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Changes to the eligible investment business rules.

Publication date: 16 Oct 08 | Source: CCH TAX WEEK

Issue: Issue 40 2008

Pages: pp.1-6

Abstract:
The proposed changes to the eligible investment business rules contained in Sch 5 of the Tax Laws Amendment (2008 Measures No 5) Bill 2008 are a consequence of the federal Government's 2008 Budget announcement in respect of managed funds. The changes are intended to modernise and streamline the rules in Div 6C of ITAA 1936 that can operate to classify certain widely held trusts as trading trusts with the consequence that they are generally treated like companies for income tax purposes.

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Author profiles

Julian Cheng ATI
Julian Cheng, ATI, is a partner in Pitcher Partner’s tax practice. He has over 20 years experience advising multinationals and investment funds on Australian and international tax issues with a focus on mergers and acquisitions, divestments, financing and corporate reorganisations. - Current at 27 August 2018
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Joe Galea
Joe is a Corporate Tax Partner with the Deloitte Real Estate Group. He has over 15 years of corporate tax experience with a particular emphasis on advising property groups, including listed and unlisted funds, large multinational property groups and offshore investors. He has advised in respect of a number of significant tax consolidation projects for property groups, including considering the impact of the recent amendments to the tax cost setting rules. Joe is also an active member of the Property Council of Australia’s Income and International Tax Working Group. - Current at 17 February 2011
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