12-month transitional period for tax treatment of agribusiness MISs

The Tax Commissioner has announced a 12-month transitional period before application of the Tax Office's reconsidered view of the tax treatment of agribusiness managed investment schemes (MISs). The reconsidered view will apply to arrangements entered into from 1 July 2008. Mr D'Ascenzo said the Tax Office will be writing to industry to seek assistance to identify a suitable case to test in the courts, which it aims to expedite it through the courts.