Following the release of the Mid-Year Economic and Fiscal Outlook on 15 December 2014 - see 2014 TAXVINE No 47 (19 December 2014) - the former Acting Assistant Treasurer, Senator Mathias Cormann, issued a press release on 18 December 2014 confirming that the Government is committed to implementing a practical Investment Manager Regime with the release of updated exposure draft legislation in early 2015.
Senator Cormann said that to ensure that the Investment Manager Regime is internationally competitive and meets its objectives, key stakeholders have supported an approach that broadly reflects the United Kingdom’s equivalent Investment Manager Exemption.
Senator Cormann said that this change will provide greater tax certainty to foreign investors and ensure that Australian fund managers can actively market their financial services globally, promoting Australia as a regional financial services centre. The Government acknowledges concerns raised by industry. This change will better meet the objectives of the Investment Manager Regime as recommended by the 2009 Johnson Report.