2008

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Income Tax (Managed Investment Trust Withholding Tax) Bill 2008

No. , 2008

(Treasury)

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




Income Tax (Managed Investment Trust Withholding Tax) Bill 2008 No. , 2008

Income Tax (Managed Investment Trust Withholding Tax) Bill 2008 No. , 2008
Contents

 

1 Short title 1

 

2 Commencement 1

 

3 Imposition of tax 2

 

4 Rate of tax 2





Section 3




Section 4

Income Tax (Managed Investment Trust Withholding Tax) Bill 2008 No. , 2008

Income Tax (Managed Investment Trust Withholding Tax) Bill 2008 No. , 2008

Income Tax (Managed Investment Trust Withholding Tax) Bill 2008 No. , 2008
A Bill for an Act to impose income tax on amounts attributable to fund payments derived by foreign residents, and for related purposes
The Parliament of Australia enacts:

 

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.

 

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 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 in relation to later income years; or

        (b)   otherwise--30%.

    (2) In this section:

information exchange country has the same meaning as in the Income Tax Assessment Act 1997.

    (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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