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This is a Bill, not an Act. For current law, see the Acts databases.
TAX LAWS AMENDMENT (CLEAN BUILDING MANAGED INVESTMENT TRUST) BILL 2012
2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Clean Building
Managed Investment Trust) Bill 2012
No. , 2012
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
i Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. ,
2012
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Clean building managed investment trusts
3
Income Tax Assessment Act 1997
3
Income Tax (Managed Investment Trust Withholding Tax) Act 2008
3
Taxation Administration Act 1953
4
Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. , 2012
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Tax Laws Amendment (Clean
5
Building Managed Investment Trust) Act 2012.
6
2 Commencement
7
This Act commences on the day this Act receives the Royal
8
Assent.
9
2 Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. ,
2012
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
6
Clean building managed investment trusts Schedule 1
Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. , 2012
3
Schedule 1--Clean building managed
1
investment trusts
2
3
Income Tax Assessment Act 1997
4
1 Subsection 995-1(1)
5
Insert:
6
clean building has the meaning given by section 12-430 in
7
Schedule 1 to the Taxation Administration Act 1953.
8
2 Subsection 995-1(1)
9
Insert:
10
clean building managed investment trust has the meaning given
11
by section 12-425 in Schedule 1 to the Taxation Administration Act
12
1953.
13
Income Tax (Managed Investment Trust Withholding Tax)
14
Act 2008
15
3 After section 2
16
Insert:
17
2A Definitions
18
In this Act:
19
clean building managed investment trust has the same meaning as
20
in the Income Tax Assessment Act 1997.
21
entity has the same meaning as in the Income Tax Assessment Act
22
1997.
23
fund payment has the same meaning as in the Income Tax
24
Assessment Act 1997.
25
income year has the same meaning as in the Income Tax
26
Assessment Act 1997.
27
Schedule 1 Clean building managed investment trusts
4 Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. ,
2012
information exchange country has the same meaning as in the
1
Income Tax Assessment Act 1997.
2
4 Paragraph 4(1)(a)
3
Omit "fund payments" (wherever occurring), substitute "fund payments
4
(except to the extent that they are, or are attributable to, fund payments
5
from a clean building managed investment trust)".
6
5 At the end of paragraph 4(1)(a)
7
Add:
8
(iv) 10% for fund payments to the extent that they are, or are
9
attributable to, fund payments from a clean building
10
managed investment trust in relation to the income years
11
starting on or after 1 July 2012; or
12
6 Subsection 4(2)
13
Repeal the subsection.
14
Taxation Administration Act 1953
15
7 Section 12-375 in Schedule 1 (fourth paragraph)
16
Omit "is located", substitute "is located and whether the trust is a clean
17
building managed investment trust".
18
8 At the end of section 12-375 in Schedule 1
19
Add:
20
A managed investment trust is a clean building managed
21
investment trust if it is a managed investment trust that holds one
22
or more clean buildings and does not derive assessable income
23
from any other taxable Australian property (other than certain
24
assets that are reasonably incidental to a clean building).
25
9 Subparagraph 12-385(3)(a)(i) in Schedule 1
26
Omit "
*
fund payments", substitute "
*
fund payments (except to the
27
extent that they are, or are attributable to, fund payments from a
*
clean
28
building managed investment trust)".
29
Clean building managed investment trusts Schedule 1
Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. , 2012
5
10 Subparagraphs 12-385(3)(a)(ii), (iii) and (iv) in Schedule 1
1
Omit "fund payments" (wherever occurring), substitute "fund payments
2
(except to the extent that they are, or are attributable to, fund payments
3
from a clean building managed investment trust)".
4
11 At the end of paragraph 12-385(3)(a) in Schedule 1
5
Add:
6
(v) 10% for fund payments to the extent that they are, or are
7
attributable to, fund payments from a clean building
8
managed investment trust in relation to the income years
9
starting on or after 1 July 2012; or
10
12 Subparagraph 12-390(3)(a)(i) in Schedule 1
11
Omit "
*
fund payments", substitute "
*
fund payments (except to the
12
extent that they are, or are attributable to, fund payments from a
*
clean
13
building managed investment trust)".
14
13 Subparagraphs 12-390(3)(a)(ii), (iii) and (iv) in Schedule 1
15
Omit "fund payments" (wherever occurring), substitute "fund payments
16
(except to the extent that they are, or are attributable to, fund payments
17
from a clean building managed investment trust)".
18
14 At the end of paragraph 12-390(3)(a) in Schedule 1
19
Add:
20
(v) 10% for fund payments to the extent that they are, or are
21
attributable to, fund payments from a clean building
22
managed investment trust in relation to the income years
23
starting on or after 1 July 2012; or
24
15 Subparagraph 12-390(6)(a)(i) in Schedule 1
25
Omit "
*
fund payments", substitute "
*
fund payments (except to the
26
extent that they are, or are attributable to, fund payments from a clean
27
building managed investment trust)".
28
16 Subparagraphs 12-390(6)(a)(ii), (iii) and (iv) in Schedule 1
29
Omit "fund payments" (wherever occurring), substitute "fund payments
30
(except to the extent that they are, or are attributable to, fund payments
31
from a clean building managed investment trust)".
32
Schedule 1 Clean building managed investment trusts
6 Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. ,
2012
17 At the end of paragraph 12-390(6)(a) in Schedule 1
1
Insert:
2
(v) 10% for fund payments to the extent that they are, or are
3
attributable to, fund payments from a clean building
4
managed investment trust in relation to the income years
5
starting on or after 1 July 2012; or
6
18 After paragraph 12-395(3)(a) in Schedule 1
7
Insert:
8
(aa) must specify the extent (if any) to which the payment is, or is
9
attributable to, a
*
fund payment from a
*
clean building
10
managed investment trust; and
11
19 After paragraph 12-395(6)(a) in Schedule 1
12
Insert:
13
(aa) must specify the extent (if any) to which the payment is, or is
14
attributable to, a
*
fund payment from a
*
clean building
15
managed investment trust; and
16
20 At the end of Subdivision 12-H in Schedule 1
17
Add:
18
12-425 Meaning of clean building managed investment trust
19
(1) A trust is a clean building managed investment trust in relation to
20
an income year if during the income year:
21
(a) it is a
*
managed investment trust in relation to the income
22
year; and
23
(b) it holds one or more
*
clean buildings (including the land on
24
which the buildings are situated); and
25
(c) it does not derive assessable income from any
*
taxable
26
Australian property (other than from the clean buildings or
27
assets that are reasonably incidental to those buildings).
28
5% safe harbour for certain income reasonably incidental to a
29
clean building
30
(2) A trust is not a
*
clean building managed investment trust in relation
31
to an income year if the assessable income of the trust that is
32
derived from assets that are reasonably incidental to
*
clean
33
Clean building managed investment trusts Schedule 1
Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. , 2012
7
buildings is greater than 5% of the assessable income of the trust
1
that is derived from clean buildings.
2
(3) The regulations may specify kinds of assets that are, or are not,
3
reasonably incidental to
*
clean buildings for the purposes of this
4
section.
5
12-430 Meaning of clean building
6
(1) A building is a clean building if:
7
(a) the construction of the building commenced on or after 1 July
8
2012; and
9
(b) it satisfies the requirements in subsections (3) and (4).
10
(2) For the purpose of subsection (1), the construction of the building
11
is taken to have commenced at the time the works on the lowest
12
level (including any basement level) of the building commence.
13
(3) A building satisfies the requirements in this subsection if:
14
(a) the building is a commercial building that is any of the
15
following (or is a combination of any of the following):
16
(i) an office building;
17
(ii) a hotel for use wholly or mainly to provide short-term
18
accommodation for travellers;
19
(iii) a shopping centre; or
20
(b) the building satisfies the requirements prescribed by the
21
regulations for the purposes of this paragraph.
22
(4) A building satisfies the requirements in this subsection if:
23
(a)
the
building:
24
(i) has, and continues to maintain at all times during the
25
income year, at least a 5 Star Green Star rating as
26
certified by the Green Building Council of Australia; or
27
(ii) has, and continues to maintain at all times during the
28
income year, at least a 5.5 star energy rating as
29
accredited by the National Australian Built Environment
30
Rating System (NABERS); or
31
(b) the building satisfies the requirements prescribed by the
32
regulations for the purposes of this paragraph.
33
(5) For the purposes of subsection (4), if:
34
Schedule 1 Clean building managed investment trusts
8 Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 No. ,
2012
(a) a building has previously satisfied the requirements in that
1
subsection; and
2
(b) the building then fails to satisfy the requirements for a period
3
(the non-compliance period); and
4
(c) within 180 days after the first day of that failure, the building
5
again satisfies the requirements;
6
treat the building as having satisfied the requirements during the
7
non-compliance period.
8