Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)

Schedule 10   Distributions to foreign residents from managed investment trusts

Part 2   Consequential amendments

Taxation Administration Act 1953

21   After section 16-155 in Schedule 1

Insert:

16-157 Payment summary for Subdivision 12-H

(1) An entity (the payer ) must give a *payment summary to another entity (the recipient ) if the payer made *withholding payments covered by section 12-385 or 12-390 to the recipient in relation to *fund payments made by a particular *managed investment trust (the paying trust ) in relation to an income year of that trust.

Note: The entity may be the managed investment trust itself or an intermediary.

(2) The *payment summary:

(a) must cover each of the *withholding payments mentioned in subsection (1); and

(b) may be in electronic form; and

(c) must be given:

(i) not later than 14 days after the end of 6 months after the end of the income year of the *managed investment trust in relation to which the relevant *fund payments were made; or

(ii) within a longer period allowed by the Commissioner.