Tax & Other Reforms for Australia's Financial Services Industry (FSI)

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Tax & Other Reforms for Australia's Financial Services Industry (FSI)

The Australian financial services industry is set to undergo important and significant tax reform which should reduce uncertainty, complexity and compliance and which should therefore be welcomed by Australia's financial services industry. Tax uncertainty remains a material impediment to our expansion and development as a financial services hub in Asia. These reforms are long overdue and potentially materially reduce uncertainty for investors and fund managers alike. However, keeping track of the change in this area is a challenge and many reviews are inter-related.

This site provides a summary of the key tax and other reforms for Australia's financial services sector. The consultation and reform process is ongoing and further reviews are currently in the pipeline. This portal will be updated as the tax reforms progress so that you can follow the progress of any one initiative that may be critical to your business or follow the package of reforms, which are summarised below.

For any additional information or if you have any further queries please contact:

Karen Payne, Partner
T: +61 2 9921 8719
karen.payne@minterellison.com

Date Announced	Reform Measure	Relevant Links	Minter Ellison Commentary
2 May 2010	The Government's response to the Henry Review which relevantly includes: Recommendations 35, 36 and 38	Please click on the links below to access the full text of the Henry Report: Part 1 Overview Part 2 Detailed analysis - Volume 1 Part 2 Detailed analysis - Volume 2 List of Recommendations	Recent Australian Tax Reforms and implications for Australian Resource Projects post The Henry Review
7 May 2010	The Government response to the Board of Taxation Report - Review of the tax arrangements applying to managed investment trusts. The Board made 48 recommendations. The Assistant Treasurer announced that the 'Government is accepting 38 of the Board's 48 recommendations' and 'will put in place a new tax system for Managed Investment Trusts for commencement on 1 July 2011.'	Minister's Press Release BOT MIT Report	Recommendations of the Board of Taxation and the Australian Governments' Response Australian Managed Investment Trusts
11 May 2010	The Government response to the Report of the Australian Financial Centre Forum Australia as a financial centre: Building on our strengths (the 'Johnson' Report). The Government response provides in-principle or direct support for nearly all of the Forum's 19 recommendations, including the introduction of an Investment Manager Regime.	Minister's Press Release	Australian Governments' response to the recommendations contained in the Johnson Report Improving tax certainty for non residents
11 May 2010	Government Consultation Paper – Developing an investment manager regime – improving conduit income arrangements for managed funds Submissions close on 22 June 2010	Consultation Paper Joint Media Release by Senator the Hon Nick Sherry, Assistant Treasurer and the Hon Chris Bowen, Minister for Financial Services, Superannuation and Corporate Law and Minister for Human Services: 155 - Government Commences the Next Stage in the Development of an Investment Manager Regime - 12/7/2010 089 - Government Commences the Next Stage in the Development of an Investment Manager Regime - 12/07/2010
11 May 2010	Board of Taxation Review – Collective Investment Vehicles	BOT website on the CIV Review Terms of Reference for Board of Taxation review of Collective Investment Vehicles Joint Media Release by Senator the Hon Nick Sherry, Assistant Treasurer and the Hon Chris Bowen, Minister for Financial Services, Superannuation and Corporate Law and Minister for Human Services: 088 - Board of Taxation Review of Collective Investment Vehicles Tax Regime - 12/07/2010 154 - Board of Taxation Review of Collective Investment Vehicles Tax Regime - 12/7/2010
13 May 2010	New Division 275 passed as part of Tax Laws Amendment (2010 Measures No 1) Bill 2010 and including the introduction of a capital account safe harbour for eligible MITs	Exposure Draft Explanatory Material Exposure Draft Bill Tax Laws Amendment (2010 Measures No 1) Bill 2010	Capital Account Safe Harbour for Australian Managed Investment Trusts Treasury Discussion Paper on Capital Account Election - Submission MIT
13 May 2010	Bill to repeal FIF and deemed present entitlement rules	Tax Laws Amendment (Foreign Source Income Deferral) Bill (No. 1) 2010 introduced to Australian Parliament on 13 May 2010
18 May 2010	Board of Taxation - Review of Islamic Finance	BOT website on Islamic Finance
26 May 2010	Streamlined definition of Managed Investment Trusts	Exposure Draft Bill Tax Laws Amendment (2010 Measures No 3) Bill 2010 Ministers Press Release - further amendments to streamline MIT definition Revised Bill - Tax Laws Amendment (2010 Measures No 3) Bill 2010 (as read for a third time) Tax Laws Amendment (2010 Measures No 3) Act 2010	Australian MIT Withholding Rates Australian MIT (new streamlined definition)

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