ARTICLE · 09 SEPTEMBER 2011

Investment manager regime – draft legislation released

Norton Rose Fulbright Australia

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FIN 48 created a headache both for the offshore funds industry and the Australian Government.

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Peter Norman

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Introduction

FIN 48 created a headache both for the offshore funds industry and the Australian Government as it saw many overseas investment funds shy away from Australian investments and the use of Australian investment intermediaries due to uncertainties in the application of Australia's tax laws. In December 2010, the Assistant Treasurer announced that amendments to Australia's tax laws (known as the "Investment Manager Regime") would be introduced so as to address this issue. Further announcements regarding this issue and the measures to address it were made in January and May 2011.

On 16 August 2011 the Government released exposure draft legislation to implement the Investment Manager Regime in two parts. The first part applies to income years up until 30 June 2011 (the "FIN 48" measure) and the second applies from 1 July 2011 (the "conduit income" changes). Further refinements may be expected following the Board of Taxation's final report on the

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