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On 4 June 2008, the following Bills were introduced into the House of Representatives:

SCHEDULE 1 to Tax Laws Amendment (Election Commitments No 1) Bill 2008 replaces the existing 30% non-final withholding regime applying to certain distributions (called ‘fund payments’) from Australian managed investment trusts with a new withholding regime. The rate of withholding tax under the new regime will depend on the residency of the foreign investor. The formal imposition of income tax, and the establishment of the applicable rate of tax, is provided for by means of the Income Tax (Managed Investment Trust Withholding Tax) Bill 2008 and the Income Tax (Managed Investment Trust Transitional) Bill 2008. This measure applies to fund payments of income years starting on or after the first 1 July following Royal Assent. This measure was announced in the Treasurer’s Budget Press Release No 2008/043 (13 May 2008): see 2008 TAXVINE No 18 (5) (13 May 2008).

We understand that Treasury is currently in the process of developing the regulations to specify the foreign countries or territories that are an "information exchange country".

SCHEDULE 2 to Tax Laws Amendment (Election Commitments No 1) Bill 2008 amends the ITAA 1997 to exempt from income tax the Prime Minister’s Literary Award, to the extent that the award would otherwise be assessable income. This amendment applies to assessments for the 2007-08 income year and later income years.

For a copy of the EM for all Bills, go here

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