Corporate Collective Investment Vehicle Bill
The Government has released for public consultation two bills that implement the tax and regulatory components of the Corporate Collective Investment Vehicle (CCIV) regime and their related explanatory materials.
A CCIV is an investment vehicle with a corporate structure, with the additional consumer protection of an independent depositary for retail funds that is responsible for the oversight of certain administrative functions undertaken by the fund. A single CCIV can offer multiple products and investment strategies within the same vehicle.
The proposed new law includes:
- the new Chapter 8B in the Corporations Act 2001 containing the core provisions outlining the establishment of CCIVs and their operational and regulatory requirements;
- amendments to other legislation to support the implementation of CCIVs (such as amendments to the Australian Securities and Investments Commission Act 2001 and the Personal Property Securities Act 2009); and
- the tax legislation, which ensures the tax treatment of CCIVs broadly aligns with the existing treatment of attribution managed investment trusts, providing investors with the benefits of flow-through taxation.
Closing date for submissions: 28 Feb 2019
Source: The Commonwealth of Australia