The tax-effective rural investment scheme sector is negotiating with the Australian Taxation Office (ATO). The sector is calling for a relaxation of the 1 July 2008 deadline after which deductions for anything other than tree plantations will cease. According to Great Southern, which is one player in the rural investment scheme sector, the one-year transition period imposed to assist in the adjustment to the new rules was intended to be in force while the ATO's test scheme on non-forestry managed investment schemes was before the courts. However, Great Southern says the matter has not yet reached the Federal Court of Australia. An ATO spokeswoman has indicated that the 1 July deadline will not be extended.
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