ATO form for Managed Investment Trusts

22 July 2010

The MIT capital treatment rules in Division 275 of the Income Tax Assessment Act 1997 (ITAA 1997) allow the trustee of an eligible MIT to make an irrevocable election to apply only the capital gains tax (CGT) provisions for the taxation of gains and losses on disposal of eligible assets. For the purposes of the MIT capital treatment rules, a disposal also includes ceasing to own or otherwise realising the asset.

Trustees of MITs that came into existence prior to the 2009-10 income year must use this form for making an election for capital treatment in accordance with section 275-115 of the ITAA 1997.

Once this form is completed, the election will have effect for the 2008-09 and later income years.

ATO form for MIT election for capital treatment

Overview of the managed investment trust: capital treatment rules