Senate

Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018

Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019

Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018

Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2019

Income Tax Rates Amendment (Sovereign Entities) Bill 2018

Income Tax Rates Amendment (Sovereign Entities) Act 2019

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.

[1]
An exception to this is where the trust is a 'public trading trust'. These rules seek to prevent large, widely held businesses running trading businesses through a trust. In this case, if the trust carries on a trading business and is 'public' (that is, widely held), the trust is taxed like a company.

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