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Features of this tax return

Last updated 26 June 2023

Find out about the AMIT regime and features the AMIT tax return includes.

AMIT regime and the tax return

The Attribution managed investment trust (AMIT) tax return 2023 is tailored to the specific aspects of the AMIT regime for MITs. Find out about Becoming an attribution managed investment trust (AMIT).

Some features of the AMIT tax return include:

  • electronic-only lodgment through Standard Business Reporting (SBR)
  • streamlined information requirements compared to the Trust income tax return
  • reduced statement of distribution requirements; specifically, the trustee is only required to complete information on foreign resident members in respect of which the trust is not a withholding MIT and the trustee is liable to pay an amount
  • automated assessment process, including where the trustee is liable to pay an amount.

When you lodge this tax return, we issue a comprehensive notice of assessment (NOA) where a trustee is liable to pay an amount. Specifically, the NOA will provide details of trustee assessment in respect of:

  • amounts of tax the trustee is required to pay on behalf of foreign resident members (for AMITs that are not withholding MITs)
  • amounts of tax the trustee is required to pay in its own right.

Ceasing to be an AMIT

A trust that was an AMIT for an income year but is not eligible to be an AMIT in a later income year, ceases to be an AMIT. In that case, the trust may need to lodge a trust or other tax return for that later income year.

If you are not sure of your eligibility, check the Eligibility requirements.

If you are not eligible to be an AMIT for 2022–23, do not lodge an AMIT tax return. You should instead lodge either:

  • a Trust tax return 2022–23
  • a Company tax return 2022–23 if Division 6C applies to you.

Find out more about your lodgment requirements if you Cease to be an AMIT.

Continue to: Schedules