An agribusiness MIS is a scheme that is formed for the purpose of operating primary production activities and may carry out afforestation, horticultural, viticultural or aquacultural activities including growing and harvesting of timber plantations, grapes, olives, mangoes, almonds or abalone.
What changes have been made to your agribusiness MIS
You can find out what changes have been made to your agribusiness MIS from your responsible entity (RE).
Changes to your agribusiness MIS
Changes that can occur to your agribusiness MIS may include the following:
- the RE is replaced by another entity
- fees are changed, added or removed
- services are not provided within the time frames required or at all
- finance arrangements are different to those described in the product ruling.
Why these changes are important
Your agribusiness MIS arrangement was covered by a product ruling. Before your agribusiness MIS started, we examined it and determined whether the expenses related to it were deductible to you, as an investor. This is all described in detail in the product ruling.
The product ruling only applies to the agribusiness MIS arrangement that is specifically described in the ruling itself. Any changes to that arrangement may mean that the ruling no longer applies, and you, as an investor, can no longer rely on that product ruling.
What happens to the product ruling if the agribusiness MIS arrangement has been implemented in a different way to how it was described in the ruling?
If the changes are significant enough that they change the tax outcome for investors in the ruling, we will withdraw the product ruling.
The notice of withdrawal will contain an explanation of how the withdrawal affects your past and future deductions, and whether there are any special conditions about how you treat past deductions or continue to treat future deductions.
Unless there are special conditions, you will be able to rely on the product ruling up to the date it is withdrawn for expenses you have already incurred and claimed - as long as they are described in the ruling.
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It is very important that you check the notice of withdrawal to determine if any special conditions exist for your agribusiness MIS.
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We are working with new REs to understand what changes they have made to the agribusiness MIS and how those changes may affect the tax outcomes for investors. Where those changes are significant enough to alter the tax outcomes for investors, we will work with the new responsible entity to issue an advice product to provide you with certainty.
This advice is likely to take the form of a new product ruling.
Sections within Ongoing operation of an agribusiness managed investment scheme
Last Modified: Thursday, 3 January 2013