Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016

The Income Tax (Attribution Managed Investment Trusts —Offsets) Act 2016 is an Australian Act that imposes tax in relation to amounts of a character relating to a tax offset, and for related purposes. The Act was assented to on May 5, 2016, and comes into effect on the same day.

The Act provides for the imposition of tax payable under certain sections of the Income Tax Assessment Act 1997. It also sets out the rate of tax imposed by the Act, which is 100%.

Key provisions of the Act include:

• The commencement of the Act's provisions, with some commencing on May 5, 2016, and others taking effect at a later time.
• The imposition of tax payable in accordance with specified sections of the Income Tax Assessment Act 1997.
• The rate of tax imposed by the Act, which is 100%.

The Act is part of the "New Tax System for Managed Investment Trusts" initiative, aimed at improving tax transparency and compliance in relation to managed investment trusts.