Inserts for
Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012

Commencement information	
Column 1	Column 2	Column 3	
Provision(s)	Commencement	Date/Details	
1.  Schedule?	The day this Act receives the Royal Assent.		

Schedule?—Clean building managed investment trusts
  
Income Tax Assessment Act 1997
1  Subsection 995‑1(1)
Insert:
clean building has the meaning given by section 12‑430 of Schedule 1 to the Taxation Administration Act 1953.
2  Subsection 995‑1(1)
Insert:
clean building managed investment trust has the meaning given by section 12‑425 of Schedule 1 to the Taxation Administration Act 1953.
Income Tax (Managed Investment Trust Withholding Tax) Act 2008
3  Paragraph 4(1)(a)
Omit “fund payments” (wherever occurring), substitute “fund payments (other than fund payments from a clean building managed investment trust)”.
4  After paragraph 4(1)(a)
Insert:
	(aa)	if the entity is a resident of an information exchange country and the fund payment is a payment from a clean building managed investment trust—10%; or
Taxation Administration Act 1953
5  Section 12‑375 in Schedule 1 (Guide to Subdivision 12‑H)
Omit “is located”, substitute “is located and whether the trust is a clean building managed investment trust”.
6  At the end of section 12‑375 in Schedule 1 (Guide to Subdivision 12‑H)
Add:
A managed investment trust is a clean building managed investment trust if it is a managed investment trust that owns an interest in one or more clean buildings, or trusts that are clean building managed investment trusts, and does not derive assessable income from any other taxable Australian property.
7  Subparagraph 12‑385(3)(a)(i)
Omit “*fund payments”, substitute “*fund payments (other than fund payments from a *clean building managed investment trust)”.
8  Subparagraphs 12‑385(3)(a)(ii) and (iii)
Omit “fund payments” (wherever occurring), substitute “fund payments (other than fund payments from a clean building managed investment trust)”.
9  After paragraph 12‑385(3)(a) in Schedule 1
Insert:
	(aa)	if the address or place for payment of the recipient is in an information exchange country and the fund payment is a payment from a clean building managed investment trust—10%; or
10  Subparagraph 12‑390(3)(a)(i)
Omit “*fund payments”, substitute “*fund payments (other than fund payments from a *clean building managed investment trust)”.
11  Subparagraphs 12‑390(3)(a)(ii) and (iii)
Omit “fund payments” (wherever occurring), substitute “fund payments (other than fund payments from a clean building managed investment trust)”.
12  After paragraph 12‑390(3)(a) of Schedule 1
Insert:
	(aa)	if the address or place for payment of the recipient is in an information exchange country and the fund payment is a payment from a clean building managed investment trust—10%; or
13  Subparagraph 12‑390(6)(a)(i)
Omit “*fund payments”, substitute “*fund payments (other than fund payments from a *clean building managed investment trust)”.
14  Subparagraphs 12‑390(6)(a)(ii) and (iii)
Omit “fund payments” (wherever occurring), substitute “fund payments (other than fund payments from a clean building managed investment trust)”.
15  After paragraph 12‑390(6)(a) of Schedule 1
Insert:
	(aa)	if the recipient is a resident of an information exchange country and the covered part is attributable to a fund payment from a clean building managed investment trust—10%; or
16  After paragraph 12‑395(3)(a) of Schedule 1
Insert:
	(aa)	must specify the part (if any) of the payment which is reasonably attributable to a *fund payment from a *clean building managed investment trust; and
17  After paragraph 12‑395(6)(a) of Schedule 1
Insert:
	(aa)	must specify the part (if any) of the payment which is reasonably attributable to a *fund payment from a *clean building managed investment trust; and
18  At the end of Subdivision 12‑H of Schedule 1
Add:
12‑425  Meaning of clean building managed investment trust
		A trust is a clean building managed investment trust in relation to an income year if during the income year:
	(a)	it is a *managed investment trust in relation to the income year; and
	(b)	it holds:
	(i)	a *clean building (including the land on which the building is situated);
	(ii)	an interest in another trust that is a clean building managed investment trust; and
	(c)	it does not derive assessable income from any other *taxable Australian property.
12‑430  Meaning of clean building
	(1)	A building is a clean building if:
	(a)	the construction of the foundations of the building commenced on or after 1 July 2012; and
	(b)	it satisfies the requirements in subsections (2) and (3); or.
	(2)	A building satisfies the requirements in this subsection if:
	(a)	the building is a commercial building that is used as one of the following (or as a combination of any of the following):
	(i)	an office building;
	(ii)	a hotel for use wholly or mainly to provide short‑term accommodation for travellers;
	(iii)	a shopping centre; or
	(b)	the building satisfies the requirements prescribed by the regulations for the purposes of this paragraph.
	(3)	A building satisfies the requirements in this subsection if:
	(a)	the building:
	(i)	has, and continues to maintain at all times during the income year, at least a 5 star green rating as certified by the Green Building Council of Australia; or
	(ii)	has, and continues to maintain at all times during the income year, at least a 5.5 star energy rating for each rateable part of the building as accredited by National Australian Built Environment Rating System (NABERS); or
	(b)	the building satisfies the requirements prescribed by the regulations for the purposes of this paragraph.