On 20 September 2018, the Treasury Laws Amendment (2018 Measures No 5) Bill 2018 was introduced in the House of Representatives by the Hon. Stuart Robert MP.

According to the Explanatory Memorandum, the Bill proposes to amend the Taxation Administration Act 1953 (Cth), Income Tax Assessment Act 1997 (Cth) (ITAA 97), Income Tax Assessment Act 1936 (Cth) and other Acts to make a number of technical refinements to the income tax law so that an attribution managed investment trust (AMIT) operates under the regime as intended.

Specifically the Bill proposes to:

  • allow a managed investment trust (MIT) with a single unitholder that is a specified widely-held entity to access the AMIT regime;
  • extend the list of eligible investors in MITs to include the Future Fund Board of Guardians and its wholly owned entities;
  • ensure that, in calculating rounding adjustments and trustee shortfall tax under the AMIT regime, discount capital gains are treated appropriately;
  • clarify that, in relation to an amount that is a discount capital gain that is not attributed to members, the trustee of an AMIT is liable to pay income tax on the amount as though it were not a discount capital gain; and
  • make modifications to the operation of the transitional rules.

Deductible gift recipients

The Bill also proposed to amend the ITAA 97 to update the list of specifically listed Deductible Gift Recipients (DGRs).

These organisations include Victorian Pride Centre Ltd, the entity that will be responsible for building and then operating Australia’s first pride centre, scheduled to open its doors in 2020. Hall & Wilcox is a proud supporter of the Victorian Pride Centre and has predominantly been involved on a pro bono basis in assisting with organisation structuring, tax advice, fundraising and site selection and procurement. As a result of this support, Hall & Wilcox is recognised as a Gold Partner to the Pride Centre.