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 12-448   MEANING OF MIT AGRICULTURAL INCOME, AUSTRALIAN AGRICULTURAL LAND FOR RENT AND DIVISION 6C LAND  

12-448(1)  
This section applies if:


(a) an amount is included in the assessable income for an income year of a *managed investment trust in relation to the income year (worked out for the purposes of determining the trust ' s *net income, or in the case of an *AMIT, the trust ' s total assessable income, for the income year); and


(b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12-405(1)(a) , (b), (c), (d) or (e).

12-448(2)  
The amount is MIT agricultural income of the *managed investment trust to the extent that it is attributable to an asset that is *Australian agricultural land for rent (whether or not held by the managed investment trust).

12-448(3)  
Australian agricultural land for rent is *Division 6C land situated in Australia that:


(a) is used, or could reasonably be used, for carrying on a *primary production business; and


(b) is held primarily for the purposes of deriving or receiving rent.

12-448(4)  
For the purposes of this section, if an *economic infrastructure facility is a fixture on *Australian agricultural land for rent:


(a) treat the economic infrastructure facility as being separate from the Australian agricultural land for rent; and


(b) treat the economic infrastructure facility as not being Australian agricultural land for rent.

12-448(5)  
Division 6C land is land (within the meaning of Division 6C of Part III of the Income Tax Assessment Act 1936 ), and includes a thing if an investment in the thing would be an investment in land under subsection 102MB(1) of that Act.


 

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