22 Oct 099 Government to provide tax certainty to investors in forestry managed investment schemes
In a media release issued on 21 October 2009, the Assistant Treasurer, Senator Nick Sherry, announced that the Government will amend the tax law to protect around 19,000 investors in forestry managed investment schemes (MIS) from an unintended and adverse tax outcome. The collapse of Timbercorp and Great Southern is expected to lead to a number of forestry MIS being wound-up or restructured, which could cause investors to fail the requirement of having held their interest in the MIS for four years as a condition of an up-front tax deduction. The Government will amend this four-year holding period rule for forestry MIS to ensure that it cannot be failed for reasons genuinely outside an investor's control.
For a copy of the Minister's media release, No 2009/074, 21 October 2009, go here