Find out about the AMIT regime and features the AMIT tax return includes.
AMIT regime and the tax return
The Attribution managed investment trust (AMIT) tax return 2022 is tailored to the specific aspects of the AMIT regime for MITs. Some features of this tax return include:
- electronic-only lodgment via Standard Business Reporting (SBR)
- streamlined information requirements compared to the Trust income tax return
- reduced statement of distribution requirements; specifically, the trustee is only required to complete information on foreign resident members in respect of which the trust is not a withholding MIT and the trustee is liable to pay an amount
- automated assessment process, including where the trustee is liable to pay an amount.
When you lodge this tax return, we issue a comprehensive notice of assessment (NOA) where a trustee is liable to pay an amount. Specifically, the NOA will provide details of trustee assessment in respect of:
- amounts of tax the trustee is required to pay on behalf of foreign resident members (for AMITs that are not withholding MITs)
- amounts of tax the trustee is required to pay in its own right.
Ceasing to be an AMIT
A trust that was an AMIT for an income year but is not eligible to be an AMIT in a later income year ceases to be an AMIT. In that case, the trust may need to lodge a trust or other tax return for that later income year.
If you are not eligible to be an AMIT for 2021–22, do not lodge an AMIT tax return. You should instead lodge:
- a 2021–22 Trust tax return, or
- a 2021–22 Company tax return if Division 6C applies to you.
For more information about eligibility and being an AMIT, see
Continue to: Schedules