Would you kindly be able to link the the relevant Australian Government gazette which contains this regulation? I've been searching and I can't seem to find it.
The press release contains no information about regulations and the September date in it would appear to be the retrospective date from which the legislation would apply, if passed.
'The draft legislation released today also includes an integrity measure which clarifies that, from today, MITs cannot acquire investments in residential property, except where it is affordable housing. This will prevent MITs from investing in houses, units and apartments to hold for long term rent (other than affordable housing).
This change provides legislative clarification of the long-standing convention that the primary purpose of the MIT concessional tax treatment is to apply to passive investment income. This change is crucial to maintaining the integrity of the tax base and will help direct foreign investment to where it’s needed most.'
DCL Price at posting:
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