*Tax Laws Amendment (Investment Manager Regime) Bill 2012 was introduced in the House of Reps – Elements 1 & 2 [10]

The Tax Laws Amendment (Investment Manager Regime) Bill 2012 was introduced in the House of Reps this on Thur 21.6.2012. It contains the first 2 elements of the Government’s proposed Investment Manager Regime. The Bill proposes to amend the ITAA 1997 to prescribe the treatment of returns, gains, losses and deductions, on certain investments of…

*Regulations amended to include further “information exchange countries” to which reduced MIT withholding applies – Korea; Macau; Mauritius and Cook Islands [7]

The Taxation Administration Amendment Regulation 2012 (No 4) was registered on the Federal Register of Legislative Instruments on Thur 28.6.2012. It commences on 1 July 2012 and amends the Taxation Administration Regulations 1976 to add the Cook Islands, Macau, Mauritius and the Republic of Korea to the list of foreign countries and foreign territories contained…

*Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012 was introduced – to double the MIT withholding tax rate to 15% [6]

New Bill introduced As foreshadowed by the Assistant Treasurer on Wed 20.6.2012, a separate Bill was introduced to double the withholding tax rate on Managed Investment Trusts (MITs). The Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012 was introduced in the House of Reps on Thur 21.6.2012. It proposes to make consequential amendments…

*Tax Laws Amendment (2012 Measures No 2) Bill 2012 & PAYG Withholding Non-compliance Bill 2012 – after doubling of MIT withholding rate removed to separate Bill [5]

The Government has deleted from a Bill measures announced in the 2012-13 Budget that proposed to double the withholding tax rate from 7.5% to 15% on foreign investment in managed investment trusts (MITs). The Tax Laws Amendment (2012 Measures No 2) Bill 2012 was passed by the House of Reps Wed 20.6.2012, with 2 Government…

*Bills referred to Committees [4]

The following Bills have been referred to Parliamentary committees: *Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has been referred to the Senate Economics Legislation Committee for inquiry and report by 14 August 2012; Privacy Amendment (Enhancing Privacy Protection) Bill 2012 has been referred to the Senate Legal and Constitutional Affairs Legislation Committee…