Commonwealth Consolidated Acts

INCOME TAX (MANAGED INVESTMENT TRUST WITHHOLDING TAX) ACT 2008 - SECT 4

  (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.