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Draft legislation released for clean building managed investment trusts



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David Bradbury MP Assistant Treasurer

Minister Assisting for Deregulation

Mark Dreyfus QC MP Cabinet Secretary

Parliamentary Secretary for Climate Change and Energy Efficiency

Parliamentary Secretary for Industry and Innovation

Joint Media Release

DRAFT LEGISLATION RELEASED FOR CLEAN BUILDING MANAGED INVESTMENT TRUSTS

The Government has today released consultation exposure draft legislation and explanatory memorandum for ‘Clean Building Managed Investment Trusts’.

From 1 July 2012, managed investment trusts that only hold newly constructed energy efficient commercial buildings will be eligible for a 10 per cent withholding tax rate.

The concession will be available in relation to office buildings that have obtained a 5-Star Green Star rating or a predicted 5.5 star National Australian Built Environment Rating System rating, and retail centres and hotel accommodation that meet equivalent standards.

The eligibility criteria will be reviewed after 3 years to ensure that qualifying projects produce above average level of energy efficiency.

The new regime will apply where construction of the building commences on or after 1 July 2012.

The exposure draft legislation and explanatory material can be found at www.treasury.gov.au. Consultation will close on 13 September 2012.

16 August 2012