ARTICLE · 31 MAY 2010

Managed Investment Trust – Legislation Introduced For New Definition

Moore Australia

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The Government introduced legislation into Parliament earlier this week for the new Managed Investment Trust (MIT) definition that will apply to both the capital account election reforms and the withholding tax regime. The intention of the new definition is to expand the application of the MIT regime to a wider range of managed funds. Unfortunately, it has not fully achieved this objective.

AustraliaStrategy

Stephen O'Flynn

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The Government introduced legislation into Parliament earlier this week for the new Managed Investment Trust (MIT) definition that will apply to both the capital account election reforms and the withholding tax regime. The intention of the new definition is to expand the application of the MIT regime to a wider range of managed funds. Unfortunately, it has not fully achieved this objective.

This new MIT definition contains four (4) core requirements and different criteria for registered and unregistered Managed Investment Schemes (MIS).

Most of the requirements contained in the Exposure Draft (ED) legislation remain. As summarised in our Moore Tax News edition entitled 'Managed Investment Trusts – a uniform definition' that was circulated soon after the ED legislation was released, they include:

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