INCOME TAX (MANAGED INVESTMENT TRUST WITHHOLDING TAX) ACT 2008

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 attributable to non-concessional MIT income; or

View history reference

(b) otherwise - 30 % .

View history note

History

S 4(1) amended by No 35 of 2019, s 3 and Sch 1 item 2, by substituting para (a), effective 1 July 2019. Para (a) formerly read:

(a) if the entity is a resident of an information exchange country:

(i) 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 income year following 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) 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

(iii) 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

(iv) 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 4(1) amended by No 185 of 2012, s 3 and Sch 1 items 4 and 5, 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 " wherever occurring in para (a) and inserting para (a)(iv), effective 10 December 2012.

S 4(1) amended by No 96 of 2012, s 3 and Sch 1 item 1, by substituting para (ii) and (iii) for para (ii), effective 29 June 2012. Para (a)(ii) formerly read:

(ii) 7.5 % for fund payments in relation to later income years; or

4(2)
(Repealed by No 185 of 2012)

View history note

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.

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