As part of reforms aimed at improving the taxation regime for the managed funds sector, the Federal Government has released draft legislation on a package of technical amendments to the new system for attribution managed investment trusts (MITs).
According to Federal Minister for Revenue and Financial Services, Kelly O’Dwyer, the draft legislation and explanatory material for public consultation is aimed at ensuring the new system for attribution MITs operates as intended.
"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," Minister O'Dwyer said.
The attribution tax regime was designed to give greater certainty to investors in managed funds, reduce compliance costs for the funds and enhance overall the competitiveness of Australia's funds management industry, she said.
The exposure draft legislation and explanatory materials are available on the Treasury website, O’Dwyer said.