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ARTICLE · 19 FEBRUARY 2010

Draft legislation to repeal the Foreign Investment Fund (FIF) rules

Moore Australia
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In the 2009 Federal Budget, the Government announced its intention to repeal the Foreign Investment Fund (FIF) rules. The exposure draft of the Tax Laws Amendment (Foreign Source Income Deferral) Bill (No.1) 2010 which contained the repealing provisions was released by the Assistant Treasurer on 18 December 2009.

AustraliaFinance and Banking
Michael Van Schaik
Michael Van Schaik
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In the 2009 Federal Budget, the Government announced its intention to repeal the Foreign Investment Fund (FIF) rules. The exposure draft of the Tax Laws Amendment (Foreign Source Income Deferral) Bill (No.1) 2010 which contained the repealing provisions was released by the Assistant Treasurer on 18 December 2009.

Submissions were sought in respect of the proposed legislation.

As a starting point, we welcome the proposed repeal of the FIF rules as we viewed the FIF rules as a rather arbitrary mechanism that yielded significantly different taxation results for similar investment scenarios and caused a significant compliance and administrative burden to be placed on the individual.

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