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Extracted from LIVENEWS.com.au

And a move that will benefit Australian property trusts will see the Federal Government cutting the amount of tax overseas investors pay on dividends from managed funds to 7.5 percent to encourage investments in real estate trusts.

The move will enhance the attractiveness of Australian property trusts, such as Westfield, to foreign investors. It could also improve the prospects of the troubled Centro finding buyers overseas for its Australian shopping malls. The new measure won't apply to investors living in countries not a party to a tax information exchange arrangements. That means investors many tax havens will miss out.

The tax, currently 30 percent, will be cut to 22.5 percent in the year starting July 1; 15 percent the following year; and 7.5 percent the year after that, according to last night's budget papers.