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The Government will amend the definition of a managed investment trust (MIT) for withholding tax purposes to include certain wholesale managed investment schemes and certain widely held pooled superannuation trusts, with effect from the first income year starting on or after the date of Royal Assent of the enabling legislation. This measure has an ongoing unquantifiable revenue impact.

These changes will broaden the scope of the managed investment trust withholding tax rules. They will also more closely align those rules with, and have flow-on effects for, the MIT deemed capital account treatment measure.

The definition will also introduce tests to exclude trusts that are carrying on a trading business, are closely held, or are not managed in Australia. The operation of the rules will be clarified to make it clear that they can apply in cases where the trust has only one member and that member is itself a specified widely held entity.

See Budget Paper No 2 p 31.

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