Brief

The Income Tax (Managed Investment Trust Withholding Tax) 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 commences on the day it receives Royal Assent. The tax rate imposed by this Act is 15% for fund payments from a clean building managed investment trust, 10% for fund payments to the extent they are attributable to fund payments from a clean building managed investment trust, and 30% for fund payments to the extent they are attributable to non-concessional MIT income. An entity is considered a resident of an information exchange country if it meets certain conditions. The Act includes provisions related to definitions, imposition of tax, rate of tax, and application, saving, and transitional provisions.

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Australian Government - Federal Register of Legislation

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