Inquiry into Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 and associated bills
The Tax Institute and the Business Law Section of the Law Council of Australia (the Bodies) welcome the opportunity to make a submission to the Senate Economics Legislation Committee (Committee) in relation to the Inquiry into Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 and associated bills (Inquiry).
Subject to our comments below, the Bodies support the introduction of the new legislation introducing a new tax regime for managed investment trusts as this legislation is critical to the reform of the financial services industry.
The legislation the subject of the Inquiry has been developed after extensive discussion and consultation (both public and confidential) with the major stakeholders. The early introduction and enactment of this legislation is critical to the effective commencement of the new regime.
The introduction of the legislation will require significant investment by industry. It is important for this reason that the legislation is introduced as a matter of urgency.
The Bodies recognise and appreciate that the legislation is complex. However, we believe it provides an appropriate balance in seeking to deal with what are complex commercial issues.