The Assistant Treasurer on Thur 16.8.2012, released draft legislation on the Government’s proposal to provide managed investment trusts (MITs) that only hold newly constructed energy efficient commercial buildings with a concessional withholding tax rate of 10%.
Mr Bradbury indicated that 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 (NABERS) rating. He said retail centres and hotel accommodation that meet equivalent standards may also qualify for the concession.
Further, Mr Bradbury said the eligibility criteria will be reviewed after 3 years to ensure that qualifying projects are producing above average levels of energy efficiency. He said the proposal will apply where construction of the building commences on or after 1 July 2012.
COMMENTS are due by 13 September 2012.
Source: Assistant Treasurer’s media release No 085, 16 August 2012
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