Gov makes move on CCIV reform
The Government has released two bills implementing the tax and regulatory components of the Corporate Collective Investment Vehicle (CCIV) regime and their related explanatory materials for consultation.
The proposed new law contains:
- The new Chapter 8B in the Corporations Act 2001 containing the core provisions outlining the establishment of CCIVs and their operational and regulatory requirements;
- Amendments to other legislation to support the implementation of CCIVs (such as amendments to the Australian Securities and Investments Commission Act 2001 and the Personal Property Securities Act 2009); and
- The tax legislation, which ensures the tax treatment of CCIVs broadly aligns with the existing treatment of attribution managed investment trusts, providing investors with the benefits of flow-through taxation.
The Government had already consulted with stakeholders on the design of the CCIV regulatory and tax framework, and said that the refined draft reflected their input. The laws would see strong investor protections put in place for retail VVIVs including the requirement to have an independent depositary.
The public submission closing date for the end of next month.
AUTHOR
Hannah Wootton
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