Eric Abetz (Tasmania, Liberal Party, Minister for Fisheries, Forestry and Conservation) Share this | Hansard source

In relation to the matter that the honourable senator has raised, I can confirm that the Minister for Revenue and Assistant Treasurer, the Hon. Peter Dutton, announced on 6 February that the Australian Taxation Office has reviewed its interpretation of taxation law and will issue a draft taxation ruling, effective from 1 July 2007, setting out its reconsidered view in relation to managed investment schemes. The effect of this change in interpretation of the current law is that investors in managed investment schemes will no longer be able to claim up-front deductions for their contributions to the scheme on the basis that the investor is carrying on a business. It was also announced that the government has decided it is not disposed to introduce taxation arrangements for investment in non-forestry agribusiness.

I was asked what representations the minister made in relation to this. As the honourable senator knows, I represent the minister for agriculture in this chamber. If he had asked me about forestry MISs, for which I am personally responsible, I could have indicated the answer to him. In relation to the agriculture side, I will take that on notice.