ARTICLE · 12 APRIL 2011

Start date for new MIT regime deferred to 1 July 2012

Moore Australia

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The Assistant Treasurer, the Hon Bill Shorten MP, recently announced a 1-year deferral in the commencement date of the new MIT regime from 1 July 2011 to 1 July 2012. The deferral is the result of "overwhelming feedback" received during the consultation process that, while supportive of this positive reform, called for further time to ensure effective operation within the new MIT tax system.

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The Assistant Treasurer, the Hon Bill Shorten MP, recently announced a 1-year deferral in the commencement date of the new MIT regime from 1 July 2011 to 1 July 2012. The deferral is the result of "overwhelming feedback" received during the consultation process that, while supportive of this positive reform, called for further time to ensure effective operation within the new MIT tax system.

While the deferral is not a surprise (as there have been no announcements from Treasury since the MIT Regime Discussion Paper was released late last year), Moore Stephens welcomes this announcement to ensure that the objectives of increased certainty, reduced complexity and lower costs for MIT's and their investors are realised.

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