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  • How we apply the law

    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 Law Companion Rulings that relate to the new tax system for MITs are:

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

    See also:

      Last modified: 16 Aug 2018QC 47436