Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2012

(96 of 2012)

An Act to increase the rate of income tax on amounts attributable to fund payments derived by foreign residents, and for related purposes

[Assented to 29 June 2012]

The Parliament of Australia enacts:

1   Short Title

This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2012.

2   Commencement

This Act commences on the day this Act receives the Royal Assent.

3   Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1  

Income Tax (Managed Investment Trust Withholding Tax) Act 2008

1   Subparagraph 4(1)(a)(ii)

Repeal the subparagraph, substitute:

(ii) 7.5% for fund payments in relation to later income years starting before 1 July 2012; or

(iii) 15% for fund payments in relation to later income years starting on or after 1 July 2012; or