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  • AMIT technical amendments

    Legislative amendments have been made to clarify the operation of the income tax law applying to managed investment trusts (MITs) and attribution managed investment trusts (AMITs).

    These amendments ensure the new tax system for managed investment trusts operates as intended. A number of modifications have been made to the:

    • MIT and AMIT income tax rules
    • MIT and AMIT CGT rules
    • withholding tax rules for MITs and AMITs
    • operation of the AMIT transitional rules.

    You can find more information about the individual amendments at AMIT technical amendments.

    Application dates of amendments

    It is important to note the application dates as they may differ. Broadly, the amendments made in relation to:

    • aligning the CGT outcomes of MITs with AMITs – apply from the 2017–18 income year
    • allowing certain single unit holder MITs to elect into the AMIT regime – apply from the 2017–18 income year
    • allowing MITs with substituted accounting periods to elect into the AMIT regime – apply from the 2016–17 income year.

    All other amendments apply from the 2018–19 income year.

    See also:

    Last modified: 15 May 2019QC 58911