{"id":"C2016A00048","name":"Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016","slug":"income-tax-attribution-managed-investment-trusts-offsets-act-2016","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"48 of 2016","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":436284,"registerId":"C2016A00048-fast-fetch-1775953527145","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nIncome Tax (Attribution Managed Investment Trusts—Offsets) Act 2016\n\n \n\nNo. 48, 2016\n\n \n\n \n\n \n\n \n\n \n\nAn Act to impose tax in relation to amounts of a character relating to a tax offset, and for related purposes\n\n \n\n \n\n \n\nContents\n\n1 Short title\n\n2 Commencement\n\n3 Imposition of tax\n\n4 Rate of tax\n\n \n\n![](image.001.png)\n\n \n\n \n\nIncome Tax (Attribution Managed Investment Trusts—Offsets) Act 2016\n\nNo. 48, 2016\n\n \n\n \n\n \n\nAn Act to impose tax in relation to amounts of a character relating to a tax offset, and for related purposes\n\n[Assented to 5 May 2016]\n\nThe Parliament of Australia enacts:\n\n1  Short title\n\n  This Act may be cited as the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016.\n\n2  Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 5 May 2016\n- 2. Sections 3 and 4 At the same time as Schedule 1 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 commences.However, if that Schedule does not commence, the provisions do not commence at all. 5 May 2016\n\n\nNote: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n3  Imposition of tax\n\n  Tax payable in accordance with subsection 276‑340(2), 276‑410(2), 276‑425(2) or 276‑820(6) of the Income Tax Assessment Act 1997 is imposed.\n\n4  Rate of tax\n\n  The rate of tax imposed by this Act is 100%.\n\n \n\n \n\n \n\n \n\n[Minister’s second reading speech made in—\n\nHouse of Representatives on 3 December 2015\n\nSenate on 4 May 2016]\n\n \n\n(227/15)\n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act, as enacted, narrowly imposes tax on amounts of the character specified by cross-reference to ITAA97 subsections and fixes the rate at 100%. The text contains no amendments or additional provisions that broaden or narrow that core scope beyond the cross-references; commencement is contingent on a separate Schedule (s2)."},"complexity_factors":["Very short, two operative provisions but high dependence on external provisions for meaning (ss 3–4 reference ITAA97 subsections).","Interpretation complexity shifted to the referenced Income Tax Assessment Act 1997 provisions — this Act provides no definitions or thresholds (s3).","Conditional commencement requires another Act’s Schedule to commence for ss 3–4 to operate, adding procedural dependency (s2).","A 100% tax rate (s4) creates high-stakes compliance and incentive effects that require precise application of the cross-referenced rules.","No transitional, explanatory or enforcement details in this Act — administrative application depends on existing ITAA97 and ATO practice (ss 3–4 by reference)."],"plain_english_summary":"This Act imposes tax on amounts that are treated as relating to a tax offset under specified subsections of the Income Tax Assessment Act 1997, and sets the rate of that tax at 100% (ss 3–4).\n\nIt therefore targets persons or entities for whom those ITAA97 subsections produce a tax liability (including attribution managed investment trusts and their members as captured by the referenced provisions) and only comes into effect if a related Tax Laws Amendment schedule commences (s2)."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This legislation maintains its original narrow, technical purpose. It was enacted specifically to impose tax on AMIT offset-related amounts identified in the Income Tax Assessment Act 1997, and continues to serve only that function. There is no evidence of scope creep or expansion beyond this original intent."},"complexity_factors":["Extremely short statute — only 4 operative sections","No defined terms section; relies entirely on definitions in the Income Tax Assessment Act 1997","Minimal conditional logic — only commencement provisions have conditions","Single cross-reference to external legislation (ITAA 1997 subsections)","No exceptions, exemptions, or nested provisions","Straightforward rate structure: flat 100% rate with no tiers or calculations"],"plain_english_summary":"This is a very short, technical tax law that acts as a 'safety net' for the Australian Taxation Office (ATO). It ensures that if someone improperly claims a tax offset (a reduction in tax owed) related to Attribution Managed Investment Trusts (AMITs), the government can claw back the full amount.\n\n**What it does in simple terms:**\n- **Imposes a 100% tax rate** on certain amounts connected to AMIT tax offsets that shouldn't have been claimed\n- **Acts as a penalty mechanism** — if someone gets a tax offset they're not entitled to, this law allows the ATO to tax that benefit at 100%, effectively cancelling it out\n\n**Who it affects:**\n- Investors in Attribution Managed Investment Trusts (AMITs) — these are pooled investment vehicles (like managed funds) that have special tax rules\n- Specifically, people who receive tax offsets through these trusts but where there's been some error or improper claim\n\n**Why it matters:**\nWithout this law, there would be a gap in the tax system. The main tax law (the Income Tax Assessment Act 1997) identifies when these offset-related amounts arise, but needs this separate Act to actually impose the tax on them. This is a constitutional requirement — the power to impose taxes must come from specific legislation, not just administrative rules.\n\n**Key point:** This is a 'backstop' law. It doesn't create new obligations for everyday taxpayers, but ensures the tax system has teeth if someone tries to exploit AMIT tax offsets improperly."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/income-tax-attribution-managed-investment-trusts-offsets-act-2016","history":"/api/acts/income-tax-attribution-managed-investment-trusts-offsets-act-2016/history","analysis":"/api/acts/income-tax-attribution-managed-investment-trusts-offsets-act-2016/analysis","conflicts":"/api/acts/income-tax-attribution-managed-investment-trusts-offsets-act-2016/conflicts","importantCases":"/api/acts/income-tax-attribution-managed-investment-trusts-offsets-act-2016/important-cases","documents":"/api/acts/income-tax-attribution-managed-investment-trusts-offsets-act-2016/documents"}}