In February 2007, the Australian Government announced some changes to the taxation of managed investment schemes (MIS). The Australian Taxation Office was instructed to remove the 100 per cent upfront tax deduction on contributions to non-forestry MIS from 1 July 2007. This measure would apply to agribusiness schemes operating beef cattle, horticulture, viticulture, aquaculture and cropping ventures. After a wave of protests from MIS operators, the removal of the 100 per cent deduction was deferred until 1 July 2008.
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