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On 3 February 2010, the Taxation Institute lodged a submission with Treasury in relation to the exposure draft of the Tax  Laws Amendment (Foreign Source Income Deferral Bill (No 1) 2010 released by the Assistant Treasurer on 18 December  2009 (FIF Repeal ED).  

The Taxation Institute makes the following recommendations in respect of the FIF Repeal ED:

  • Recommendation 1: The repeal of the foreign investment fund (FIF) provisions should apply to the 2009 income year or  alternatively, at the latest, should apply to the 2010 income year.
  • Recommendation 2: There should be no "sunset" for s.23AK or s.23B, as these provisions are designed to ensure that  taxpayers are not subject to double taxation.
  • Recommendation 3: Taxpayers should be able, for a limited time, to revoke elections previously made under s.485AA.
  • Recommendation 4: The Taxation Institute reiterates its submission to Treasury on 9 June 2009 regarding the design of the  proposed anti-roll-up provision.
  • Recommendation 5: Item 74 of the FIF Repeal ED (removal of "trustee of a foreign trust for CGT purposes" from  s.855-10(1)(a)) should be removed from the ED.
  • Recommendation 6: Retrospective amendments should be made to the CFC provisions regarding s.401 and FIF  attribution accounts for CFCs.
For a copy of the submission, go here.

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