Independent Financial Adviser --- Page: 4 : 19 February 2007 Original article by John Wilkinson
ABIX Summary
The Australian Taxation Office (ATO) will no longer allow up-front tax breaks for non-forestry-based managed investment schemes (MISs). In announcing the decision on 6 February 2007, Peter Dutton, the Australian Government Assistant Treasurer, said the breaks would cease as from 1 July 2007. Tax breaks for forestry-based MISs will still be allowed, so long as at least 70 per cent of their expenditure goes on tree-planting. The decision has caused uproar within the Australian MIS sector, with Tim Lee, of the Australian Agribusiness Group, saying that the ATO's decision should be deferred until June 2008.
