Assistant Treasurer, Minister Assisting for Financial Services & Superannuation and Minister for Competition Policy & Consumer Affairs
5 March 2012 - 18 September 2013
Draft Legislation Released for Clean Building Managed Investment Trusts
Joint media release with
Mark Dreyfus QC MP
Cabinet Secretary Parliamentary Secretary for Climate Change and Energy Efficiency
Parliamentary Secretary for Industry and Innovation
The Government has today released consultation exposure draft legislation and explanatory memorandum for "Clean Building Managed Investment Trusts".
From 1 July 2012, managed investment trusts that only hold newly constructed energy efficient commercial buildings will be eligible for a 10 per cent withholding tax rate.
The concession will be available in relation to office buildings that have obtained a 5-Star Green Star rating or a predicted 5.5 star National Australian Built Environment Rating System rating, and retail centres and hotel accommodation that meet equivalent standards.
The eligibility criteria will be reviewed after 3 years to ensure that qualifying projects produce above average level of energy efficiency.
The new regime will apply where construction of the building commences on or after 1 July 2012.
The exposure draft legislation and explanatory material can be found on the Treasury website. Consultation will close on 13 September 2012.
16 August 2012