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Tax Alert 2021 No. 03, 31 August 2021
At a glance
- Treasury released revised draft law package for proposed CCIV reforms, for consultation
- Builds on the CCIV regulatory package released in January 2019
- Adjusts the 2019 CCIV taxation approach following submissions from EY and others
- Government announced in 2021 budget CCIV regime will be operational from 1 July 2022
- Submissions due 24 September 2021
- How EY can help
Following the Government announcement in 2021 Federal Budget, the Australian Treasury released on 27 August updated drafts of tax and regulatory laws for the proposed Corporate Collective Investment Vehicle (CCIV) regime.
The CCIV is intended to attract foreign investors that are more familiar with corporate structures globally and expand opportunities to export Australia’s funds management expertise. The CCIV is also seen as critical to the success of the Asian Region Fund Passport (ARFP).
The latest Treasury draft law package builds on the regulatory package released in January 2019 and adjusts the 2019 approach for the taxation of CCIVs, in response to submissions from EY and others. According to the Government’s 2021 Budget announcement, the regime will be operational from 1 July 2022.
Our Tax Alert provides an overview of the updated CCIV tax and regulatory proposals including improvements and issues that require further consideration.
Funds managers, custodians and administrators should carefully review the current packages of tax and regulatory law to provide any feedback to Treasury by the due date of 24 September.
Please contact your EY tax or law team to discuss the proposals and their implications in more detail.