Bill
Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2018
passed, as at 2019-04-05. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-09-20
- second reading — 2018-09-20
- second reading — 2019-02-12
- second reading — 2019-02-13
- second reading — 2019-02-14
- second reading — 2019-02-14
- third reading — 2019-02-14
- introduced — 2019-02-14
- second reading — 2019-02-14
- second reading — 2019-04-03
- third reading — 2019-04-03
- passed — 2019-04-03
- royal assent — 2019-04-05
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-09-20.
This bill is part of a package that tightens tax rules for foreign investors using stapled structures and limits their access to concessions.
It would amend the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 to set the withholding rate on non-concessional managed investment trust income at 30 per cent.
The explanatory memorandum also says the package would amend the Income Tax Rates Act 1986 to make sovereign entities liable to income tax at 30 per cent.
- Sets the managed investment trust withholding rate on non-concessional income at 30 per cent.
- Makes consequential amendments to the Income Tax (Managed Investment Trust Withholding Tax) Act 2008.
- Amends the Income Tax Rates Act 1986 to apply a 30 per cent income tax rate to sovereign entities.
Foreign investors using stapled structures and sovereign entities.
Sources
em
em revised
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