Law Companion Guideline

LCG 2015/7A1 - Addendum

Attribution Managed Investment Trusts: attribution on a 'fair and reasonable' basis

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Addendum

This Addendum amends Draft Law Companion Guideline LCG 2015/D7 to finalise it following the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 receiving royal assent on 5 May 2016.

LCG 2015/D7 is amended as follows:

1. Page status (all pages)

At the top of all pages; insert:

Page status: legally binding

2. First page header and all footers

Omit 'Draft Law Companion Guideline LCG 2015/D7'; substitute 'Law Companion Guideline LCG 2015/7'.

3. Preamble

Omit the preamble; substitute:

Relying on this Guideline

This Guideline describes how the Commissioner will apply the law as amended by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016.

If you rely on this Guideline in good faith, you will not have to pay any underpaid tax, penalties or interest in respect of matters it covers if it does not correctly state how a relevant provision applies to you.

4. Table of Contents

Omit:

Insert:

5. Paragraph 1

(a)

Omit all occurrences of 'draft' from paragraph (including heading).

(b)

After 'Income tax Assessment Act 1997'; insert '(ITAA 1997)'.

(c)

Omit footnote 1; substitute:

¹ All legislative references in this Guideline are to the ITAA 1997 unless otherwise indicated.

6. Paragraph 3

Omit the first two sentences (excluding the dot points); substitute:

This Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:

7. Footnote 3

Omit the footnote; substitute:

³Explanatory Memorandum to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 at paragraph 2.20.

8. Paragraph 11

(a)

Omit 'conditions'; substitute 'safe harbour rules'.

(b)

Omit 'conditions are that'; substitute 'safe harbour rules cover the circumstances where'.

9. Paragraph 13

After 'other classes'; insert 'of units'.

10. Paragraph 15

Omit 'as a component of the redemption proceeds'; substitute 'to the redeeming member'.

11. Paragraph 17

Omit 'Under the'; substitute 'Under an'.

12. Paragraph 18

Omit 'Under the'; substitute 'Under a'.

13. Paragraph 20

After the paragraph; insert:

Commissioner of Taxation

5 May 2016

14. Paragraph 21

Omit the paragraph (including heading).

15. Legislative references

Insert:

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

16. Other references

Omit the references; substitute:

Explanatory Memorandum to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015

17. ATO references

Omit the references.

This Addendum applies on and from 5 May 2016.

Commissioner of Taxation
5 May 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References