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Taxation Laws Amendment Bill (No 7) 1999

Published on 01 Jul 99 by THE TAX INSTITUTE

The Taxation Institute of Australia has a number of technical concerns with Managed Investment Schemes (MIS) restructuring provisions contained in Schedule 2 of the recently introduced Taxation Laws Amendment Bill (No 7). Our concerns are set out as follows: Clause 960-105(1)(g)(i) There is a need, for the purposes of cl 960-105(1)(g)(i), to clarify what alterations to a deed constitute "changes for the purpose of improving the administration or operation of the scheme". For example, a change in legislation may result in the need to alter the definition of income in the deed or a change in the accumulation power. It appears such would not constitute a change for the requisite purposes in cl 960-105(1)(g)(i). Such changes on policy grounds should be permitted.

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TAX POLICY & RESEARCH DIVISION

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