Clause 39

by inserting, immediately after the words “real estate investment trust” in subsection (1), the words “or by a trustee of any approved REIT exchange‑traded fund”;

by deleting subsection (2) and substituting the following subsection:“(2) For the purpose of subsection (1)(a), the deduction of tax under section 45 is at the rate of 10% on —

every dollar of a distribution by the trustee of the real estate investment trust made during the period from 18 February 2005 to 31 March 2020 (both dates inclusive); and

every dollar of a distribution made by the trustee of the approved REIT exchange‑traded fund made during the period from 1 July 2018 to 31 March 2020 (both dates inclusive).”;

by deleting the words “where tax has been paid by the trustee of the trust” in subsection (4) and substituting the words “or the trustee of the approved REIT exchange‑traded fund, where tax has been paid by the trustee”;

by inserting, immediately after the words “real estate investment trust” in subsection (4A), the words “or a trustee of an approved REIT exchange‑traded fund”; and

by deleting subsection (5) and substituting the following subsections:“(5) Subsection (1) does not apply to any distribution made during the period from 1 July 2018 to 31 March 2020 (both dates inclusive) by a trustee of a real estate investment trust to a trustee of an approved REIT exchange‑traded fund.(6) In this section, “approved REIT exchange‑traded fund” and “real estate investment trust” have the same meanings as in section 43(10).”.