Law Companion Guideline
LCG 2015/7A1 - Addendum
Attribution Managed Investment Trusts: attribution on a 'fair and reasonable' basis
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Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
Addendum
This Addendum amends Draft Law Companion Guideline LCG 2015/D7 to finalise it following the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 receiving royal assent on 5 May 2016.
LCG 2015/D7 is amended as follows:
At the top of all pages; insert:
Page status: legally binding
2. First page header and all footers
Omit 'Draft Law Companion Guideline LCG 2015/D7'; substitute 'Law Companion Guideline LCG 2015/7'.
Omit the preamble; substitute:
Relying on this Guideline
This Guideline describes how the Commissioner will apply the law as amended by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016.
If you rely on this Guideline in good faith, you will not have to pay any underpaid tax, penalties or interest in respect of matters it covers if it does not correctly state how a relevant provision applies to you.
Omit:
| What this draft Guideline is about | 1 |
| Your comments | 21 |
Insert:
| What this Guideline is about | 1 |
- (a)
- Omit all occurrences of 'draft' from paragraph (including heading).
- (b)
- After 'Income tax Assessment Act 1997'; insert '(ITAA 1997)'.
- (c)
- Omit footnote 1; substitute:
1 All legislative references in this Guideline are to the ITAA 1997 unless otherwise indicated.
Omit the first two sentences (excluding the dot points); substitute:
This Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
Omit the footnote; substitute:
3Explanatory Memorandum to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 at paragraph 2.20.
- (a)
- Omit 'conditions'; substitute 'safe harbour rules'.
- (b)
- Omit 'conditions are that'; substitute 'safe harbour rules cover the circumstances where'.
After 'other classes'; insert 'of units'.
Omit 'as a component of the redemption proceeds'; substitute 'to the redeeming member'.
Omit 'Under the'; substitute 'Under an'.
Omit 'Under the'; substitute 'Under a'.
After the paragraph; insert:
Commissioner of Taxation
5 May 2016
Omit the paragraph (including heading).
Insert:
Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016
Omit the references; substitute:
Explanatory Memorandum to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015
Omit the references.
This Addendum applies on and from 5 May 2016.
Commissioner of Taxation
5 May 2016
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