Business Services Industry
Managers at war over MIS ruling.
Australasian Business Intelligence, April, 2007
Byline: Victoria Young
Apr 27, 2007 (Independent Financial Adviser - ABIX via COMTEX) -- The Australian Taxation Office (ATO) plans to scrap up-front tax breaks for agricultural managed investment schemes (MIS) as from 1 July 2008. Michael D'Ascenzo, the Tax Commissioner, in announcing a draft taxation ruling on the issue, said it was the view of the ATO that investor contributions to such schemes represent capital expenditure and therefore should not be entitled to a deduction. Luke McIntosh, of agricultural MIS company Great Southern, says it would have liked to see the deductions remain, but will still support agricultural MIS schemes. However, Tim Lee, of the Australian Agribusiness Group, says he certainly does not agree with the ATO's stance.
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