The government has successfully passed a package of bills to implement the managed investment trust (MIT) reforms through the Senate.
Commenting on the passing of the bill package, Assistant Treasurer Kelly O'Dwyer said the reforms would "modernise and enhance" the competitiveness of Australia's funds management industry.
"The legislation will provide funds managers and investors with greater tax certainty and flexibility. Members of MITs will be taxed as if they had derived the trust’s income directly," Ms O'Dwyer said.
"This legislative package will reduce complexity and minimise compliance costs for managed investment trusts and their investors.
"Total compliance costs are expected to be reduced by $30 million per year," Ms O’Dwyer said.
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