AMIT regime and the tax return
The Attribution managed investment trust tax return 2024 is tailored to the specific aspects of the AMIT regime for MITs. For more information, see Becoming an attribution managed investment trust (AMIT).
Some features of the AMIT tax return include:
- electronic-only lodgment through Standard Business Reporting (SBR)
- streamlined information requirements compared to the Trust tax return 2024
- reduced statement of distribution requirements in specific circumstances
- 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.
Cease being 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, unless a safe harbour provision applies. In that case, the trust may need to lodge a trust or other tax return for that later income year.
If you are not sure, check the Eligibility requirements.
If you are not eligible to be an AMIT for 2023–24, don't lodge an AMIT tax return. You should instead lodge either:
- a Trust tax return 2024
- a Company tax return 2024, if Division 6C of the ITAA 1936 applies to you.
Find out more about your lodgment requirements if you Cease to be an AMIT.
Continue to: What's new for AMITs?
Return to: How to get the AMIT tax return 2024