AUSTRALIA: Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021

Tuesday February 15 2022

On 10^th February 2022, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 finally passed both Houses.

The new bill amends:

• the Corporations Act 2001 to establish a corporate collective investment vehicle (CCIV) as a new type of a company limited by shares that is used for funds management;
• the Income Tax Assessment Act 1997 to specify the tax treatment for the CCIV regime; make amendments consequential on the commencement of the Commonwealth Registers Act 2020; update the list of deductible gift recipients; and remove cessation of employment as a taxing point for employee share scheme interests which are subject to deferred taxation;
• the International Tax Agreements Act 1953 to clarify that the priority rule is subject to the deeming principle;
• the Australian Securities and Investments Commission Act 2001, Personal Property Securities Act 2009, A New Tax System (Australian Business Number) Act 1999 and Income Tax Assessment Act 1997 to make consequential amendments in relation to the CCIV regime;
• the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to enable eligible corporate tax entities to claim a loss carry back tax offset in the 2022-23 financial year;
• 10 Acts and one determination in the Treasury portfolio to make miscellaneous and technical amendments;
• the Superannuation Industry (Supervision) Act 1993 to insert a new covenant that requires trustees of registrable superannuation entities to develop a retirement income strategy for beneficiaries who are retired or are approaching retirement.

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