INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-25 - PARTICULAR KINDS OF TRUSTS  

Division 275 - Australian managed investment trusts: general  

Subdivision 275-B - Choice for capital treatment of managed investment trust gains and losses  

SECTION 275-115   MIT CGT choices  

275-115(1)  
The trustee of an entity that is a *managed investment trust may make a choice under this section that covers the managed investment trust.

275-115(2)  
The choice must be made in the *approved form.

275-115(3)  
The choice can be made only:


(a) if the entity became a *managed investment trust in the 2009-10 income year or a later income year (whether or not the entity existed before it became a managed investment trust) - on or before the latest of the following days:


(i) the day it is required to lodge its *income tax return for the income year in which it became a managed investment trust;

(ii) if the Commissioner allows a later day for the managed investment trust - that later day; or


(b) otherwise - on or before the latest of the following days:


(i) the last day in the 3 month period starting on the day on which this section commences;

(ii) the last day of the 2009-10 income year;

(iii) if the Commissioner allows a later day for the managed investment trust - that later day.

275-115(4)  
The choice, once made, cannot be revoked.

275-115(5)  
The choice is in force:


(a) in the circumstances mentioned in paragraph (3)(a) - for the income year in which the entity became a *managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or


(b) in the circumstances mentioned in paragraph (3)(b) - for the 2008-09 income year and later income years.


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