Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)

Schedule 3   Withholding MITs and fund payments

Taxation Administration Act 1953

20   Subsection 18-30(1) in Schedule 1

Repeal the subsection, substitute:

(1) An entity is entitled to a credit if:

(a) the entity's *ordinary income, or *statutory income, includes any of the following:

(i) a *dividend (or a part of it), interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936) or a *royalty;

(ii) an amount that is represented by or reasonably attributable to an *AMIT DIR payment; and

(b) if subparagraph (a)(i) applies - if the entity has borne all or part of an *amount withheld from the dividend, interest or royalty; and

(c) if subparagraph (a)(ii) applies - if the entity has borne all or part of an amount paid under Division 12A in respect of the AMIT DIR payment.