Several events have caused uncertainty for investors in managed investment schemes (MIS) in the agribusiness sector. These include:
- the scheme manager going into administration or liquidation
- the scheme being wound up early
- appointment of new scheme managers
- sale of scheme assets.
Your agribusiness MIS may have been managed by:
- Arafura Pearls Ltd
- Australian Bight Abalone Pty Ltd
- Australian Olives Ltd
- Barossa Vines Limited
- Australian Green and Gold Pty Ltd (Brooklyn Park)
- Environinvest Limited
- Forestry Enterprises Australia Limited (FEA)
- Great Southern Limited
- Gunns Plantations Ltd
- Palandri Wines Pty Ltd
- Rewards Group Limited
- Timbercorp Limited
- Willmott Forests Ltd.
The collapse of, or financial difficulties experienced by, these companies and others involved in the agribusiness MIS sector may have changed the tax consequences for your investment.
Review your records – the companies listed managed a variety of agricultural and forestry businesses, and their names might not be immediately familiar. The investments included:
- grape
- berry
- avocado
- mango
- citrus
- olive
- almond
- beef
- abalone
- forestry projects.
We have information to help you understand your new obligations, what you need to do, and answer any questions you may have.
If you use a tax agent, talk to them about the effect on your tax obligations. Give them all the details about your investment to help them complete your tax return.
All references to taxation law are references to the Income Tax Assessment Act 1997 (ITAA 1997).
Refer to this information when preparing your tax return:
- Ongoing operation of an agribusiness
- Early termination of an agribusiness (non-forestry) managed investment scheme
- Early termination of an agribusiness (forestry) managed investment scheme
- General information applying to agribusiness managed investment schemes
Next steps
- speak to your tax adviser
- email us at ATO-Product-Rulings@ato.gov.au
See also
- Tables of affected schemes (XLS, 508KB)This link will download a file – for information on the status of your agribusiness investment