Compilation #3 | Effective 2019-07-01
FRBR Work URI: /akn/au/act/2008/31
This Act may be cited as the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.
This Act commences on the day on which it receives the Royal Assent.
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.
The tax known as income tax, to the extent that that tax is payable by an entity in accordance with Income Tax Assessment Act 1997, is imposed on amounts identified in that section as the fund payment part.section 840-805 of the
The rate of income tax imposed by this Act is:
if the entity is a resident of an information exchange country:
15% for fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or
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
30% for fund payments, to the extent that they are attributable to non-concessional MIT income; or
otherwise—30%.
An entity is a resident of an information exchange country if:
the entity is a resident of that country for the purposes of the taxation laws of that country; or
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:
for an individual—the individual is ordinarily resident in that country; or
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
Endnote 3—Legislation history
Endnote 4—Amendment history