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19 Dec 08 Submission to the Review of the Tax Arrangements Applying to MITs

On 5 December 2008, the Taxation Institute lodged a submission with Treasury in response to the issues raised by the Board of Taxation in Chapter 7 of the Review of the Tax Arrangements Applying to Managed Investment Trusts (MITs).

The Taxation Institute proposes that a legislative provision be inserted into the current Tax Law, which provides the current CGT rules as the primary code for all asset profits generated by MITs that qualify for the regime.  It proposes that such a provision be modelled after s 295-85 ITAA 1997 that currently applies to superannuation entities.  

For a copy of the submission, go here.

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