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Australia's proposed Foreign Accumulation Fund rules - no application for 2010-11 income year

On 29th June 2011, the Assistant Treasurer, Bill Shorten announced that the proposed Foreign Accumulation Fund (FAF) rules will not apply for the 2010-11 income year.

The announcement was made as part of ongoing efforts to increase Australia’s attractiveness to foreign investors and confirmation that the Government has received no evidence that deferral activity has emerged since the repeal of the FIF regime on the 14th July 2010.

The FAF rules will form part of a wider set of reforms to foreign source income attribution rules and will apply for income years starting on or after the date of Royal Assent.

If you would like more information on the Australia’s proposed FAF rules please contact Kelvin Boyd kelvinboyd@bvhaccountants.com or Kevin Gausden kgausden@bvhaccountants.com or Ilana Kramarov ikramarov@bvhaccountants.com

This information has been prepared in good faith, is in the nature of general comment only, and neither purports, nor is intended, to be advice on any particular matter.  You should not act or rely upon any matter or information contained in or implied without taking appropriate professional advice which relates specifically to your particular circumstances.  The authors and consultants expressly disclaim all and any liability to any person (whether a reader or not) who acts or fails to act as a consequence of reliance upon the whole or any part of this information.