11 Oct 12 Clean Building Managed Investment Trust Bill introduced into Parliament
On 10 October 2012, Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum:
The Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 amends the Income Tax (Managed Investment Trust Withholding Tax) Act 2008, the ITAA 1997 and the Taxation Administration Act 1953 to provide a final withholding tax rate of 10% on fund payments from eligible Clean Building Managed Investment Trusts (MITs) made to foreign residents in countries with which Australia has effective exchange of information (information exchange countries).
In order to be a Clean Building MIT and access the concessional final withholding tax rate, a MIT must hold one or more clean buildings. Clean buildings are new energy efficient buildings for which construction began on or after 1 July 2012. These buildings must be office buildings, hotels or shopping centres, or a building consisting of a combination of these.
This measure will only apply to fund payments from a clean building managed investment trust in relation to the income years starting on or after 1 July 2012.