The Age --- Page: B1 : 12 April 2007 Original article by Nassim Khadem
ABIX Summary
The Australian Taxation Office has released a draft ruling which calls for the abolition of tax deductions for managed investment schemes. Tax commissioner Michael D'Ascenzo has indicated that the tax office regards investments in both forestry and non-forestry schemes as capital expenditure, and they should therefore not be eligible for tax breaks. Tax breaks for non-forestry schemes will be abolished in mid-2008, but investors in forestry schemes will still be eligible for tax deductions if certain criteria are satisfied.
