Your shopping cart is empty
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
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
Andrew Mills CTA-Life
Andrew Mills, CTA (Life), is the Second
Commissioner, Law Design & Practice,
from the Australian Taxation Office, has
overall responsibility for the ATO’s law
practice, including law interpretation,
dispute prevention and resolution,
and the ATO’s role in policy and law
design. Andrew has more than 30
years 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 to 2011. Andrew
was President of The Tax Institute in
2006–2007 and is a former Governor
of the Taxation Research Foundation.
In practice, Andrew was an active
participant and representative of a
number of industry bodies. Andrew
holds a Bachelor of Business, a Master
of Laws and a Graduate Diploma
in Tax Law. Andrew is a Chartered
Taxation Adviser (Life), a member
of the Australian Committee of the
International Fiscal Association and a
graduate of the Australian Institute of
Company Directors.
- Current at
02 November 2018
