INCOME TAX (MANAGED INVESTMENT TRUST WITHHOLDING TAX) ACT 2008

SECTION 4   Rate of tax  

4(1)  
The rate of income tax imposed by this Act is:


(a) if the entity is a resident of an information exchange country:


(i) 15% for fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or

(ii) 10% for fund payments, to the extent that they are, or are attributable to, fund payments from a clean building managed investment trust (except to the extent mentioned in subparagraph (iii)); or

(iii) 30% for fund payments, to the extent that they are attributable to non-concessional MIT income; or


(b) otherwise - 30 % .

4(2)  
(Repealed by No 185 of 2012)

4(3)  
An entity is a resident of an information exchange country if:


(a) the entity is a resident of that country for the purposes of the taxation laws of that country; or


(b) if there are no taxation laws of that country applicable to the entity or the entity ' s residency status cannot be determined under those laws:


(i) for an individual - the individual is ordinarily resident in that country; or

(ii) for another entity - the entity is incorporated or formed in that country and is carrying on a business in that country.



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