Following the recent Royal Assent to the package of 4 Bills that establish a new system for taxing Managed Investment Trusts (MITs), the ATO has released the following 12 updated and one new Law Companion Guidelines on Attribution Managed Investment Trusts (AMITs) and MITs:

  • LCG 2015/4 – Attribution Managed Investment Trusts: “clearly defined rights”
  • LCG 2015/5 – Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs
  • LCG 2015/6 – Attribution Managed Investment Trusts: character flow through for AMITs
  • LCG 2015/7 – Attribution Managed Investment Trusts: attribution on a “fair and reasonable” basis
  • LCG 2015/8 – Attribution Managed Investment Trusts: the rules for working out trust components – allocation of deductions
  • LCG 2015/9 – Attribution Managed Investment Trusts: trustee shortfall taxation – s 276-420
  • LCG 2015/10 – Attribution Managed Investment Trusts: administrative penalties for recklessness or intentional disregard of the tax law – s 288-115
  • LCG 2015/11 – Attribution Managed Investment Trusts: annual cost base adjustments for units in an AMIT and associated transitional rules
  • LCG 2015/12 – Attribution Managed Investment Trusts: dividend, interest and royalty withholding
  • LCG 2015/13 – Attribution Managed Investment Trusts: withholding in respect of “fund payments”
  • LCG 2015/14 – Managed Investment Trusts: widely-held tests – wholly-owned entity of an Australian government agency
  • LCG 2015/15 – Managed Investment Trusts: the non-arm’s length income rule in sections 275-605, 275-610 and 275-615 of the ITAA 1997
  • LCG 2016/4 – Attribution Managed Investment Trusts: “carry-forward trust component deficit”.

[LTN 89, 11/5/16]