One of the tax measures in the mid-year economic and fiscal
outlook announced earlier this week by the Deputy Prime Minister
and Treasurer, the Hon Wayne Swan MP, is the further deferral of
the new Managed Investment Trust (MIT) regime to 1 July 2013 to
allow "more time for consultation with stakeholders about how
to best implement the elements of the package". This
does not seem to have received a lot of attention compared to the
furore over some of the other tax measures, such as the Fringe
Benefits Tax (FBT) reform for Living Away From Home Allowances
(LAFHA).
While we welcomed the announcement in April this year by the
Assistant Treasurer, the Hon Bill Shorten MP, to defer the start
date of the MIT regime from 1 July 2011 to 1 July 2012 to ensure
that the objective of increased certainty is realised, it is
disappointing that we are in a position that has required the
legislation to be deferred again. We acknowledge that the
deferral of the legislation is the
