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Exemption for an interest in foreign trusts

Last updated 7 June 2005

Recent reforms in emerging markets have liberalised investment rules. Australians can now directly invest on the stock market of countries that previously restricted their investment. Therefore the exemption for interest in foreign trusts or funds previously listed in appendix 4 or regulation 152M, Schedule 11 of the Regulations, is no longer required and ceased on 31 December 1996. Investments previously exempt under the foreign trust exemption must now comply with either the active business or another exemption to obtain relief from taxation under the FIF measures. The foreign trusts previously exempt are listed in appendix 4 on page 47. [SECTION 513]