Managed Investment Trust Reforms To Boost Investment

Date: 11 February 2010

Media Release

Managed Investment Trust (MIT) reforms will boost investment

The Property Council of Australia welcomes the Federal Government's
latest financial services boost.

The Government has announced new measures to clarify and extend the
tax treatment for managed investment trusts (MITs).

"The proposals give trusts certainty on the tax treatment of the sale of
investment assets and will boost investment in MITs," said Property
Council Chief Executive, Peter Verwer.

The reforms expand the types of trusts that can use the rules under the
MIT definition. This has been extended to include unregistered wholesale
schemes that are managed by an AFSL holder and state-operated trusts.

The Property Council welcomes the Assistant Treasurer's announcement of
the expansion of the MIT definition for withholding tax rules to more
closely align with the enhanced CGT definitions.

"We look forward to continuing to work with the Government to effectively
implement these new rules," Mr Verwer said.

"The announcements are a strong signal that the MIT tax reviews can
deliver the comprehensive reforms needed to transform Australia into a
leading global financial services centre."

"A world class, modern investment management regime will enable
Australia to capture a bigger slice of the world's investment wealth."

For further information:
Peter Verwer, Chief Executive, Property Council of Australia
- 0407 463 842

Roberto Fitzgerald, Executive Director International & Capital Markets
- 0411 549 248

Andrew Mihno, Deputy Executive Director International & Capital Markets
- 0406 454 549

SOURCE: Property Council of Australia