13 Jul 10 Government commences the next stage in the development of an Investment Manager Regime
In joint media release No 2010/155, issued 12 July 2010, the Minister for Human Services and Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, and the Assistant Treasurer, Senator Nick Sherry, announced that the Government has commenced a further stage in the development of an investment manager regime (IMR) by requesting that the Board of Taxation consider the design of an IMR as part of its review of collective investment vehicles (CIVs) - see the item in this edition of TAXVINE under the heading "Terms of reference for review of Collective Investment Vehicles Tax Regime announced".
"The Board of Taxation review will report on the design of a comprehensive IMR, covering the taxation of Australian and offshore assets," the Assistant Treasurer said.
The proposal for an IMR arose from Recommendation 3.1 of the Australian Financial Centre Forum report - Australia as a Financial Centre: Building on our Strengths - and has been given in principle support by the Government.
On 11 May 2010, the Government announced the process for developing the key features of an IMR. The first stage of the process was the release of a consultation paper on the taxation of conduit income of managed funds.
The Assistant Treasurer said that Treasury is currently engaging in consultation with industry stakeholders and will report to him by 31 October 2010. As part of that report, the Treasury, in consultation with the Board of Taxation, will also consider and report on the scope for early delivery of an IMR.