Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p23
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 23/63)
Character Range: 396630–399494

MIT cross staple arrangement income—de minimis exception
12‑439 MIT cross staple arrangement income—approved economic infrastructure facility exception
12‑440 Transitional—MIT cross staple arrangement income
12‑441 Integrity rule—concessional cross staple rent cap
12‑442 Meaning of excepted MIT CSA income
12‑443 Concessional cross staple rent cap—existing lease with specified rent or rent method
12‑444 Concessional cross staple rent cap—general
12‑445 Asset entity to allocate deductions first against rental income that is not MIT cross staple arrangement income
12‑446 Meaning of MIT trading trust income
12‑447 Transitional—MIT trading trust income
12‑448 Meaning of MIT agricultural income, Australian agricultural land for rent and Division 6C land
12‑449 Transitional—MIT agricultural income
12‑450 Meaning of MIT residential housing income
12‑451 Transitional—MIT residential housing income
12‑452 Meaning of residential dwelling asset
12‑453 MIT agricultural income and MIT residential housing income—capital gains in relation to membership interests

Operative provisions

12‑383  Meaning of withholding MIT
 (1) A trust is a withholding MIT in relation to an income year if:
 (a) it is a *managed investment trust in relation to that income year because of paragraph 275‑10(1)(a) or subsection 275‑10(2) of the Income Tax Assessment Act 1997; and
 (b) a substantial proportion of the investment management activities carried out in relation to the trust in respect of all of the following assets of the trust are carried out in Australia throughout the income year:
 (i) assets that are situated in Australia at any time in the income year;
 (ii) assets that are *taxable Australian property at any time in the income year;
 (iii) assets that are *shares, units or interests listed for quotation in the official list of an *approved stock exchange in Australia at any time in the income year.
 (2) For the purposes of ascertaining whether a trust is a *managed investment trust in relation to that income year for the purposes of paragraph (1)(a), treat as a *fund payment by the trustee of the trust any amount that, under subsection 12A‑205(2), would be treated as a payment by the trustee if the trust were an *AMIT.
Note: The making of a fund payment is a requirement for the trust to be a managed investment trust under paragraph 275‑10(1)(a) and subsection 275‑10(3) of the Income Tax Assessment Act 1997.

12‑385  Withholding by withholding MITs
 (1) A trustee of a trust that is a *withholding MIT in relation to an income year that makes a *fund payment in relation to that income year to an entity covered by section 12‑410 must withhold an amount from the payment.
Note 1: An entity may be covered by section 12‑410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia.
Note 2: If