The Assistant Treasurer, the Hon David Bradbury MP, has released for public consultation the exposure draft legislation and explanatory material for 'Clean Building Managed Investment Trusts'.
On 27 June 2012, the Government announced that it would introduce a 10 per cent final withholding tax rate for managed investment trusts (MITs) that only hold newly constructed energy efficient commercial buildings.
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 NABERS rating, and retail centres and non-residential accommodation that meet equivalent standards. The new regime will apply where construction of the building commences after 1 July 2012.
The purpose of this consultation is to provide interested parties with an opportunity to provide feedback on the proposed legislative amendment for the Clean Building MITs. This feedback is valuable in ensuring the effective implementation of this measure.