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Brief
The Income Tax (Managed Investment Trust Transitional) Act 2008 is an Act that imposes income tax on amounts attributable to fund payments derived by foreign residents, and for related purposes. The Act may be cited as the Income Tax (Managed Investment Trust Transitional) Act 2008.
This Act commences on the day it receives the Royal Assent. The tax known as income tax, to the extent that that tax is payable by an entity in accordance with section 840-805 of the Income Tax (Transitional Provisions) Act 1997, is imposed on amounts to which that section applies.
The rate of income tax imposed by this Act is 22.5%. The Act aims to address the issue of managed investment trusts and their treatment under Australian taxation law.
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