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Significant changes to the taxation of managed investment trusts will be in place by 1 July 2011, which should lead to greater certainty, reduced compliance costs, and (in some cases) less tax payable. The Assistant Treasurer Senator Nick Sherry announced the changes today at an IFSA event held at Clayton Utz' Sydney office.

Legislation allowing eligible managed investment trusts (MITs) to elect to have gains from certain eligible assets treated on capital, rather than revenue account, was introduced into Parliament on 16 April 2010