Commonwealth Numbered Acts Commonwealth Numbered Acts
Income Tax Assessment Act 1936
1 Subsection 6(1)
Insert:
"AMIT (short for attribution managed investment trust" ) has the same meaning as in the Income Tax Assessment Act 1997 .
2 Subsection 6(1) (at the end of the definition of assessment )
Add:
; or (j) the ascertainment of the amount payable (or that no amount is payable) under the following:
(i) subsection 276-105(2) of the Income Tax Assessment Act 1997 (AMIT trustee taxed on amounts attributed to foreign resident members);
(ii) subsection 276-340(2) of that Act (AMIT trustee taxed on trust component deficit of character relating to tax offset);
(iii) subsection 276-405(2) of that Act (AMIT trustee taxed on shortfall in determined member components of character relating to assessable income);
(iv) subsection 276-410(2) of that Act (AMIT trustee taxed on excess in determined member components of character relating to tax offset);
(v) subsection 276-415(2) of that Act (AMIT trustee taxed on amounts of determined trust component that are not reflected in member components);
(vi) subsection 276-420(2) of that Act (AMIT trustee taxed on amounts of under of character relating to assessable income not properly carried forward);
(vii) subsection 276-425(2) of that Act (AMIT trustee taxed on amounts of over of character relating to tax offset not properly carried forward); or
3 Subsection 6(1)
Insert:
"attribution managed investment trust " : see AMIT .
4 After section 95AAC
Insert:
95AAD Division does not apply in relation to AMIT
This Division does not apply in relation to a trust estate that is an AMIT.
5 Paragraph 98B(2)(c)
Repeal the paragraph, substitute:
(c) the amount is reasonably attributable to:
(i) an amount (the taxed net income ) in respect of which the trustee of another trust estate is assessed and liable to pay tax (the subsection 98(4) tax ) under subsection 98(4); or
(ii) an amount (the taxed component ) in respect of which the trustee of an AMIT is assessed and liable to pay tax (the paragraph 276-105(2)(c) tax ) because of paragraph 276-105(2)(c) of the Income Tax Assessment Act 1997 .
6 Subsection 98B(3)
After "subsection 98(4) tax", insert "or of the paragraph 276-105(2)(c) tax (as applicable)".
7 Subsection 98B(3)
Omit "the proportion of the taxed net income", substitute "the proportion of the taxed net income or of the taxed component (as applicable)".
8 Subsection 100AA(7)
Repeal the subsection, substitute:
(7) This section does not apply in relation to a trust estate that is a managed investment trust (within the meaning of the Income Tax Assessment Act 1997 ) in relation to a year of income.
9 Subsection 100AB(8)
Repeal the subsection, substitute:
(8) This section does not apply in relation to a trust estate that is a managed investment trust (within the meaning of the Income Tax Assessment Act 1997 ) in relation to a year of income.
10 Subsection 102AAF(2)
Repeal the subsection, substitute:
(2) In determining whether a unit trust is a public unit trust at all times during a year of income for the purposes of this Division, subsections 102P(3) to (9) (inclusive) and (11) apply as if:
(a) a reference in those subsections to Division 6C were a reference to this Division; and
(b) a reference in those subsections to subsection 102P(1) were a reference to subsection (1) of this section; and
(c) a reference in those subsections to a public unit trust in relation to a year of income were a reference to a public unit trust at all times during a year of income.
11 Subparagraph 102NA(2)(b)(iii)
Omit "under Division 6B or this Division", substitute "under this Division (or under former Division 6B, before its repeal by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 ".
12 After subsection 102P(10)
Insert:
(10A) Subsection (10) does not apply in relation to units in a unit trust that are held by the trustee of another trust estate if the other trust estate is a complying superannuation entity (within the meaning of the Income Tax Assessment Act 1997 ).
13 Subsection 102T(16)
Omit "Subdivision 840-M", substitute "Division 275 or Subdivision 840-M".
14 Subsection 128FA(8) (definition of public unit trust )
Omit "section 102G", substitute "section 102P (disregarding subsection (2) of that section)".
15 After subsection 170(10AA)
Insert:
(10AB) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of reflecting information contained in an AMMA statement (within the meaning of the Income Tax Assessment Act 1997 ) if:
(a) the statement is given by an AMIT for a year of income to an entity that is or was a member of the AMIT in respect of the year of income; and
(b) the statement is so given later than 3 months after the end of the year of income.
16 Paragraph 202EE(1)(c)
Repeal the paragraph, substitute:
(c) the investment body is required:
(i) to withhold an amount under Subdivision 12-F or 12-H in Schedule 1 to the Taxation Administration Act 1953 from the payment; or
(ii) to pay the Commissioner an amount under Subdivision 12A-C in that Schedule in respect of the payment; or
17 At the end of subsection 251S(1)
Add:
; and (d) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276-405(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection--that amount; and
(e) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276-415(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection--that amount; and
(f) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276-420(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection--that amount.
18 Subsection 255(2A)
Omit "managed investment trusts", substitute "withholding MITs".
19 After subsection 255(2A)
Insert:
(2B) For the purposes of subsection (2A), if an entity must pay an amount to the Commissioner under Subdivision 12A-C in Schedule 1 to the Taxation Administration Act 1953 in respect of money due by the entity to a non-resident, treat that amount as being an amount that must be withheld from the money under Subdivision 12-H in that Schedule.
20 At the end of subsection 272-105(1) in Schedule 2F
Add:
A trust is also a widely held unit trust if it is an AMIT (including an AMIT arising from the operation of section 276-20 (Trust with classes of interests--each class treated as separate AMIT)).
Income Tax Assessment Act 1997
21 Section 13-1 (after table item headed "approved deposit funds (ADFs)")
Insert:
| attribution managed investment trusts |
|
| non - resident beneficiary ..................................................... |
276-110 |
22 Section 67-23 (before table item 15)
Insert:
14A | attribution managed investment trusts--foreign resident member | the * tax offset available under section 276-110 |
23 After section 112-45
Insert:
112-46 Annual cost base adjustment for member's unit or interest in AMIT
| Annual cost base adjustment for member's unit or interest in AMIT | |||
| Item | In this situation: |
Element affected: | See section: |
| 1 | Annual cost base adjustment for member's unit or interest in AMIT | The total cost base and reduced cost base | 104-107B |
24 Paragraph 768-5(2)(b)
Repeal the paragraph, substitute:
(b) the amount is all or part of the * net income of the trust or partnership that would, apart from this subsection, be included in the entity's assessable income because of:
(i) Division 276; or
(ii) Division 5 or 6 of Part III of the Income Tax Assessment Act 1936 ; and
25 Section 840-800
Omit "managed investment trust", substitute "withholding MIT".
26 Subsection 840-805(1) (note 2)
Repeal the note, substitute:
Note 2: See Subdivision 12-H in Schedule 1 to the Taxation Administration Act 1953 for provisions dealing with withholding from fund payments, and Subdivision 12A-C in that Schedule for provisions dealing with obligations to pay the Commissioner amounts analogous to such withholding in relation to AMITs.
27 Subsection 840-805(2) (heading)
Repeal the heading, substitute:
Payments from withholding MITs
28 Paragraph 840-805(2)(a)
Omit " * managed investment trust", substitute " * withholding MIT".
29 Paragraph 840-805(3)(b)
Omit " * managed investment trust", substitute " * withholding MIT".
30 Paragraph 840-805(4)(a)
Omit " * managed investment trust", substitute " * withholding MIT".
31 Paragraph 840-805(4)(b)
Omit "managed investment trust", substitute "withholding MIT".
32 Paragraphs 842-230(1)(a) and (b)
Repeal the paragraphs, substitute:
(a) an entity that is covered by paragraph 275-20(4)(a), (b), (c), (d), (e), (g), (h) or (i);
33 Paragraph 842-235(6)(b)
Omit "paragraph 12-402(3)(e) in Schedule 1 to the Taxation Administration Act 1953 ", substitute "paragraph 275-20(4)(f)".
34 Paragraph 842-235(9) (paragraph (e) of the example)
Omit "paragraph 12-402(3)(a) in Schedule 1 to the Taxation Administration Act 1953 ", substitute "paragraph 275-20(4)(a)".
Taxation Administration Act 1953
35 Subsection 10-5(1) in Schedule 1 (table item 25, column headed "Withholding payment")
Omit "managed investment trust", substitute "withholding MIT".
36 Before paragraph 10-5(2)(a)
Insert:
(aa) a payment that arises because of the operation of section 12A-205 (see Division 12A);
37 Subsection 12-5(2) in Schedule 1 (table item 1AA, column headed "Which is about")
Omit " * managed investment trusts", substitute " * withholding MITs".
38 Subdivision 12-H in Schedule 1 (heading)
Repeal the heading, substitute:
Subdivision 12-H -- Distributions of withholding MIT income
39 Section 12-375 in Schedule 1
Omit "A managed investment trust may", substitute "A withholding MIT may".
40 Section 12-375 in Schedule 1
Omit "the managed investment trust", substitute "the withholding MIT".
41 Section 12-385 in Schedule 1 (heading)
Repeal the heading, substitute:
12-385 Withholding by withholding MITs
42 Subsection 12-385(1) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
43 Subsection 12-385(5) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
44 Subsection 12-390(1) in Schedule 1 (note 1)
Omit "managed investment trust", substitute "withholding MIT".
45 Subsection 12-390(1) in Schedule 1 (note 1)
Omit "managed investment trusts", substitute "withholding MITs".
46 Subsection 12-390(4) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
47 Subsection 12-390(9) in Schedule 1
Repeal the subsection, substitute:
Meaning of custodian
(9) An entity is a custodian if:
(a) the entity is * carrying on a * business that consists predominantly of providing a custodial or depository service (as defined by section 766E of the Corporations Act 2001 ) pursuant to an * Australian financial services licence; or
(b) the entity is acting on behalf of an entity that is carrying on such a business pursuant to such a licence.
48 Subsection 12-395(1) in Schedule 1 (heading)
Repeal the heading, substitute:
Withholding MITs and custodians
49 Subsection 12-395(1) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
50 Paragraph 12-395(3)(b) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
51 Subsection 12-395(4) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
52 Paragraph 12-395(6)(b) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
53 Paragraph 12-425(1)(a) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
54 Subsection 15-15(1) in Schedule 1 (note 4)
Omit "managed investment trust", substitute "withholding MIT".
55 Subsection 16-153(4) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
56 Subsection 16-153(4) in Schedule 1 (note)
Omit "managed investment trust", substitute "withholding MIT".
57 Paragraph 16-153(4A)(a) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
58 Subsection 16-157(1) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
59 Subsection 16-157(1) in Schedule 1 (note)
Omit "managed investment trust", substitute "withholding MIT".
60 Subparagraph 16-157(2)(c)(i) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
61 Paragraph 16-170(1AA)(d) in Schedule 1
Omit " * managed investment trust", substitute " * withholding MIT".
62 Paragraph 16-195(1)(c) in Schedule 1
Omit "managed investment trust", substitute "withholding MIT".
63 Subsection 18-10(1) in Schedule 1
Omit "managed investment trust", substitute "withholding MIT".
64 Paragraph 45-286(b) in Schedule 1
Omit "the condition in paragraph 12-400(1)(a)", substitute "the condition in paragraph 275-10(3)(a) of the Income Tax Assessment Act 1997 ".
65 Paragraph 45-286(c) in Schedule 1
Repeal the paragraph, substitute:
(c) the trust is a * managed investment trust for that income year; and
66 Section 298-30 in Schedule 1 (heading)
Repeal the heading, substitute:
298-30 Assessment of penalties under Division 284 or section 288-115
67 Subsection 298-30(1) in Schedule 1
Omit "Division 284", substitute "Division 284 or section 288-115".
68 After subsection 393-10(5) in Schedule 1
Insert:
(5A) Paragraph (5)(b) does not apply to an * investment body that is a * managed investment trust.
Tax Laws Amendment (2010 Measures No. 3) Act 2010
69 Paragraph 7(2)(a) of Schedule 5
Before "section 12-400 in Schedule 1 to the Taxation Administration Act 1953 ", insert "former".