Australian government releases draft legislation in relation to the 'full' IMR
The Australian government has released the draft legislation for final ‘third’ element in the Investment Manager Regime (IMR) — being ‘IMR 3’ or the ‘full’ IMR. The release of draft legislation in relation to IMR 3 is particularly welcome. It has been long awaited by managers of, and investors in, foreign funds. The implementation of this ‘full’ IMR was one of the key recommendations from the report by the Australian Financial Centre Forum (the Johnson Report) in 2009.
It is anticipated that the release of the “full” IMR will provide greater flexibility and tax certainty to managers of foreign funds. This is on the basis that the “full” IMR should provide certainty and flexibility to such managers that they are able to engage Australian intermediaries (such as brokers or other service providers) without subjecting the relevant foreign fund to Australian tax…
If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.
News from King & Wood Mallesons
News from The Lawyer
Briefings from King & Wood Mallesons
The assistant treasurer was quizzed recently about the timetable for his Future of Financial Advice changes.
High Court decides: liquidators of insolvent landlords can disclaim leases with the effect of extinguishing the tenant’s leasehold interest
In Willmott Growers Group Inc v Willmott Forests Limited, the majority of the High Court upheld the Victorian Court of Appeal’s conclusion that the liquidators of an insolvent landlord can disclaim a lease.
Analysis from The Lawyer
All-encompassing change is now a reality for the UK’s top 200 firms. How are they coping with the unprecedented upheaval? The Lawyer finds out