King & Wood Mallesons

Asia-Pacific 100 position: 3

Government releases third round of draft legislation in relation to the ‘full’ IMR

The government has released further exposure draft legislation for the long-awaited final ‘third’ element in the investment manager regime (IMR) (‘IMR 3’ or the ‘full’ IMR). This follows two prior releases and extensive industry consultation with the Treasury.

The ‘full’ IMR was one of the key recommendations from the report by the Australian Financial Centre Forum (the Johnson Report) in 2009 and seeks to provide an exemption for qualifying funds that invest into Australia, especially where they use local managers.

The Johnson Report had found that various uncertainties and the scope of Australia’s tax system acted as an impediment to foreign funds investing in Australia. The introduction of an IMR, with clear and comprehensive statutory rules, was proposed as the means of addressing the impediments and to encourage use of Australian financial service intermediaries. In this regard, it had been found that, despite having a significant funds management industry in Australia, only a small percentage of funds under management were from foreign investors…

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