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The Australian Senate recently passed legislation that creates a new breed of Australian fund, the Attribution Managed Investment Trust (AMIT). The legislation in question has been under development by Treasury for more than five years, and provides Australian fund managers with more flexibility in allocating tax consequences to various beneficiaries.

The legislation is contained in Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (Cth) (the Bill), which amends the Income Tax Assessment Act 1997 (Cth) and other ancillary pieces of legislation.

The Bill establishes a 1 July 2016 start date for the regime. However, there is an ability for trustees to elect into the AMIT rules retrospectively under the new Bill from as early as 1 July 2015.

The legal alert discusses in further detail the advantages of the Attribution Managed Investment Trust (AMIT); Qualifying as an AMIT; tax benefits of the AMIT; and seven rules that apply to the AMIT.

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