Australia's MIT industry is crucial to the Australian economy and is one of the largest and developed in the world. For the industry to grow and compete on the global stage, it is important that Australia's tax laws do not create barriers to investment in MITs. To this end, the Board of Taxation has been requested to review the tax arrangements that apply to MITs. This paper considers:
- the key issues being considered by the Board
- the Board's interim advice regarding elective CGT Treatment for MITs
- interaction between an MIT regime and the MIT withholding tax rules
- where to from here?