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  • Attribution managed investment trusts

    A managed investment trust (MIT), also known as a managed investment fund, is a type of unit trust in which members of the public collectively invest in passive income activities, such as shares, property or fixed interest assets.

    For 2015–16 and later years, a MIT may choose to apply the attribution rules in Division 276 of the Income Tax Assessment Act 1936. Where that choice is made, the MIT becomes an attribution managed investment trust (AMIT).

    Generally, those rules apply to attribute amounts to each member based on their interest in the AMIT, rather than a present entitlement to the net income of the trust or the amount actually paid.

    The attribution rules ensure that amounts from the trust retain their tax character as they flow through to you, so that for taxation purposes the amount is treated as if you had earned the income directly in your own right. In relation to capital gains, those rules mean you will treat the capital gains component of your trust income as your own capital gain.

    These rules also mean that the cost base of your units in an AMIT may have annual upward or downward adjustments.

    Your share of trust amounts attributed to you is shown on your member statement,

    See also:

    Last modified: 17 Jul 2017QC 52243