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
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.
TAX POLICY & RESEARCH DIVISION
Click here to expand/collapse more articles by TAX POLICY & RESEARCH DIVISION .