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 12-441   INTEGRITY RULE - CONCESSIONAL CROSS STAPLE RENT CAP  

12-441(1)  
This section applies if:


(a) a *managed investment trust in relation to an income year derives, receives or makes an amount of *excepted MIT CSA income for the income year; and


(b) if the amount is excepted MIT CSA income because of subsection 12-440(3) - paragraph 12-440(4)(b) applies (15 year concession); and


(c) the amount of excepted MIT CSA income is, or is attributable to, *rent from land investment under a lease (the cross staple lease ) entered into by:


(i) the *asset entity mentioned in paragraph 12-437(2)(a) (the relevant asset entity ); and

(ii) the *operating entity mentioned in paragraph 12-437(2)(b) (the relevant operating entity ).

12-441(2)  
To the extent (if any) that the amount of the relevant asset entity ' s *excepted MIT CSA income exceeds its *concessional cross staple rent cap for the income year, the following provisions do not apply to the amount of the *managed investment trust ' s excepted MIT CSA income mentioned in paragraph (1)(a):


(a) subsection 12-437(5) ;


(b) subsection 12-440(3) .

12-441(3)  
If the relevant asset entity is not a *managed investment trust in relation to the income year, for the purposes of subsection (2), treat it as a managed investment trust in relation to the income year.


 

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