AMIT regime implementation - where are we at?
Source: The Tax Specialist Journal Article
Published Date: 1 Aug 2017
After some decades of grappling with applying the old rules of Div 6 of the Income Tax Assessment Act 1936 to modern-day widely held trusts, industry, at long last, got its wish on 5 May 2016, the attribution managed investment trust (AMIT) regime was enacted. The AMIT regime is the culmination of a Board of Taxation recommendation for a separate taxation regime for qualifying MITs and extensive industry consultation. The regime seeks to codify much of the industry practice and administrative concessions that had to emerge to fit the taxation of managed investment trusts into Div 6. This article considers some key aspects and design features of the new regime and, where appropriate, attempts to bring the regime to life with worked examples.
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Details
- Published By: Craig Marston CTA
- Published On:1 Aug 2017
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