Business Services Industry
MIS tax breaks reprieve.
Australasian Business Intelligence, April, 2007
Byline: David McKenzie
Apr 04, 2007 (The Weekly Times - ABIX via COMTEX) -- The Australian Taxation Office (ATO) has deferred for one year a plan to scrap up-front tax breaks for agricultural managed investment schemes (MIS). The tax breaks had been due to be abolished from 1 July 2007 but will now disappear on 1 July 2008. Michael D'Ascenzo, the Tax Commissioner, announced the extension in the week ending 30 March 2007. Simon Ramsey, the president of the Victorian Farmers Federation, said it would have been happier if the ATO had stuck to its original timeframe, but a 12-month extension was "fair", given that investments in agricultural MIS schemes had already been made.
Publication Date: 4 April 2007
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