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

Schedule 8   Application and transitional provisions etc.

Application provision

1   Application provision

(1) The amendments made by Schedules 1, 2, 3, 4, 6 and 9 apply to assessments for income years starting on or after:

(a) unless paragraph (b) applies - 1 July 2016; or

(b) if the assessment is in respect of a trust, and the trustee of the trust has made a choice under subitem (5) - 1 July 2015.

(2) The amendments made by Schedule 5 apply to assessments for income years starting on or after 1 July 2016.

(3) Despite subitem (1), the amendments made by items 32, 33 and 34 in Schedule 6 apply to income years starting on or after 1 July 2016.

(4) The amendments made by Schedule 7 apply to income years starting on or after 1 July 2014.

(5) The trustee of a trust may make a choice for the purposes of paragraph (1)(b) if the 2015-16 income year of the trust starts on or after 1 July 2015.

(6) The choice cannot be revoked.