The Property Council of Australia welcomes the passage through Parliament of the Government’s new MIT definition legislation.
“We congratulate the Government for delivering another major instalment of its plan to modernise Australia’s tax regime,” said Property Council Chief Executive, Peter Verwer.
The Assistant Treasurer announced important reforms to the MIT definition at the Property Council's Capital Markets Leaders Summit in Canberra on Monday.
“The new legislation extends the withholding tax concessions to unregistered and stateoperated wholesale funds, and better matches widespread industry practice for registered wholesale funds.”
“The reforms include a generous seven-year transitional period for investors and managers.”
“The MIT reforms will enable Australia to capture a bigger slice of the world’s investment wealth.”
“The Property Council supports the Government’s initiative to transform Australia into a regional financial centre and funds management hub.”
Download "The new MIT definition at a glance”
For further information:
Peter Verwer - Chief Executive:
0407 463 842
Roberto Fitzgerald - Executive Director, International & Capital Markets:
0411 549 248
Andrew Mihno - Deputy Executive Director International & Capital Markets:
0406 454 549
