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How we apply the law

Last updated 21 February 2023

Our Law Companion Rulings describe how we will apply new laws once they are enacted. If you rely on any of these guidelines in good faith, you will generally not be subject to underpaid tax, penalties or interest if the guideline does not correctly state how a relevant provision applies to you.

Once draft guidelines are finalised, they are binding advice. They express our interpretation of the laws we administer and our opinion of how a provision of tax law applies to taxpayers generally, rather than to specific circumstances of a particular taxpayer.

The rulings that relate to the new tax system for MITs are:

  • Law Companion Ruling LCR 2015/4 Attribution Managed Investment Trusts: 'clearly defined rights'
  • Law Companion Ruling LCR 2015/5 Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs
  • Law Companion Ruling LCR 2015/6 Attribution Managed Investment Trusts: character flow through for AMITs
  • Law Companion Ruling LCR 2015/7 Attribution Managed Investment Trusts: attribution on a 'fair and reasonable’ basis
  • Law Companion Ruling LCR 2015/8 Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions
  • Law Companion Ruling LCR 2015/9 Attribution Managed Investment Trusts: trustee shortfall taxation – section 276-420
  • Law Companion Ruling LCR 2015/10 Attribution Managed Investment Trusts: administrative penalties for recklessness or intentional disregard of the tax law – section 288-115
  • Law Companion Ruling LCR 2015/11 Attribution Managed Investment Trusts: annual cost base adjustments for units in an AMIT and associated transitional rules
  • Law Companion Ruling LCR 2015/12 Attribution Managed Investment Trusts: dividend, interest and royalty withholding
  • Law Companion Ruling LCR 2015/13 Attribution Managed Investment Trusts: withholding in respect of 'fund payments’
  • Law Companion Ruling LCR 2015/14 Managed Investment Trusts: widely-held tests – wholly-owned entity of an Australian government agency
  • Law Companion Ruling LCR 2015/15 Managed Investment Trusts: the non-arm's length income rule in sections 275-605, 275-610 and 275-615 of the Income Tax Assessment Act 1997
  • Law Companion Ruling LCR 2016/4 Attribution Managed Investment Trusts: 'carry-forward trust component deficit'

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