Asset classes

4. Applying to payments made from 1 July 2020, Managed Investment Trusts (MITs) and Attribution MITs will no longer be able to apply the 50% capital gains discount at the trust level; ensuring that income is taxed in the hands of investors, as if they had invested directly. The proposal has not yet been legislated.

5. From 7:30pm (AEST) on 8 May 2018, partners that alienate their income by creating, assigning or otherwise dealing in rights to the future income of a partnership will no longer be able to access the small business capital gains tax (CGT) concessions in relation to these rights. The proposal has been legislated.

The majority of these changes are still only proposals at the time of writing (1 July 2019) and legislation needs to be passed to make them effective. Changes could be made or the proposals may be rejected.