Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-25
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PARTICULAR KINDS OF TRUSTS
Division 275
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Australian managed investment trusts: general
Subdivision 275-B
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Choice for capital treatment of managed investment trust gains and losses
SECTION 275-115
MIT CGT choices
275-115(1)
The trustee of an entity that is a *managed investment trust may make a choice under this section that covers the managed investment trust.
275-115(2)
The choice must be made in the *approved form.
275-115(3)
The choice can be made only:
(a) if the entity became a *managed investment trust in the 2009-10 income year or a later income year (whether or not the entity existed before it became a managed investment trust) - on or before the latest of the following days:
(b) otherwise - on or before the latest of the following days:
275-115(4)
The choice, once made, cannot be revoked.
275-115(5)
The choice is in force:
(a) in the circumstances mentioned in paragraph (3)(a) - for the income year in which the entity became a *managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or
(b) in the circumstances mentioned in paragraph (3)(b) - for the 2008-09 income year and later income years.
View history note
Hide history noteThe trustee of an entity that is a *managed investment trust may make a choice under this section that covers the managed investment trust.
275-115(2)
The choice must be made in the *approved form.
275-115(3)
The choice can be made only:
(a) if the entity became a *managed investment trust in the 2009-10 income year or a later income year (whether or not the entity existed before it became a managed investment trust) - on or before the latest of the following days:
(i) the day it is required to lodge its *income tax return for the income year in which it became a managed investment trust;
(ii) if the Commissioner allows a later day for the managed investment trust - that later day; or
(b) otherwise - on or before the latest of the following days:
(i) the last day in the 3 month period starting on the day on which this section commences;
(ii) the last day of the 2009-10 income year;
(iii) if the Commissioner allows a later day for the managed investment trust - that later day.
275-115(4)
The choice, once made, cannot be revoked.
275-115(5)
The choice is in force:
(a) in the circumstances mentioned in paragraph (3)(a) - for the income year in which the entity became a *managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or
(b) in the circumstances mentioned in paragraph (3)(b) - for the 2008-09 income year and later income years.
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