Instructions to follow if the CCIV sub-fund trust has made a capital account election.
How to make a capital account election
The trustee of a CCIV sub-fund trust makes a capital account election by answering Yes to the following question on the Attribution CCIV sub-fund tax return.
Has the CCIV sub-fund elected into managed investment trust capital account treatment?
The election must be made on or before:
- the day the CCIV sub-fund trust is required to lodge its tax return for the income year in which it became a deemed AMIT, or
- if the Commissioner allows a later day, that later date.
You must make the election in relation to the first year the trust qualifies as an AMIT, and it is irrevocable as long as the CCIV sub-fund trust remains eligible.
Has the trustee made an election into managed investment trust capital account treatment?
Trustees of attribution CCIV sub-fund trusts may make an irrevocable election to apply the CGT provisions for the taxation of gains and losses on disposal of eligible assets. An attribution CCIV sub-fund trust, having met the AMIT eligibility requirements, will be eligible for capital treatment as it meets the definition of a MIT at the relevant time.
The trustee of a CCIV sub-fund trust may make the election. The election must be made:
- in the first year the trust is deemed to be an AMIT
- in an approved form.
If you make an election for capital treatment, answer Yes to this question. Otherwise, answer No.
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