Commonwealth Numbered Acts

INCOME TAX RATES AMENDMENT (MANAGED INVESTMENT TRUSTS) ACT 2016 (NO. 49, 2016) - SCHEDULE 1

Income Tax Rates Act 1986

1  Subsection 3(1)

Insert:

"AMIT " (short for attribution managed investment trust) has the same meaning as in the Income Tax Assessment Act 1997 .

"attribution managed investment trust " : see AMIT .

"determined member component" has the same meaning as in the Income Tax Assessment Act 1997 .

"managed investment trust " has the same meaning as in the Income Tax Assessment Act 1997 .

2  At the end of subparagraph 5(a)(i)

Add "or".

3  At the end of subparagraph 5(a)(ii)

Add "or".

4  At the end of subparagraph 5(a)(iii)

Add "or".

5  At the end of paragraph 5(a)

Add:

                             (v)  a person in the capacity of a trustee of an AMIT, being a person who is liable to be assessed and to pay tax under paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act 1997 ; or

6  At the end of subparagraph 5(b)(i)

Add "or".

7  At the end of subparagraph 5(b)(ii)

Add "or".

8  At the end of subparagraph 5(b)(iii)

Add "or".

9  At the end of paragraph 5(b)

Add:

                      ; or (v)  a company in the capacity of a trustee of an AMIT, being a company that is liable to be assessed and to pay tax under paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act 1997 .

10  After subsection 12(6)

Insert:

          (6A)  The rate of tax payable by a trustee under paragraph 276-105(2)(a) of the Income Tax Assessment Act 1997 is as set out in Schedule 10A.

11  At the end of section 12

Add:

           (10)  The rate of tax payable by a trustee of a managed investment trust under subsection 275-605(2) of the Income Tax Assessment Act 1997 is 30%.

           (11)  The rate of tax payable by a trustee of an AMIT under subsection 276-405(2) of the Income Tax Assessment Act 1997 is 45%.

           (12)  The rate of tax payable by a trustee of an AMIT under subsection 276- 415(2) of the Income Tax Assessment Act 1997 is 45%.

           (13)  The rate of tax payable by a trustee of an AMIT under subsection 276-420(2) of the Income Tax Assessment Act 1997 is 45%.

12  After section 28

Insert:

28A   Rates of tax payable by trustees of AMITs under paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act 1997

                   The rates of tax payable by a trustee of an AMIT under paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act 1997 are:

                     (a)  if paragraph 276-105(2)(b) of the Income Tax Assessment Act 1997 applies--the rate specified in paragraph 23(2)(b) (about companies other than small business entities); and

                     (b)  if paragraph 276-105(2)(c) of that Act applies--the maximum rate specified in column 3 of the table in Part II of Schedule 7 to this Act that applies for the year of income.

Note:          If paragraph 276-105(2)(a) of the Income Tax Assessment Act 1997 applies, see subsection 12(6A).

13  Subsection 35(1) (after table item 3)

Insert:

14  After paragraph 35(2)(a)

Insert:

                    (aa)  paragraph 28A(b) (rate for paragraph 276-105(2)(c) of the Income Tax Assessment Act 1997 );

15  After Schedule 10

Insert: