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In a media release issued on 23 July 2008, the Assistant Treasurer, Chris Bowen, announced that the Government has commenced consultation on draft legislation to reform Division 6C of ITAA 1936. Details of the proposed changes are in an attachment to the media release. Key changes include:

  • clarifying the scope and meaning of investment in land for the purpose of deriving rent;
  • introducing a 25% safe harbour allowance for non-rental, non trading income from investments in land;
  • expanding the range of financial instruments that a managed fund may invest in or trade; and
  • following consultation with industry, providing a further 2% safe harbour allowance at the whole of trust level for non-trading income.
The closing date for comments is 14 August 2008.

For a copy of the media release, No 2008/56, 23 July 2008, go here

For a copy of the draft legislation, go here

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