS AND OTHER ENTITIES
Withholding by custodians
12-390(1)
A *custodian must withhold an amount from a payment (the
later payment
) it makes if:
(a)
all or some of the later payment (the
covered part
) is reasonably attributable to the part of an earlier payment received by the custodian that was covered by a notice or information under section
12-395
; and
(b)
the later payment is made to an entity covered by section
12-410
.
Note 1:
The covered part referred to in paragraph
(1)(a)
is attributable to a fund payment made by a withholding MIT, or 2 or more fund payments made by one or more withholding MITs. One or more of those withholding MITs may be AMITs.
Note 2:
An entity may be covered by section
12-410
if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia.
Note 3:
If the payment is made to a recipient not covered by section
12-410
, the custodian is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see section
12-395
.
History
S 12-390(1) amended by No 53 of 2016, s 3 and Sch 6 items 44 and 45, by substituting
"
withholding MIT
"
for
"
managed investment trust
"
and
"
withholding MITs
"
for
"
managed investment trusts
"
in note 1, effective 5 May 2016. For application provision, see note under Division
12A
heading.
S 12-390(1) amended by No 53 of 2016, s 3 and Sch 3 item 6, by substituting note 1, effective 5 May 2016. For application provision, see note under Division
12A
heading. Note 1 formerly read:
Note 1:
The covered part referred to in paragraph (1)(a) is attributable to a fund payment made by a managed investment trust, or 2 or more fund payments made by one or more managed investment trusts.
12-390(2)
The amount the *custodian must withhold is:
| Covered part
×
Rate applicable under subsection (3) |
12-390(3)
The rate is:
(a)
if the address or place for payment of the recipient is in 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 (see section
12-435
); or
(b)
otherwise
-
30%.
History
S 12-390(3) amended by No 34 of 2019, s 3 and Sch 1 item 7, by substituting para (a), effective 1 July 2019. For application provision, see note under s
12-453
. Para (a) formerly read:
(a)
if the address or place for payment of the recipient is in an *information exchange country:
(i)
22.5% for *fund payments (except to the extent that they are, or are attributable to, fund payments from a *clean building managed investment trust) in relation to the first income year starting on or after the first 1 July after the day on which the
Tax Laws Amendment (Election Commitments No. 1) Act 2008
receives the Royal Assent; or
(ii)
15% for fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to the following income year; or
(iii)
7.5% for fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to later income years starting before 1 July 2012; or
(iv)
15% for fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to later income years starting on or after 1 July 2012; or
(v)
10% for fund payments to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust in relation to the income years starting on or after 1 July 2012; or
S 12-390(3) amended by No 185 of 2012, s 3 and Sch 1 items 12 to 14, by substituting
"
*fund payments (except to the extent that they are, or are attributable to, fund payments from a *clean building managed investment trust)
"
for
"
*fund payments
"
in para (a)(i), substituting
"
fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust)
"
for
"
fund payments
"
in para (a)(ii), (iii) and (iv), and inserting para (v), effective 10 December 2012.
S 12-390(3) amended by No 97 of 2012, s 3 and Sch 1 item 2, by substituting paras (a)(iii) and (iv) for para (a)(iii), effective 29 June 2012. Para (a)(iii) formerly read:
(iii)
7.5% for fund payments in relation to later income years; or
Withholding by other entities
12-390(4)
An entity that is not a *withholding MIT or a *custodian must withhold an amount from a payment it receives if:
(a)
the payment or part of it (the
covered part
) was covered by a notice or information under section
12-395
; and
(b)
a foreign resident (the
recipient
) is or becomes entitled:
(i)
to receive from the entity; or
(ii)
to have the entity credit to the recipient, or otherwise deal with on the recipient
'
s behalf or as the recipient directs;
an amount (the
attributable amount
) reasonably attributable to the covered part.
Note 1:
The covered part referred to in paragraph
(4)(a)
is attributable to a fund payment made by a withholding MIT, or 2 or more fund payments made by one or more withholding MITs. One or more of those withholding MITs may be AMITs.
Note 2:
If the recipient is not a foreign resident, the entity is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see section
12-395
.
History
S 12-390(4) amended by No 76 of 2023, s 3 and Sch 6 items 39 and 40, by substituting
"
withholding MIT
"
for
"
managed investment trust
"
and
"
withholding MITs
"
for
"
managed investment trusts
"
(wherever occurring) in note 1, effective 21 September 2023.
S 12-390(4) amended by No 53 of 2016, s 3 and Sch 6 item 46, by substituting
"
*withholding MIT
"
for
"
*managed investment trust
"
, effective 5 May 2016. For application provision, see note under Division
12A
heading.
S 12-390(4) amended by No 53 of 2016, s 3 and Sch 3 items 7 and 8, by inserting note 1 and substituting
"
Note 2
"
for
"
Note
"
, effective 5 May 2016. For application provision, see note under Division
12A
heading.
S 12-390(4) amended by No 70 of 2015, s 3 and Sch 6 item 51, by inserting
"
is
"
after
"
If the recipient
"
in the note, effective 25 June 2015.
12-390(5)
The amount the entity must withhold is:
| Attributable amount
×
Rate applicable under subsection (6) |
12-390(6)
The rate is:
(a)
if the recipient 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 (see section
12-435
); or
(b)
otherwise
-
30%.
History
S 12-390(6) amended by No 34 of 2019, s 3 and Sch 1 item 8, by substituting para (a), effective 1 July 2019. For application and transitional provisions, see note under s
12-453
. Para (a) formerly read:
(a)
if the recipient is a resident of an *information exchange country:
(i)
22.5% for *fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to the first income year starting on or after the first 1 July after the day on which the
Tax Laws Amendment (Election Commitments No. 1) Act 2008
receives the Royal Assent; or
(ii)
15% for fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to the following income year; or
(iii)
7.5% for fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to later income years starting before 1 July 2012; or
(iv)
15% for fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust) in relation to later income years starting on or after 1 July 2012; or
(v)
10% for fund payments to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust in relation to the income years starting on or after 1 July 2012; or
S 12-390(6) amended by No 185 of 2012, s 3 and Sch 1 items 15 to 17, by substituting
"
*fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust)
"
for
"
*fund payments
"
in para (a)(i), substituting
"
fund payments (except to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust)
"
for
"
fund payments
"
in para (a)(ii), (iii) and (iv), and inserting para (v), effective 10 December 2012.
S 12-390(6) amended by No 97 of 2012, s 3 and Sch 1 item 3, by substituting paras (a)(iii) and (iv) for para (a)(iii), effective 29 June 2012. Para (a)(iii) formerly read:
(iii)
7.5% for fund payments in relation to later income years; or
12-390(7)
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.
12-390(8)
An amount required to be withheld under subsection
(4)
must be withheld:
(a)
if the recipient is so entitled when the entity receives the payment
-
immediately after receipt; or
(b)
if the recipient becomes so entitled at a later time
-
immediately after the later time.
Meaning of
custodian
12-390(9)
An entity is a
custodian
if:
(a)
the entity is *carrying on a *business that consists predominantly of providing a custodial or depository service (within the meaning of the
Corporations Act 2001
) pursuant to an *Australian financial services licence; or
(b)
the entity is acting on behalf of an entity that is carrying on such a business pursuant to such a licence.
History
S 12-390(9) amended by No 76 of 2023, s 3 and Sch 2 item 727, by substituting
"
within the meaning
"
for
"
as defined by section 766E
"
in para (a), effective 20 October 2023.
S 12-390(9) substituted by No 53 of 2016, s 3 and Sch 6 item 47, effective 5 May 2016. For application provision, see note under Division
12A
heading. S 12-390(9) formerly read:
Meaning of
custodian
12-390(9)
An entity is a
custodian
if the entity is *carrying on a *business that consists predominantly of providing a custodial or depository service (as defined by section
766E
of the
Corporations Act 2001
) pursuant to an *Australian financial services licence.
Exceptions
12-390(10)
This section does not apply:
(a)
to a company unless the company would, apart from section
12-420
, be acting in the capacity as *agent for the recipient; or
(b)
to an amount paid or received by an entity to the extent that no *managed investment trust withholding tax is payable in respect of the amount or an amount reasonably attributable to the amount.
History
S 12-390 inserted by
No 32 of 2008
, s 3 and Sch 1 item 1, applicable to fund payments made in relation to the first income year starting on or after the first 1 July after 23 June 2008 and later income years.
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