The Government is seeking submissions on the draft AMIT Technical Amendments Bill and explanatory materials. The draft Bill proposes a package of technical amendments to ensure that the new tax system for MITs operates as intended. These amendments were foreshadowed in July 2017 by the Minister for Revenue and Financial Services.
The new tax system for MITs was enacted in 2016. It was designed to increase certainty, allow greater flexibility and reduce compliance costs for MITs and to enhance the competitiveness of Australia’s funds management industry.