Income Tax Rates Amendment (Managed Investment Trusts) Act 2016 (49 of 2016)

Schedule 1   Amendments

Income Tax Rates Act 1986

12   After section 28

Insert:

28A Rates of tax payable by trustees of AMITs under paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act 1997

The rates of tax payable by a trustee of an AMIT under paragraph 276-105(2)(b) or (c) of the Income Tax Assessment Act 1997 are:

(a) if paragraph 276-105(2)(b) of the Income Tax Assessment Act 1997 applies - the rate specified in paragraph 23(2)(b) (about companies other than small business entities); and

(b) if paragraph 276-105(2)(c) of that Act applies - the maximum rate specified in column 3 of the table in Part II of Schedule 7 to this Act that applies for the year of income.

Note: If paragraph 276-105(2)(a) of the Income Tax Assessment Act 1997 applies, see subsection 12(6A).