Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (53 of 2016)

Schedule 4   Managed investment trusts

Taxation Administration Act 1953

7   After subsection 284-145(2B) in Schedule 1

Insert:

(2C) You are also liable to an administrative penalty if:

(a) you are the trustee of a *managed investment trust in relation to an income year; and

(b) to give effect to Subdivision 275-L of the Income Tax Assessment Act 1997 (also the adjustment provision ) in relation to a *scheme, the Commissioner amends your assessment for the income year; and

(c) as a result, you are liable to pay an additional amount of income tax (as the case requires).

Note: Subdivision 275-L of the Income Tax Assessment Act 1997 applies to non-arm's length income of managed investment trusts.