The Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012 was introduced in the House of Reps on Thur 24.5.2012.
It implements a 2012-13 Budget announcement by proposing amendments to the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 to increase the Managed Investment Trust (MIT) final withholding tax from 7.5% to 15% on fund payments made in relation to income years that commence on or after 1 July 2012.
Schedule 4 to Tax Laws Amendment (2012 Measures No 2) Bill 2012 (also introduced today) makes consequential amendments to the Taxation Administration Act 1953 to give effect to the increase in the concessional MIT final withholding tax rate imposed by the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012.
DATE OF EFFECT: The amendments apply from 1 July 2012.
[LTN 99, 24/5]
Coalition to oppose doubling of MIT withholding tax rate
The Coalition has indicated it will oppose the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012 when it comes to a vote in Parliament. The Bill proposes to implement a 2012-13 Budget announcement to increase the Managed Investment Trust (MIT) final withholding tax rate from 7.5% to 15% with effect from 1 July 2012. The Bill has been referred to the House of Reps Standing Committee on Economics for report.
[LTN 102, 29/5]