Australian Investment Manager Regime
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On June 21, 2012, the Australian Government introduced amending legislation into Parliament for the investment manager regime (IMR). Read more about the developments here. Key amendments cover:
- The FIN 48 measure or Element 1 of the IMR. This will broadly, provide an exemption for all eligible income and gains of widely held foreign funds for periods up to June 30, 2011.
- The conduit income measure or Element 2 of the IMR. This will deal with income and gains attributable to a permanent establishment in Australia such as an Australian based agent, manager or service provider
On July 19, 2012 Deloitte hosted an interactive webcast. Specific topics covered included
- An overview of the changes, including the key concepts of IMR foreign fund and IMR income
- What funds should be doing now to take advantage of the amendments
- What to expect for the final stage (Element 3) of a comprehensive IMR with effect from July 1, 2011
- The implications for financial reporting
- David Watkins, Partner, Deloitte Tax Australia (based in New York)
- Tom Butera, Principal, Deloitte Tax LLP
- David Earley, Partner, Deloitte Tax LLP
As used in this document, “Deloitte” means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.