The Government has announced that the managed investment trust (MIT) final withholding tax rate will increase from 7.5% to 15%.
This measure will return the withholding tax for MITs to the original level. The Treasurer said that the 15% rate is competitive with current rates applying in other countries, including the USA and Japan.
Date of effect: This measure will apply from 1 July 2012.
Source: Budget Paper No 2 [p 31]; Treasurer’s press release
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