Changes to income tax treatment for instalments warrants
The Government has announced an extension to the proposed income tax look-through treatment to cover instalment warrants and receipts over direct and indirect interests in listed securities, as well as unlisted securities in widely held entities and bundles of these assets.
Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten said, “The Government has decided to broaden the look-through treatment of instalment warrants for income tax purposes beyond single exchange traded securities.”
The Government previously announced changes to the income tax laws to confirm the practice of treating an investor in an instalment warrant over a listed security as the owner of the security for income tax purposes.
As the Government previously announced, a superannuation trustee who enters into a limited recourse borrowing arrangement, permitted under the SIS Act, will be treated as the owner of the asset for income tax purposes.
Legislation giving effect to these changes will be introduced as soon as practicable. These changes to expand the scope of the look-through treatment will apply to income assessments for the 2007-08 and later income years.
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