INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 840 - Withholding taxes  

Subdivision 840-M - Managed investment trust amounts  

SECTION 840-805   Managed investment trust amounts  

840-805(1)  
This section has effect for amounts represented by or reasonably attributable to fund payments made in relation to the first income year starting on or after the first 1 July after the day on which the Tax Laws Amendment (Election Commitments No. 1) Act 2008 receives the Royal Assent by a trust that is a managed investment trust in relation to that year.

840-805(2)  
If you are a resident of an information exchange country, subsection 840-805(1) of the Income Tax Assessment Act 1997 does not apply to the amounts to the extent that it would otherwise apply to you.

840-805(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.

840-805(4)  
Instead, you are liable to pay income tax on the amounts (reduced as mentioned in subsection (5) ) at the rate declared by the Parliament.

Note:

The tax is imposed by the Income Tax (Managed Investment Trust Transitional) Act 2008 .

840-805(5)  
The amounts are reduced by any loss or outgoing of yours to the extent that:


(a) it is incurred in gaining or producing the amounts; or


(b) it is necessarily incurred in carrying on a business for the purpose of gaining or producing the amounts.




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