The Australian Government has commenced consultation on draft legislation for the Asia Region Funds Passport (Passport) and on the tax treatment of Corporate Collective Investment Vehicles (CCIVs).
The Passport is a common framework of coordinated regulatory oversight to facilitate cross-border issuing of managed investment funds. Australia, Japan, Korea, New Zealand and Thailand are signatories to the Passport’s Memorandum of Cooperation (MoC), which took effect on 30 June 2016. The proposed tax framework for the new CCIV has been designed to broadly align with the attribution tax regime for managed investment trusts (MITs).
The draft CCIV tax treatment Bill and explanatory materials and information on making a submission are available at https://treasury.gov.au/consultation/c2017-t238960/. The consultation will close on 2 February 2018.
The draft Passport Bill and explanatory materials and information on making a submission are available on Treasury’s Consultation Hub. The consultation will close on Thursday 25 January 2018.
For more information, please check the Treasury website: https://treasury.gov.au/consultation