Managed Investment Trust Withholding Tax Rate increased from 7.5% to 15%
Announced as part of the 2012-13 Federal Budget the Government will double the Managed Investment Trust (MIT) withholding tax from 7.5% to 15%
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Scrip for Scrip Roll Over Provisions Amended
Changes to the scrip for scrip roll over provisions will ensure taxpayers cannot avoid the integrity provisions by holding interests to acquire ownership rights rather than the underlying shares and defer indefinitely the CGT liability.
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Ongoing debate over Mining Tax (MRRT) sees revenue forecasts questioned by Andrew Forest of Fortescue Metals Group
Andrew Forrest chairman of Fortescue Metals Group believes the Australian Federal Government’s estimated $10.6 billion mining tax revenue is a “charade”.
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