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  • AMIT technical amendments

    If you have managed investment trust (MIT) or attribution managed investment trust (AMIT) clients, you should let them know that legislative amendments have been made to clarify the operation of the income tax law.

    The 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 capital gains tax (CGT) rules
    • withholding tax rules for MITs and AMITs
    • operation of the AMIT transitional rules.

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

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

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

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

    See also:

    Last modified: 13 May 2019QC 58867