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 AMITs 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'
For more information, see:
- Law Companion Ruling LCR 2015/1 Law Companion Guidelines: purpose, nature and role in ATO's public advice and guidance
- Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016External Link
- Income Tax Rates Amendment (Managed Investment Trusts) Act 2016External Link
- Medicare Levy Amendment (Attribution Managed Investment Trusts) Act 2016External Link
- Income Tax (Attribution Managed Investment Trusts – Offsets) Act 2016External Link