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24 May 12 Managed Investment Trust Withholding Tax Bill introduced

On 24 May 2012, Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum.

The Bill amends the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 to increase the Managed Investment Trust (MIT) final withholding tax from 7.5% to 15% on fund payments made in relation to income years that commence on or after 1 July 2012.

The amendments apply from 1 July 2012.

 


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