AIST welcomes this legislation to create a new taxation system for attribution managed investment trusts. We note that the benefits of these bills should be made available to larger funds who invest through mandates. AIST recommends that guidance be provided by the ATO with respect to unit pricing, as well as certainty enshrined in legislation to ensure that there is no resettlement of trusts as a result of amendments to trust deeds which would have CGT effects to investors. We also recommend that the commencement date be postponed to 1 July 2017 in order to allow for the proper implementation of the new rules.