In this article, Robert G. Bagnall of WilmerHale discusses US financial reform legislation passed on July 21 which will require many private fund managers to register with the SEC as investment advisers and comply with US regulations. This requirement will also apply to Australian fund managers if they have a sufficient number of US investors in their funds and/or direct clients.

In this open letter, AVCAL Chief Executive Dr Katherine Woodthorpe highlights the need for clear and farsighted policies by both parties for a sustainable innovation system.

This article by Toby Eggleston of Greenwoods & Freehills looks at applying the definition of a Managed Investment Trust (MIT) to PE funds and how that definition may impact the structure of existing and future PE funds in Australia.

Trustees of MITs that came into existence prior to the 2009-10 income year must use this form for making an election for capital treatment in accordance with section 275-115 of the ITAA 1997. Once this form is completed, the election will have effect for the 2008-09 and later income years.

On 21 June 2010 the Government announced further details of amendments to the definition of a MIT to widen the scope of trusts to benefit from taxation concessions available through the capital account and withholding tax arrangements.

The Government today introduced legislation into Parliament to amend the definition of a Managed Investment Trust for access to withholding tax concessions to more closely align the definition used across different parts of the tax law and to widen access to MIT withholding tax concessions for certain wholesale trusts.

According to Sen. Kim Carr’s office the new R&D Tax incentive scheme will stimulate more Australian businesses to undertake R&D compared to the 8,000 businesses under the old tax concession.

On 11 May 2010, the Government issued a Consultation Paper on the treatment of conduit income of managed funds. Outcomes of this process will assist the Board of Taxation as it considers the design issues relating to an Investment Manager Regime (IMR).

On 7 May 2010, the Assistant Treasurer announced the release of the Board of Taxation's report on its review of the tax arrangements applying to managed investment trusts.

The Assistant Treasurer has released for public consultation the exposure draft legislation that will amend the definition of a managed investment trust (MIT) in relation to withholding tax rules. The closing date for submissions is Friday 23 April 2010.