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The Funds Management Investment Manager Regime announced.

Publication date: 23 Jan 12 | Source: WEEKLY TAX BULLETIN

Issue: No 3, January 2012

Abstract:

 On 16 December 2011, the Government announced the details of its full funds management Investment Manager Regime (IMR) by accepting the majority of the Board of Taxation's recommendations. The IMR will apply to exempt certain gains made by eligible funds from Australian taxation and will apply from 1 July 2011. On paper, the proposed IMR is quite comprehensive and is a welcomed announcement for the Australian funds management industry seeking to attract further funds from offshore for management in Australia.

Essentially, the proposed IMR will apply to widely-held managed funds resident in a country that is an information exchange country (IEC) (currently 51 countries including the USA, UK, Germany, France, Canada, China, Italy). To qualify for the IMR, foreign funds will be precluded from carrying on or controlling a trading business in Australia (which will be relevant for private equity type funds).

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Author profile

Alexis Kokkinos ATI
Photo of author, Alexis KOKKINOS Alexis is a Partner of the Tax Consulting group of Pitcher Partners and has over 19 years experience in advising corporate clients. Alexis was a member of the Board of Taxation review on the tax consolidation measures and was also a member of the Treasury review of MEC groups. - Current at 09 July 2015
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