Tax and Superannuation Laws Amendment (2014 Measures No. 6) Act 2014 (133 of 2014)

Schedule 2   MIT withholding regime for foreign pension funds

Taxation Administration Act 1953

4   At the end of section 18-32 in Schedule 1

Add:

(3) Subsection (4) applies if:

(a) all or part of an amount (the fund payment part ) is represented by a payment that is a *fund payment; and

(b) under subsection 840-805(4A) of the Income Tax Assessment Act 1997, a *foreign pension fund is taken, in respect of the fund payment part, to be a beneficiary in its own right, and not a beneficiary in the capacity of the trustee of another trust; and

(c) there is an *amount withheld from the fund payment under Subdivision 12-H.

(4) For the purposes of paragraph (1)(b):

(a) treat the *foreign pension fund as having borne all or part of the amount withheld; and

(b) treat a beneficiary of the foreign pension fund as not having borne all or part of the amount withheld.