28 Feb 08 GST: registered agricultural managed investment schemes - GSTR 2008/D1This draft GST Ruling was released on 27 February 2008 for public comment by 11 April 2008. The draft commences as follows:
"1. This draft Ruling deals with the application of the GST Act and the GST Regulations to agricultural managed investment schemes registered under the Corporations Act 2001 (the Corporations Act).
2. As a consequence of the release of Taxation Ruling TR 2007/81 there is a need to consider the GST implications arising from the views expressed in that ruling about the nature of things done under the schemes covered by that ruling. In particular, this GST Ruling discusses the implications arising from a view that, in the typical registered agricultural managed investment scheme:
- the investor is making an investment on capital account;
- the investor is not carrying on an agricultural business;
- the Responsible Entity (RE) of the scheme is in a trust relationship with the investors as beneficiaries; and
- the RE is carrying on the agricultural business.
TR 2007/8 explains these views in detail and should be read in conjunction with this draft Ruling."
For a copy of GSTR 2008/D1, go here