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A new tax Bill will protect investors and simplify tax laws, according to Assistant Federal Treasurer Senator Nick Sherry.
He said a Tax Laws Amendment (Measures No 1) Bill 2010 contains several important measures, including those to protect investors in recently collapsed forestry managed investment schemes (MISs) and the simplification of several areas of tax administration.
“This Bill meets our commitment on several taxation reform fronts to provide certainty for taxpayers and industry practitioners,” Sherry said.
The Bill includes amendments to the tax law to protect the tax deductions of around 19,000 investors in forestry MISs from an unintended and adverse tax outcome and amendments to the corporate consolidation regime in the Income Tax Assessment Act 1997.
“The forestry measure protects around 19,000 investors in collapsed forestry MISs by amending the law relating to the four-year holding period rule to ensure it cannot be failed for reasons genuinely outside an investor’s control,” Sherry said.
“The Rudd Government has heeded industry’s concerns and we are delivering on our commitment to simplify and clarify corporate tax arrangements.”
