Funds
2nd March 2012
By Peter Feros, Dragan Misic
In one of his last acts as Assistant Treasurer, Senator Mark Arbib announced, on 1 March 2012, the strengthening of Part IVA of the Income Tax Assessment Act 1936. The announced measures will apply to schemes entered into or carried out after 1 March 2012. Accordingly, taxpayers are facing significant uncertainty for potentially 6 months or more as the legislation is not expected to be introduced until the spring 2012 sittings.
25th August 2011
By Peter Feros, Dragan Misic
On 16 August 2011, the Australian Government released draft law relating to the previously announced Investment Manager Regime (IMR). The IMR is intended to make the Australian funds management industry more competitive by removing uncertainties in the Australian tax law which may cause foreign funds to be taxed in Australia where they appoint an Australian manager.
30th June 2011
By David Clee, Tim Gordon, Madeleine Kulakauskas
In Premium Income Fund [2011] ATP 10, the Takeovers Panel made a declaration of unacceptable circumstances in relation to ALF Finance’s conditional off-market bid for all of the units in Premium Income Fund (PIF). PIF is listed on the National Stock Exchange (NSX). Its responsible entity is Wellington Capital.
11th March 2011
By Peter Feros, Dragan Misic
On 4 March 20011, following an announcement by the Assistant Treasurer, Treasury released a discussion paper on measures to alleviate uncertainty in the taxation of trust income in light of the High Court decision last year in Commissioner of Taxation v Bamford.
3rd December 2010
By Peter Feros, Dragan Misic
On 1 December 2010, the Australian Taxation Office released the long awaited final tax determinations.
24th August 2010
By Peter Feros, Dragan Misic
Under Division 275 of the Income Tax Assessment Act 1997 (dealing with the capital account election for MITs), a trust which became a MIT prior to the 2009-2010 income year has until 2 September 2010 to make the capital account election.
29th June 2010
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There has been quite some uncertainty during recent months about the likely impact of what has become known as the “new MIT regime” on the private equity and managed funds industry. On 24 June 2010, Parliament passed the Tax Laws Amendment (2010 Measures No. 3) Bill 2010 containing the eagerly anticipated measures and ended the wait for what might constitute a “Managed Investment Trust” (MIT).
18th December 2009
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
As foreshadowed in our November 2009 funds bulletin, the Australian Taxation Office (ATO) has released two eagerly anticipated draft tax determinations (draft TDs).
11th December 2009
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
Since announcing in the 2009-2010 Federal Budget that qualifying Australian Managed Investment Trusts (MITs) would be able to make an irrevocable election to apply the CGT regime as the primary method for taxing certain disposals of assets, there has been a great deal of discussion and much anticipation about the final scope of these rules.
25th November 2009
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There has been considerable press in the last few days associated with the Australian Taxation Office’s (ATO) attempt to impose Australian income tax on TPG. The ATO asserts that the profits made on the listing of Myer Holdings Limited (Myer) fall within the Australian taxation net.
23rd September 2009
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There has been much discussion surrounding the recently announced changes to the tax law which will allow certain funds to elect to apply the capital gains tax regime for taxing certain disposals of assets.
19th June 2009
By Andrew Bullock, Peter Feros, Deborah Johns, Adam Laura
There are a few factors that have combined to make venture capital an interesting prospect during otherwise tough times for private equity.
19th March 2009
By Andrew Bullock, Deborah Johns, Adam Laura
Few would question that the private equity industry is facing an uncertain upcoming 12-18 months. Whether in connection with fundraisings or more generally, fund managers are starting to consider whether the terms and structures they have put in place in relation to their existing funds still make sense.
