Private ruling: Managed Investment Trusts
Published: February 2014
Ruling period: Year ended 30 June 2014 | Year ended 30 June 2015 | Year ended 30 June 2016 | Year ended 30 June 2017 | Year ended 30 June 2018
Date scheme commenced: 1 July 2013

Ruling: Q1: Is the entity an entity that is covered by the requirements under paragraph 12-402(3)(f) of Schedule 1 of Tax Administration Act 1953 (TAA 1953) (relevantly, is POBA a foreign superannuation fund)? | A1: Yes

Relevant facts and circumstances: The PBR relates to a foreign superannuation fund

Relevant legislative provisions: Taxation Administration Act 1953 Paragraph 12-402(3)(f)(i) | Income Tax Assessment Act 1997 Subsection 118-520(2) | Income Tax Assessment Act 1997 Subsection 995-1(1)

Reasons for decision: Summary: Subdivision 12-H of Schedule 1 to the TAA 1953 deals with 'Pay As You Go' withholding obligations for distributions of managed investment trust income. Section 12-402 of Schedule 1 of the TAA 1953 establishes the widely held requirements for the entities included in the section. Subsection 12-402(3) of Schedule 1 of TAA 1953 lists the kinds of entity that are covered by the section. The entity is an entity that is covered by the requirements under paragraphs 12-402(3)(f)(i) and (ii) of Schedule 1 of TAA 1953.