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ARTICLE · 22 MARCH 2016

New Attribution MIT rules - practicalities of amending existing trust deeds

Clayton Utz
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Just about every Trust Deed will soon require amendment so that the fund can operate effectively under the AMIT rules.

AustraliaCorporate/Commercial Law
Mark Friezer
Mark Friezer
Matthew Daley
Matthew Daley
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Key Points:

Just about every Trust Deed will require amendment so that the fund can operate effectively under the AMIT rules.

The new AMIT regime should very soon be law. The Senate Economics Legislation Committee has recommended that the Senate should pass the bill ‒ without amendment, but subject to a formal post implementation review, to be completed by 1 July 2018.

The AMIT regime has had a long gestation period and several iterations. Where we have arrived is in our view a good and workable system which accommodates contemporary funds practices. It is a significant advance on the arcane present entitlement based rules in Division 6, which were simply not designed with CIVs in mind.

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