martes, 29 de marzo de 2016

Tax changes proposed to promote the funds industry in Australia

The Australian government introduced a bill into parliament on 3 December 2015 that would introduce a new tax system for certain managed investment trusts (MITs). Once these rules are enacted, eligible MITs (referred to as “attribution MITs” (AMITs)) would be able to elect to apply the new rules retroactively as from 1 July 2015, although the expectation is that retroactive elections would be made by managers only in very rare circumstances, given the pervasive nature of the changes required to implement the regime. The bill also contains other changes affecting MITs, including some with retroactive application.
The purpose of the new tax system for AMITs would be to enhance the international competitiveness of the Australian funds management industry by improving the operation of Australian tax law for eligible funds that elect to be treated as AMITs. In particular, the AMIT regime seeks to:
  • Modernize the tax rules for AMITs;
  • Increase certainty for both AMITs and investors;
  • Provide greater flexibility; and
  • Reduce compliance costs.

The AMIT regime also would aim to facilitate the creation of new types of fund products, such as income accumulation funds and funds with different classes of units (e.g. to invest in specific pools of assets or to provide currency hedging).
Source & more info: Deloitte

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