Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-25 - PARTICULAR KINDS OF TRUSTS

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Division 275 - Australian managed investment trusts: general

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History

Div 275 heading substituted by No 53 of 2016, s 3 and Sch 4 item 1, effective 5 May 2016. For application provision, see note under Div 276 heading. The heading formerly read:

Division 275 - Australian managed investment trusts

Div 275 inserted by No 56 of 2010, s 3 and Sch 3 item 4, effective 3 June 2010. No 56 of 2010, s 3 and Sch 3 item 10 contains the following application provision:

Application provision
(1)
The amendments made by this Schedule apply in relation to CGT events that happen on or after the start of the 2008-09 income year.

(2)
Despite subitem (1), subsections 275-100(5) and (6) of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to those subsections) apply in relation to acquisitions of assets that happen on or after the start of the 2008 - 09 income year.

(3)
Despite subitem (1), section 275-120 of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to:

(a) disposals of assets; and

(b) cessations of ownership of assets; and

(c) other realisations of assets;
that happen on or after the commencement of this item.

(4)
Despite subitem (1), Subdivision 275-C of the Income Tax Assessment Act 1997 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that Subdivision) applies in relation to:

(a) entitlements to distributions that arise on or after the commencement of this item; and

(b) CGT events that happen on or after the commencement of this item.

(5)
Despite subitem (1), section 45-286 in Schedule 1 to the Taxation Administration Act 1953 as inserted by this Schedule (and any other provision inserted by this Schedule, to the extent that it relates to that section) applies in relation to distributions or applications of benefits that are made on or after the commencement of this item.

Subdivision 275-B - Choice for capital treatment of managed investment trust gains and losses

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SECTION 275-115 MIT CGT choices

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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:

(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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