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 12-425   MEANING OF CLEAN BUILDING MANAGED INVESTMENT TRUST  

12-425(1)  
A trust is a clean building managed investment trust in relation to an income year if during the income year:


(a) it is a *withholding MIT in relation to the income year; and


(b) it holds one or more *clean buildings (including the land on which the buildings are situated); and


(c) it does not derive assessable income from any *taxable Australian property (other than from the clean buildings or assets that are reasonably incidental to those buildings).

5% safe harbour for certain income reasonably incidental to a clean building

12-425(2)  
A trust is not a *clean building managed investment trust in relation to an income year if the assessable income of the trust that is derived from assets that are reasonably incidental to *clean buildings is greater than 5% of the assessable income of the trust that is derived from clean buildings.

12-425(3)  
The regulations may specify kinds of assets that are, or are not, reasonably incidental to *clean buildings for the purposes of this section.


 

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