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  

Guide to Subdivision 12-H

SECTION 12-375   WHAT THIS SUBDIVISION IS ABOUT  


A withholding MIT may be required to withhold an amount from a payment of its Australian sourced net income (other than dividends, interest and royalties) if the payment is made to an entity whose address, or place for payment, is outside Australia. If the payment is made to another entity, the withholding MIT is required to make information available to the recipient outlining certain details in relation to the payment.

If a custodian receives a payment that is covered by that information, it is required to withhold an amount from any related later payment to an entity whose address, or place for payment, is outside Australia. If the later payment is made to another entity, the custodian is required to make information available in relation to that later payment.

If an entity that is not a custodian receives a payment that is covered by that information, it is required to withhold an amount from that payment if a foreign resident becomes entitled to that payment. If a resident becomes entitled to the payment, the entity must make information available in relation to that payment.

Where there is an obligation to withhold, the applicable withholding rate is determined by the nature of the country or territory in which the recipient ' s address, place for payment or residency is located and whether the trust is a clean building managed investment trust.

A managed investment trust is a clean building managed investment trust if it is a managed investment trust that holds one or more clean buildings and does not derive assessable income from any other taxable Australian property (other than certain assets that are reasonably incidental to a clean building).


TABLE OF SECTIONS
TABLE OF SECTIONS
Operative provisions
12-383 Meaning of withholding MIT
12-385 Withholding by withholding MITs
12-390 Withholding by custodians and other entities
12-395 Requirement to give notice or make information available
12-400 (Repealed by No 53 of 2016)
12-401 (Repealed by No 53 of 2016)
12-402 (Repealed by No 53 of 2016)
12-402A (Repealed by No 53 of 2016)
12-402B (Repealed by No 53 of 2016)
12-403 (Repealed by No 53 of 2016)
12-404 (Repealed by No 53 of 2016)
12-405 Meaning of fund payment - general case
12-410 Entity to whom payment is made
12-415 Failure to give notice or make information available: administrative penalty
12-420 Agency rules
12-425 Meaning of clean building managed investment trust
12-430 Meaning of clean building
12-435 Meaning of non-concessional MIT income
12-436 Meaning of asset entity, operating entity, cross staple arrangement and stapled entity
12-437 Meaning of MIT cross staple arrangement income
12-438 MIT cross staple arrangement income - de minimis exception
12-439 MIT cross staple arrangement income - approved economic infrastructure facility exception
12-440 Transitional - MIT cross staple arrangement income
12-441 Integrity rule - concessional cross staple rent cap
12-442 Meaning of excepted MIT CSA income
12-443 Concessional cross staple rent cap - existing lease with specified rent or rent method
12-444 Concessional cross staple rent cap - general
12-445 Asset entity to allocate deductions first against rental income that is not MIT cross staple arrangement income
12-446 Meaning of MIT trading trust income
12-447 Transitional - MIT trading trust income
12-448 Meaning of MIT agricultural income , Australian agricultural land for rent and Division 6C land
12-449 Transitional - MIT agricultural income
12-450 Meaning of MIT residential housing income
12-451 Transitional - MIT residential housing income
12-452 Meaning of residential dwelling asset
12-453 MIT agricultural income and MIT residential housing income - capital gains in relation to membership interests


 

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