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Draft Legislation to Reform Division 6C of the Income Tax Assessment Act 1936

Date:

Wednesday, 23 July 2008

Content ID:

1403

Abstract:

In the 2008-2009 Budget the Government announced changes to the eligible investment business rules in Division 6C of the Income Tax Assessment Act 1936.

The changes involve clarifying the scope and meaning of investment in land for the purpose of deriving rent; introducing a 25 per cent safe harbour allowance for non-rental, non-trading income from investments in land; and expanding the range of financial instruments that a managed fund may invest in or trade.

Following consultation with industry, a further 2 per cent safe harbour allowance will be provided at the whole of trust level for non-trading income.

On 23 July 2008, the Government announced that it has commenced consultation on draft legislation to reform Division 6C of the Income Tax Assessment Act 1936 and seeks public comment.

Comment closing date: Thursday 14 August 2008

Address written comments to:

Raphael Cicchini
Manager Trusts
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: raphael.cicchini@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Draft legislation to reform Division 6C of the Income Tax Assessment Act 1936  30.16kb

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