Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 (34 of 2019)

Schedule 1   Non-concessional MIT income

Part 4   Application and transitional provisions

16   Application

(1) The amendments made by this Schedule apply to a fund payment made by a managed investment trust in relation to an income year if:

(a) the fund payment is made on or after 1 July 2019; and

(b) the income year is the 2019-20 income year or a later income year.

(2) To avoid doubt, the amendments made by this Schedule also apply for the purposes of working out the MIT cross staple arrangement income of a managed investment trust for a previous income year as mentioned in section 12-438 in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule).

(3) Despite subitem (1):

(a) section 25-115 of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule, applies in relation to an amount of rent from land investment that is derived or received in relation to the 2019-20 income year or a later income year; and

(b) section 25-120 of the Income Tax Assessment Act 1997, as inserted by item 2 of this Schedule, applies in relation to an amount of rent from land investment that is derived or received on or after 27 March 2018.

(4) To avoid doubt, for the purposes of paragraph (3)(b), the amendments made by this Schedule also apply for the purposes of working out whether an entity can deduct an amount of rent from land investment under section 25-120 of the Income Tax Assessment Act 1997 for an income year that is before the 2019-20 income year.

(5) Despite subitem (1), the amendment made by item 15 of this Schedule (which relates to the definition of industrial, commercial or scientific equipment in the Income Tax Assessment Act 1936) applies in relation to amounts paid or credited on or after 1 July 2019.