On 6 November 2013, the Government announced that it would proceed with amendments to the managed investment trust (MIT) withholding tax regime to provide certainty for foreign pension funds. A draft Bill was released today [Fri 11.7.2014] containing amendments to the ITAA 1997 designed to ensure that the foreign pension funds will be able to access the MIT withholding regime and the associated lower rate of withholding tax on their Australian investments as originally intended.
Once enacted, the amendments would apply to fund payments made in income years commencing on or after 1 July 2008, the date when the MIT withholding tax regime commenced.
COMMENTS are due by 8 August 2014
[LTN 132, 11/7/14]