Tax Change to Assist Investors in Great Southern and Timbercorp
The government has announced that it intends to amend the ‘four year rule’ for the benefit of Timbercorp and Great Southern investors so that they will not lose their previous years’ tax deductions for investment in those schemes. Normally the investors in these sorts of schemes (called Managed Investment Schemes) can obtain an upfront tax deduction where investments are subsequently held for at least 4 years.
The law will now be amended to ensure that the deduction is not lost due to insolvency of the manager or death of an investor and in some other specific circumstances.
POSTED: 06-Nov-2009