Law Companion Guideline
LCG 2015/8A1 - Addendum
Attribution Managed Investment Trusts: the rules for working out trust components - allocation of deductions
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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/D8 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/D8 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/D8'; substitute 'Law Companion Guideline LCG 2015/8'.
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 | 36 |
Insert:
| What this Guideline is about | 1 |
- (a)
- Omit all occurrences of 'draft' from paragraph (including heading).
- (b)
- Omit footnote 1; substitute:
- 1 An AMIT is a managed investment trust that has elected in to the attribution regime for the taxation of MITs contained in Division 276 of the Income Tax Assessment Act 1997 (ITAA 1997). All legislative references in this Guideline are to the ITAA 1997 unless otherwise indicated.
- (c)
- After the first sentence; insert:
- 1A See Law Companion Guideline LCG 2015/6 Attribution Managed Investment Trusts: character flow-through for AMITs.
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:
- (a)
- At the end of the first dot point; insert:
- 1B Subsection 276-265(1).
- (b)
- At the end of the second dot point; insert:
- 1C Subsection 276-265(2).
- (c)
- At the end of the third dot point; insert:
- 1D Subsection 276-265(3).
- (a)
- Omit 'and any'; substitute 'together with any'.
- (b)
- After 'accounting expenses'; insert:
- 1E For the purpose of the deduction allocation rules, a carried forward tax loss is treated as an 'other deduction' that is, it does not relate directly to one or more amounts of assessable income.
Omit 'the Bill'; substitute 'Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (the Explanatory Memorandum)'.
Omit 'draft'.
Omit 'we'; substitute 'the Commissioner'.
Omit 'from which it'; substitute '. It'.
Omit 'We'; substitute 'The Commissioner'.
Omit 'we'; substitute 'the Commissioner would'.
Omit the third sentence; substitute:
The AMIT incurs a deductible performance fee in respect of each class.
After the paragraph; insert:
Commissioner of Taxation
5 May 2016
Omit the paragraph (including heading).
Omit:
ITAA 1936
ITAA 1936 51AAA
Insert:
ITAA 1936
ITAA 1936 51(1)
ITAA 1936 51AAA
ITAA 1997 Div 276
ITAA 1997 276-265(1)
ITAA 1997 276-265(2)
ITAA 1997 276-265(3)
Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016
19. Related Rulings/Determinations
Insert:
| Related Rulings/Determinations | Law Companion Guideline LCG 2015/6 Attribution Managed Investment Trusts: character flow-through for AMITs |
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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