The Turnbull Government is continuing with important reforms to improve Australia's taxation regime for the managed funds industry. We are committed to setting an appropriate legislative framework for what is the largest managed funds industry in our region.
The Government has today released exposure draft legislation and explanatory material for public consultation on a package of technical amendments to ensure the new system for attribution managed investment trusts (MITs) operates as intended. The amendments give effect to my announcement of 19 July 2017.
"The amendments will clarify the law, providing industry with increased investment certainty and should assist those entities considering whether to opt into the attribution MITs regime," Minister O'Dwyer said.
The attribution tax regime was designed to give greater certainty to investors in managed funds, reduce compliance costs for the funds and enhance overall the competitiveness of Australia's funds management industry.
The exposure draft legislation and explanatory materials are available on the Treasury website.