The Minister for Revenue and Assistant Treasurer urged operators of Agribusiness Managed Investment Schemes (MIS) to provide the Australian Taxation Office (ATO) with full details of their forward commitments so the ATO can make an informed decision on the most appropriate start date for its reconsidered view of the application of the law.
Before finalising its reconsidered view, the ATO has been consulting with MIS stakeholders on the need for any transitional arrangements. They have asked for feedback preferably by Friday, 2 March 2007.
The commencement of the ATO’s new approach to the tax treatment of agribusiness MIS will be finalised following that consultation between the ATO and the agribusiness MIS.