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Act No. 31 of 2008 as amended, taking into account amendments up to Income Tax (Managed Investment Trust Withholding Tax) Amendment Act 2019
An Act to impose income tax on amounts attributable to fund payments derived by foreign residents, and for related purposes
Administered by: Treasury
Registered 17 Jul 2019
Start Date 01 Jul 2019
Table of contents.

Commonwealth Coat of Arms of Australia

Income Tax (Managed Investment Trust Withholding Tax) Act 2008

No. 31, 2008

Compilation No. 3

Compilation date:                              1 July 2019

Includes amendments up to:            Act No. 35, 2019

Registered:                                         17 July 2019

 

About this compilation

This compilation

This is a compilation of the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 that shows the text of the law as amended and in force on 1 July 2019 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

1  Short title........................................................................................................ 1

2  Commencement.............................................................................................. 1

2A  Definitions.................................................................................................. 1

3  Imposition of tax............................................................................................ 2

4  Rate of tax...................................................................................................... 2

Endnotes                                                                                                    3

Endnote 1—About the endnotes                                                          3

Endnote 2—Abbreviation key                                                             5

Endnote 3—Legislation history                                                           6

Endnote 4—Amendment history                                                         7


An Act to impose income tax on amounts attributable to fund payments derived by foreign residents, and for related purposes

1  Short title

                   This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.

2  Commencement

                   This Act commences on the day on which it receives the Royal Assent.

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.

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.

4  Rate of tax

             (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

                     (b)  otherwise—30%.

             (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.


Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

 

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

    /sub‑subparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

    effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

    effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

Sub‑Ch = Sub‑Chapter(s)

    cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Income Tax (Managed Investment Trust Withholding Tax) Act 2008

31, 2008

23 June 2008

23 June 2008

 

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

96, 2012

29 June 2012

29 June 2012

Tax Laws Amendment (Clean Building Managed Investment Trust) Act 2012

185, 2012

10 Dec 2012

Schedule 1 (items 3–6): Royal Assent

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

35, 2019

5 Apr 2019

1 July 2019 (s 2(1) item 1)

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 2A.....................................

ad No 185, 2012; No 35, 2019

s 4........................................

am No 96, 2012; No 185, 2012; No 35, 2019