INCOME TAX (MANAGED INVESTMENT TRUST WITHHOLDING TAX) ACT 2008
SECTION 1
1
Short title
This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008. SECTION 2 2 Commencement
This Act commences on the day on which it receives the Royal Assent. SECTION 2A 2A Definitions
In this Act:
SECTION 3
3
Imposition of tax
The tax known as income tax, to the extent that that tax is payable by an entity in accordance with section 840-805 of the Income Tax Assessment Act 1997, is imposed on amounts identified in that section as the fund payment part. SECTION 4 Rate of tax 4(1)
The rate of income tax imposed by this Act is:
(a) if the entity is a resident of an information exchange country:
(b) otherwise - 30%.
4(2)
(Repealed by No 185 of 2012)
4(3)
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:
This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008. SECTION 2 2 Commencement
This Act commences on the day on which it receives the Royal Assent. SECTION 2A 2A Definitions
In this Act:
clean building managed investment trust
has the same meaning as in the Income Tax Assessment Act 1997.
entity
has the same meaning as in the Income Tax Assessment Act 1997.
fund payment
has the same meaning as in the Income Tax Assessment Act 1997.
income year
has the same meaning as in the Income Tax Assessment Act 1997.
information exchange country
has the same meaning as in the Income Tax Assessment Act 1997.
non-concessional MIT income
has the same meaning as in the Income Tax Assessment Act 1997.
View history note
Hide history noteThe tax known as income tax, to the extent that that tax is payable by an entity in accordance with section 840-805 of the Income Tax Assessment Act 1997, is imposed on amounts identified in that section as the fund payment part. SECTION 4 Rate of tax 4(1)
The rate of income tax imposed by this Act is:
(a) if the entity 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 attributableto non-concessional MIT income; or
(b) otherwise - 30%.
4(2)
(Repealed by No 185 of 2012)
4(3)
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.