Bermuda Stock Exchange
Bermuda Stock Exchange approved for FIF purposes
Australian taxpayers holding investments in foreign companies or trusts listed on the Bermuda Stock Exchange will gain a welcome benefit from the inclusion of that Exchange on the list of approved overseas stock exchanges for the purposes of Australia's foreign investment fund ("FIF") regime. The addition of the Bermuda Exchange to that list should have the immediate benefit of reducing investors' ongoing costs of complying with the FIF regime for investors holding.
Taxpayers who invest in stocks located on overseas stock exchanges that are included in this list of approved exchanges benefit because they can more easily establish their eligibility for the "active business" exemption from the regime and have access to a wider range of methods for valuing FIF interests.
The regulations which effect the inclusion of the Bermuda Exchange on this list of approved exchanges commence on 1 September 2005.
For further information, please contact Richard Liebmann on (61 2) 8298 9595 or richard.liebmann@nortonwhite.com test
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