The Australian Taxation Office (ATO) has announced the release of the Law Companion Ruling 2020/2 – Non-concessional managed investment trust (MIT) income, which is effective from 1 July 2019 for those who rely on it in good faith.
LCR Non-concessional MIT income released
We have released the Law Companion Ruling 2020/2 – Non-concessional managed investment trust (MIT) income.
The Ruling deals with the interpretation of the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Act 2019 (the Act) and provides specific guidance on:
The Act is highly relevant to the use of stapled structures, particularly in the property and infrastructure sectors and provides:
If you are affected, we encourage you to read the Ruling and seek advice (if needed) on how it applies to your situation.
Through our early engagement process, you can discuss with us complex business transactions you are considering or have implemented. We'll work with you and your tax advisor to:
For further information contact us by: