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AMIT regime implementation – where are we at?

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Published on 01 Aug 17 by "THE TAX SPECIALIST" JOURNAL ARTICLE

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.

Author profile

Craig Marston CTA
Craig Marston, CTA, is a Tax Partner at KPMG focussing on funds management. He specialises in complex tax compliance and advisory matters relevant to the financial services industry. Craig has extensive experience advising banking, funds management, fin techs and other financial services groups regarding trust taxation issues, debt and equity capital raisings, international tax issues and tax compliance. - Current at 22 January 2024
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