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 12-449   TRANSITIONAL - MIT AGRICULTURAL INCOME  

12-449(1)  
This section applies if:


(a) an amount (the relevant 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 relevant amount would be *MIT agricultural income (disregarding this section) of the managed investment trust because it is attributable to an asset that is *Australian agricultural land for rent; and


(c) the managed investment trust derived, received or made the relevant amount before 1 July 2026; and


(d) if the managed investment trust derived, received or made the relevant amount because the managed investment trust held the asset:


(i) the managed investment trust held the asset just before 27 March 2018; or

(ii) before 27 March 2018, the managed investment trust entered into a contract for the *acquisition or lease of the asset; and


(e) if the managed investment trust derived, received or made the relevant amount because another entity (the second entity ) held the asset:


(i) the second entity held the asset just before 27 March 2018; or

(ii) before 27 March 2018, the second entity entered into a contract for the acquisition or lease of the asset; and


(f) if paragraph (e) applies - immediately before 27 March 2018, the managed investment trust held a *total participation interest (the pre-announcement TPI ) of greater than nil in the second entity.

12-449(2)  
If paragraph (1)(d) applies, treat the relevant amount as not being *MIT agricultural income of the *managed investment trust.

12-449(3)  
If paragraph (1)(e) applies, treat part of the relevant amount as not being *MIT agricultural income of the *managed investment trust.

12-449(4)  
That part is equal to the relevant amount multiplied by the fraction worked out under subsections (5) and (6).

12-449(5)  
If the *total participation interest (the post-announcement TPI ) held by the *managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre-announcement TPI, work out that fraction by dividing:


(a) the pre-announcement TPI;

by:


(b) the post-announcement TPI.

12-449(6)  
Otherwise, the fraction is 1.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.