Natalie Raju, Peter Oliver and Edward Tweddle welcome the AMIT technical amendments released by Treasury for consultation.
The Government has released for consultation an Exposure Draft of the Treasury Laws Amendment (2018 Measures No. 5) Bill 2018: AMIT Technical Amendments, more commonly referred to as the “AMIT Fix-up Bill”.
With consultation ending on 16 July 2018, the Bill will not be in force in time for 30 June 2018 year end distributions, notwithstanding that the measures are stated as having application for that income year. For many funds, 30 June 2018 represents the first full year of Attribution Managed Investment Trusts (AMIT), which has required significant changes to core systems that would not necessarily have incorporated all of the proposed amendments.
The amendments, announced in a press release by the Minister for Revenue and Financial Services on 19 July 2017, will see:
We welcome the clarity provided by these developments and appreciate the opportunity provided by the Government to submit comments. Given the importance of the technical amendments, and the extent of work involved in upgrading systems to accommodate such changes, we would strongly recommend that some provisions apply prospectively from the date of enactment (after detailed consultation).
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