Summary
Part of a package of three bills, the bill amends the: Income Tax Act 1986, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to introduce a new withholding tax regime for distributions of managed investment trust income to residents of countries with which Australia has effective exchange of information for tax matters; and Income Tax Assessment Act 1997 to exempt from income tax the Prime Minister’s Literary Award.