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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Income Tax Rates Amendment
(Managed Investment Trusts) Bill 2015
No. , 2015
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986
No. , 2015
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Income Tax Rates Act 1986
3
No. , 2015
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
1
A Bill for an Act to amend the Income Tax Rates
1
Act 1986
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Income Tax Rates Amendment
5
(Managed Investment Trusts) Act 2015.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
No. , 2015
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as Schedule 1 to the Tax
Laws Amendment (New Tax System for
Managed Investment Trusts) Act 2015
commences.
However, if that Schedule does not
commence, the provisions do not commence
at all.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Amendments Schedule 1
No. , 2015
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
3
Schedule 1--Amendments
1
2
Income Tax Rates Act 1986
3
1 Subsection 3(1)
4
Insert:
5
AMIT (short for attribution managed investment trust) has the
6
same meaning as in the Income Tax Assessment Act 1997.
7
attribution managed investment trust: see AMIT.
8
determined member component has the same meaning as in the
9
Income Tax Assessment Act 1997.
10
managed investment trust has the same meaning as in the Income
11
Tax Assessment Act 1997.
12
2 At the end of subparagraph 5(a)(i)
13
Add "or".
14
3 At the end of subparagraph 5(a)(ii)
15
Add "or".
16
4 At the end of subparagraph 5(a)(iii)
17
Add "or".
18
5 At the end of paragraph 5(a)
19
Add:
20
(v) a person in the capacity of a trustee of an AMIT, being a
21
person who is liable to be assessed and to pay tax under
22
paragraph 276-105(2)(b) or (c) of the Income Tax
23
Assessment Act 1997; or
24
6 At the end of subparagraph 5(b)(i)
25
Add "or".
26
7 At the end of subparagraph 5(b)(ii)
27
Add "or".
28
Schedule 1 Amendments
4
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
No. , 2015
8 At the end of subparagraph 5(b)(iii)
1
Add "or".
2
9 At the end of paragraph 5(b)
3
Add:
4
; or (v) a company in the capacity of a trustee of an AMIT,
5
being a company that is liable to be assessed and to pay
6
tax under paragraph 276-105(2)(b) or (c) of the Income
7
Tax Assessment Act 1997.
8
10 After subsection 12(6)
9
Insert:
10
(6A) The rate of tax payable by a trustee under paragraph 276-105(2)(a)
11
of the Income Tax Assessment Act 1997 is as set out in
12
Schedule 10A.
13
11 At the end of section 12
14
Add:
15
(10) The rate of tax payable by a trustee of a managed investment trust
16
under subsection 275-605(2) of the Income Tax Assessment Act
17
1997 is 30%.
18
(11) The rate of tax payable by a trustee of an AMIT under
19
subsection 276-405(2) of the Income Tax Assessment Act 1997 is
20
45%.
21
(12) The rate of tax payable by a trustee of an AMIT under
22
subsection 276-415(2) of the Income Tax Assessment Act 1997 is
23
45%.
24
(13) The rate of tax payable by a trustee of an AMIT under
25
subsection 276-420(2) of the Income Tax Assessment Act 1997 is
26
45%.
27
12 After section 28
28
Insert:
29
Amendments Schedule 1
No. , 2015
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
5
28A Rates of tax payable by trustees of AMITs under
1
paragraph 276-105(2)(b) or (c) of the Income Tax
2
Assessment Act 1997
3
The rates of tax payable by a trustee of an AMIT under
4
paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act
5
1997 are:
6
(a) if paragraph 276-105(2)(b) of the Income Tax Assessment Act
7
1997 applies--the rate specified in paragraph 23(2)(b) (about
8
companies other than small business entities); and
9
(b) if paragraph 276-105(2)(c) of that Act applies--the
10
maximum rate specified in column 3 of the table in Part II of
11
Schedule 7 to this Act that applies for the year of income.
12
Note:
If paragraph 276-105(2)(a) of the Income Tax Assessment Act 1997
13
applies, see subsection 12(6A).
14
13 Subsection 35(1) (after table item 3)
15
Insert:
16
3A
Subsection 12(11)
Rate for subsection 276-405(2) of the Income Tax
Assessment Act 1997
3B
Subsection 12(12)
Rate for subsection 276-415(2) of the Income Tax
Assessment Act 1997
3C
Subsection 12(13)
Rate for subsection 276-420(2) of the Income Tax
Assessment Act 1997
14 After paragraph 35(2)(a)
17
Insert:
18
(aa) paragraph 28A(b) (rate for paragraph 276-105(2)(c) of the
19
Income Tax Assessment Act 1997);
20
15 After Schedule 10
21
Insert:
22
Schedule 10A--Rates of tax payable by an
23
AMIT trustee under
24
paragraph 276-105(2)(a) of the
25
Income Tax Assessment Act 1997
26
Note:
See subsection 12(6A).
27
Schedule 1 Amendments
6
Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015
No. , 2015
1
In the case of a trustee who is liable to be assessed and to pay tax
2
under paragraph 276-105(2)(a) of the Income Tax Assessment Act
3
1997 in respect of an amount mentioned in subsection 276-105(3)
4
of that Act, the rate of tax in respect of that amount is the rate that
5
would be payable under Part II of Schedule 7 if one individual
6
were liable to be assessed and to pay tax on that amount as his or
7
her taxable income.
8