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MITs, CIVs, IMR and other TLA s


The Report of the Australian Financial Centre Forum has produced a number of tax related
recommendations, two of which are the focus of this article: the investment manager regime and the collective investment vehicle proposals. What connects these topics is the establishment of an overarching policy and structure designed to improve the effectiveness of the existing regime for the taxation of investment income where there is a separation of economic ownership and management, and to improve the attractiveness of Australia as a financial services centre.

The article accordingly discusses the revised managed investment trusts (MIT) withholding regime and current and future issues, elective capital gains tax treatment of certain MIT assets, the scope of the MIT definition, the board of Taxation MIT review and the government response, the proposed investment manager regime, the Johnson Report, the Treasury consultation paper and current developments, and the collective investment review and what it may bring.

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Author Photo - Andrew MILLS
Andrew MILLS
Andrew Mills FTIA (Life) is Managing Director of tax specialist firm Greenwoods & Freehills Pty Limited where he advises clients on a range of domestic and international tax issues, primarily in the financial services sector. His career spans over 25 years and includes periods in the Australian Taxation Office, as well as corporate and professional services organisations. Andrew was President of the Taxation Institute of Australia for 2006/2007 and is also a part time lecturer in the Masters of Law course at the University of Sydney in taxation. He is the Taxation Institute’s representative on Treasury’s Tax Treaties Advisory Panel and has spoken and written on international tax issues in a number of forums.
Current at April 2009
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