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On 23 August 2012, Tax Laws Amendment (Investment Manager Regime) Bill 2012 was passed by the Senate without amendment.

The Bill amends:

  • ITAA 1997 to prescribe the tax treatment of returns, gains, losses and deductions on certain investments of widely held foreign funds;
  • Income Tax (Transitional Provisions) Act 1997 to clarify the tax treatment of returns, gains, losses and deductions on certain investments of widely held foreign funds for the 2010-11 and earlier income years where the fund has not lodged a tax return or had an assessment made of their income tax liability; and
  • proposed Tax Laws Amendment (Cross-Border Transfer Pricing) Act (No 1) 2012 to make consequential amendments.

The Bill awaits Royal Assent.

 


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