TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 12 - Payments from which amounts must be withheld  

Subdivision 12-H - Distributions of withholding MIT income  

Operative provisions

SECTION 12-450   MEANING OF MIT RESIDENTIAL HOUSING INCOME  

12-450(1)  
This section applies if:


(a) an amount is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust ' s *net income, or in the case of an *AMIT, the trust ' s total assessable income, for the income year); and


(b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12-405(1)(a) , (b), (c), (d) or (e).

12-450(2)  
The amount is MIT residential housing income of the *managed investment trust to the extent that it is attributable to a *residential dwelling asset (whether or not held by the managed investment trust). Asset used to provide affordable housing

12-450(3)  
The amount is not MIT residential housing income of the *managed investment trust under subsection (2) to the extent that it is referable to the use of the *residential dwelling asset to *provide affordable housing.

12-450(4)  
If the amount is, or is attributable to, a *capital gain from a *CGT event, subsection (3) applies only if:


(a) the entity that held the *residential dwelling asset just before the time (the CGT event time ) when the CGT event happened had held it for at least 3,650 days (consecutive or not); and


(b) each of those days satisfies the following requirements:


(i) the day is on or after 1 July 2017 and before the CGT event time;

(ii) the residential dwelling asset was used on the day to *provide affordable housing.



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