11 May 10 Australian Government commences consultation on an investment manager regime
On 11 May 2010, the Assistant Treasurer, Senator Nick Sherry and the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced that the Government will start consultation on an investment manager regime (IMR) that will reform and expand Australia's managed funds industry by removing impediments to international investment.
These reforms will draw on the recommendations of the Australian Financial Centre Forum report, also known as the Johnson Report.
The Johnson Report recommended that:
- the Government introduce an Investment Management Regime (IMR) of wide application; and
- the Board of Taxation review the scope for providing a broader range of tax flow through collective investment vehicles.
The Government supports in principle both of these recommendations.
To commence the two-stage process and further develop key features of an IMR, the Assistant Treasurer and Minister Bowen released a Consultation Paper which will form the basis for engagement with industry stakeholders. Further details on the two-stage process are in Attachment A to the joint media release issued by the Ministers.
The Consultation Paper is available at www.treasury.gov.au.
Treasury and the Board of Taxation will consult widely on these issues and interested parties will be encouraged to provide comments on the Consultation Paper by 22 June 2010.
For more information, see the joint media release issued by the Assistant Treasurer and the Minister for Financial Services, Superannuation and Corporate Law, No 2010/92, 11 May 2010.