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Managed investment trusts

Published on 01 Apr 12 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The purpose of this article is to discuss the key issues arising out of the current review of the managed investment trust (MIT) taxation regime, the legislative response to which has been deferred. The article examines the Board of Taxation’s report, the government’s response, and the Treasury discussion paper. The article then considers contentious issues in the MIT review, including the need for a clear definition of rights, the treatment of “unders” and “overs”, the arm’s length rule, and the retention of the tax character of amounts flowing through a trust.

The article deals with MIT issues not yet covered in consultation, including attribution methodology, cost base adjustments, interaction with non-resident withholding tax rules, some interim changes to the taxation of trust income, and the concept of the fixed trust. The article concludes with a discussion of current proposals for the reform of the trusts rules in Div 6 of the Income Tax Assessment Act 1936 (Cth).

Author profiles

Dudley Heywood CTA
Photo of author, Dudley Heywood Dudley Heywood, FTIA, is the Head of Tax Australia and New Zealand for the Westfield Group. Dudley has been with Westfield for 14 years. In this role Dudley manages the taxation position for two of Australia’s largest listed MIT groups. Dudley is actively involved with the Income Tax Committee of the Property Council of Australia and with various NTLG subcommittees. He has been actively involved in the consultation process for the MIT reforms. - Current at 05 April 2012
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Andrew Mills CTA-Life
Photo of author, Andrew MILLS Andrew has overall responsibility for the ATO’s law practice, including law interpretation, dispute resolution and the ATO’s role in policy and law design. Andrew has more than 30 years of experience in taxation, including periods in the ATO, commerce and the tax profession. Andrew was a Director at Greenwoods & Freehills for more than 20 years and managing director of the firm from 2006–11. Andrew was President of The Tax Institute in 2006–07, is a former Governor of the Taxation Research Foundation and also represented industry bodies across a number of sectors. He holds a Bachelor of Business, a Master of Laws and a Graduate Diploma in Tax Law. Andrew is a Chartered Taxation Adviser (Life) of The Tax Institute, a member of the International Fiscal Association and a graduate of the Australian Institute of Company Directors. - Current at 19 May 2017
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