31 Oct 12 Clean Building Managed Investment Trust Bill passed by House
On 30 October 2012, Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 was passed by the House of Representatives with one Government amendment.
The Supplementary Explanatory Memorandum explains that the Government amendment is to amend s 12-430(2) of Schedule 1 to the Taxation Administration Act 1953 to ensure that any works preparing a site for construction and works undertaken below the lowest level of a building do not represent the commencement of construction for the purposes of the measure.
The Bill amends the ITAA 1997, Income Tax (Managed Investment Trust Withholding Tax) Act 2008 and Taxation Administration Act 1953 to provide a final withholding tax rate of 10% on fund payments from eligible clean building managed investment trusts made to foreign residents in countries with which Australia has effective exchange of information.
The Bill now proceeds to the Senate.