ATO action on Agribusiness Managed Investment Schemes
- 25 June 2010
The ATO has identified taxpayers who may have invested in one of the Agribusiness managed investment schemes (MIS) that have recently collapsed or experienced financial difficulties. The following Agribusiness MIS have been affected:
- Great Southern Limited
- Timbercorp Limited
- Environinvest Limited
- Palandri Wines Pty Ltd
- Australian Bight Abalone Pty Ltd
The ATO has advised tax agents that they will need to factor in any changes to the way these investments are accounted for when preparing their affected clients' tax returns. The ATO also intends to contact¬† all identifiable investors in the Agribusiness MIS during the months of June to August 2010, and advise them to visit the ATO website for further information or talk to their tax agent.
The ATO intends to look at the companies and individuals that were associated with establishing, marketing and managing these schemes, noting that the law has significant civil penalties that apply where a person benefits from promoting a tax exploitation scheme or implements the scheme in a different way from that described in the product ruling.
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