Financial Planning --- Page: 8 : March 2007 No author supplied for original article
ABIX Summary
The Australian Government has announced it will scrap up-front tax breaks for non-forestry managed investment schemes (MISs). Peter Dutton, the Australian Government Assistant Treasurer, said its decision followed talks with the Australian Taxation Office (ATO) and the MIS sector, and that the ATO was now expected to treat investments in non-forestry MISs in the same way that it treats similar "passive" agricultural investments. The decision takes effect from 1 July 2007. Tax breaks for forestry MIS schemes will be retained, provided that 70 per cent of the money goes toward developing forestry plantations.
