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21 Jun 12 Managed Investment Trust Withholding Tax Bill introduced into Parliament

On 21 June 2012, Tax Laws Amendment (Managed Investment Trust Withholding Tax) 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.

SCHEDULE 1 to Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012 makes consequential amendments to the Taxation Administration Act 1953 to give effect to the increase in the concessional MIT final withholding tax rate imposed by the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012, which was introduced into the House of Representatives on 24 May 2012..

The amendments apply from 1 July 2012.

 


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