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Horticultural investment schemes win court battle
23 Dec 2008
Investors in non-forestry managed investment schemes will still be able to claim upfront deductions on the basis that investors are carrying on a business. The Australian Tax Office has lost a test case in the federal court regarding the tax office''s reinterpretation of the law regarding the taxation of non-forestry managed investment schemes two years ago. Agribusiness firms, Great Southern and Timbercorp both responded positively to the unanimous court ruling. The ATO has 28 days in which to lodge an appeal to the high court.
Investor Daily, 23/12/2008
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