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Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Part of a package of four bills to establish a new tax system for certain managed investment trusts, the bill amends the: Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to establish the new class of attribution managed investment trusts (AMIT); and enable the Commissioner of Taxation to determine an amount of non-arm’s length income in relation to a managed investment trust (MIT); Income Tax Assessment Act 1997 to provide that a member of an AMIT will make a capital gain or capital loss when a capital gains tax event happens to their membership interests; Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to provide that fund payment withholding provisions apply when a withholding MIT makes a fund payment to another entity that has a place of payment or address outside Australia; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to exclude certain superannuation funds and exempt entities from the application of the 20 per cent tracing rule for public trading trusts; Income Tax Assessment Act 1936 to repeal the corporate unit trust rules; and Taxation Administration Act 1953 to extend the list of entities qualifying as eligible investors for the purpose of the widely held requirements. Also amends 13 Acts to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 03/12/15  
Second reading moved 03/12/15  
Second reading debate 10/02/16  
Second reading agreed to 10/02/16  
Third reading agreed to 10/02/16  
     
Senate
Introduced and read a first time 22/02/16  
Second reading moved 22/02/16  
Lapsed at prorogation 17/04/16  
Consideration of House of Reps message 02/05/16 Details: In response to a request from the House, the Senate agreed to resume consideration of the bill
Second reading moved 04/05/16  
Second reading debate 04/05/16  
Second reading agreed to 04/05/16  
Third reading agreed to 04/05/16  
     
Finally passed both Houses 04/05/16  
Assent 05/05/16 Act no: 53 - Year: 2016
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (04/02/2016): Senate Economics Legislation Committee; Committee report (10/03/2016)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )