On 18 June, the Government released its exposure draft legislation proposing a package of technical amendments to income tax legislation relating to the new tax system for Managed Investment Trusts (MIT).
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer, stated the amendments will clarify the law, providing industry with increased investment certainty and should assist those entities considering whether to opt into the attribution MITs regime.
According to the Exposure Draft Explanatory Materials, the amendments clarify the operation of the income tax law applying to MITs and Attribution Managed Investment Trusts (AMITs) and make a number of modifications so that the new tax system for managed investment trusts operates as intended.
Submissions are due by 16 July.
