New tax legislation will be beneficial to Australia, it has been said.
The Property Council of Australia has said the government's new Managed Investment Trust (MIT) definition legislation is a welcome move.
Amendments were passed through parliament this week, which the council's chief executive Peter Verwer congratulated.
He said the government has delivered "another major instalment of its plan to modernise Australia's tax regime".
"The new legislation extends the withholding tax concessions to unregistered and state operated wholesale funds, and better matches widespread industry practice for registered wholesale funds," Mr Verwer continued.
MIT reforms will allow Australia to capture a bigger slice of global investment wealth, he added.
Assistant treasurer senator Nick Sherry explained that the changes further the government's commitment to securing Australia's place as a leading regional financial services centre.
The new rules ensure the appropriate integrity arrangements are in place and funds and investors will be given time to adapt to the new rules, he continued.
Overall, the changes are aimed at boosting the competitiveness of the Australian funds management sector.
Posted by Steve Douglas
The Property Council of Australia has said the government's new Managed Investment Trust (MIT) definition legislation is a welcome move.
Amendments were passed through parliament this week, which the council's chief executive Peter Verwer congratulated.
He said the government has delivered "another major instalment of its plan to modernise Australia's tax regime".
"The new legislation extends the withholding tax concessions to unregistered and state operated wholesale funds, and better matches widespread industry practice for registered wholesale funds," Mr Verwer continued.
MIT reforms will allow Australia to capture a bigger slice of global investment wealth, he added.
Assistant treasurer senator Nick Sherry explained that the changes further the government's commitment to securing Australia's place as a leading regional financial services centre.
The new rules ensure the appropriate integrity arrangements are in place and funds and investors will be given time to adapt to the new rules, he continued.
Overall, the changes are aimed at boosting the competitiveness of the Australian funds management sector.
Posted by Steve Douglas
