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

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2016

 

No.      , 2016

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 3

Schedule 1—Attribution managed investment trusts                                        4

Income Tax Assessment Act 1997                                                                               4

Taxation Administration Act 1953                                                                          46

Schedule 2—Annual cost base adjustment for member’s unit or interest in AMIT          49

Income Tax Assessment Act 1997                                                                             49

Schedule 3—Withholding MITs and fund payments                                     56

Income Tax Assessment Act 1936                                                                             56

Income Tax Assessment Act 1997                                                                             56

Taxation Administration Act 1953                                                                          57

Schedule 4—Managed investment trusts                                                                81

Income Tax Assessment Act 1997                                                                             81

Taxation Administration Act 1953                                                                          98

Schedule 5—20% tracing rule and repeal of Division 6B                          100

Part 1—20% tracing rule                                                                                          100

Income Tax Assessment Act 1936                                                                           100

Income Tax Assessment Act 1997                                                                           100

Part 2—Repeal of Division 6B                                                                              102

Income Tax Assessment Act 1936                                                                           102

Part 3—Amendments consequential on the repeal of Division 6B     103

Development Allowance Authority Act 1992                                                      103

Income Tax Act 1986                                                                                                103

Income Tax Assessment Act 1936                                                                           103

Income Tax Assessment Act 1997                                                                           105

Income Tax Rates Act 1986                                                                                     110

International Tax Agreements Act 1953                                                              110

Taxation Administration Act 1953                                                                        110

Part 4—Transitional                                                                                                    112

Schedule 6—Consequential amendments                                                             114

Income Tax Assessment Act 1936                                                                           114

Income Tax Assessment Act 1997                                                                           118

Taxation Administration Act 1953                                                                        120

Tax Laws Amendment (2010 Measures No. 3) Act 2010                                   124

Schedule 7—Widely-held requirements                                                                125

Taxation Administration Act 1953                                                                        125

Schedule 8—Application and transitional provisions etc.                          126

Income Tax (Transitional Provisions) Act 1997                                                 126

Tax Laws Amendment (2011 Measures No. 5) Act 2011                                   131

Schedule 9—Definitions                                                                                                  133

Income Tax Assessment Act 1997                                                                           133

 

 



A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 to 6

The latest of the following days:

(a) the day this Act receives the Royal Assent;

(b) the day the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 receives the Royal Assent;

(c) the day the Income Tax Rates Amendment (Managed Investment Trusts) Act 2016 receives the Royal Assent;

(d) the day the Medicare Levy Amendment (Attribution Managed Investment Trusts) Act 2016 receives the Royal Assent.

However, the provisions do not commence at all if any of the events mentioned in paragraphs (b), (c) and (d) does not occur.

 

3.  Schedule 7

1 July 2014.

1 July 2014

4.  Schedules 8 and 9

The latest of the following days:

(a) the day this Act receives the Royal Assent;

(b) the day the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 receives the Royal Assent;

(c) the day the Income Tax Rates Amendment (Managed Investment Trusts) Act 2016 receives the Royal Assent;

(d) the day the Medicare Levy Amendment (Attribution Managed Investment Trusts) Act 2016 receives the Royal Assent.

However, the provisions do not commence at all if any of the events mentioned in paragraphs (b), (c) and (d) does not occur.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.



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