Release of Draft Legislation to Repeal Foreign Investment Fund Rules
18 December 2009
The Assistant Treasurer today released for public consultation exposure draft legislation that will repeal the Foreign Investment Fund (FIF) rules and Deemed Present Entitlement (DPE) rules.
The repeal of the FIF and DPE rules represents part of the wider reforms to Australia's foreign source income anti-tax-deferral rules that were announced in the 2009-10 Budget.
Draft legislation to give effect to the remaining reforms to modernise the controlled foreign company and the transferor trust rules are currently being developed.
The Government seeks submissions from interested parties on the exposure draft.
The draft legislation is available at www.treasury.gov.au and the consultation period closes on Friday 5 February 2010.
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