14 Jul 1010 Collapsed Agribusiness managed investment schemes
The ATO has advised that from June to August 2010 it intends to contact approximately 60,000 identified participants of recently collapsed Agribusiness managed investment schemes (MIS) to help them understand the tax consequences of their investment. The letter advises participants to visit the ATO website or contact their tax agent for information specific to their situation.
Agents will need to factor in any changed tax implications for investors in these schemes when they prepare their client's tax return.
For more information on the tax consequences of specific schemes and general information for Agribusiness MIS investors, go to Are you a participant in a managed investment scheme where the manager has been placed into administration?