Financial Services Council welcomes Investor Manager Regime

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John Brogden, CEO of the Financial Services Council, today welcomed the Federal Government’s changes to the income tax treatment of investment income of foreign funds.

“The Investment Manager Regime was a recommendation of the Financial Services Council to the Financial Centre Taskforce (Johnson Review) and we strongly support the Government’s initiative today,” Mr Brogden said.

“The announced changes will provide tax certainty for foreign investors investing in Australian managed funds. It will take away the uncertainty that currently exists which can result in foreign investors being unfairly taxed.

“The importance of this change cannot be underestimated – it removes a major barrier to Australian based fund managers attracting foreign investment.

“This will give Australian based fund managers the certainty they need when competing internationally and is a major step towards Australia becoming a real global financial centre.

“The Financial Services Council also praises the Financial Centre Taskforce for its strong support of and commitment to the introduction of an Investment Manager Regime.”

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