Moore Stephens recently sumbitted to The Board of Taxation the review of tax arrangements applying to managed investment trusts. This submission to the review of tax arrangements applying to Managed Investment Trusts (MIT) provides our views on a number of current tax issues, particularly the capital versus revenue treatment of gains and losses made on the disposal of investment assets by MIT’s.

We support the proposal that the Capital Gains Tax (CGT) provisions be the primary code in calculating gains and losses for specified investments by MIT’s (i.e. replicating the current statutory rule for superannuation funds that deem the funds to operate on capital account 1). [Click here to read full submission]

If you have any questions regarding the above, please contact Allan Mortel on 02 8236 7725.

[1] Section 295-85, Income Tax Assessment Act 1997