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ARTICLE · 18 JANUARY 2012

The Investment Manager Regime – calling all foreign funds!

Clayton Utz
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Tax law uncertainties discourage foreign managed funds investing in Australia and using Australian-based intermediaries.

AustraliaGovernment, Public Sector
Kirsten Fish
Kirsten Fish
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Key Points:

The Government has released its response to the Board of Taxation's report on Australia's Investment Manager Regime, and has announced the third and final element to its implementation.

A key finding of the 2009 Johnson Report (Australia as a Financial Centre – Building on our Strengths) was that perceived uncertainties in Australia's tax law discourage foreign managed funds from investing in Australia and using Australian-based intermediaries.

In particular, Australia's residency, source and permanent establishment (PE) rules can operate such that tax may be imposed on the investment income of foreign managed funds who engage Australian advisers – including where the fund has no real presence in Australia.

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