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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Australia: Putting out the welcome mat to sovereign wealth funds

Posted on 28 February 2013

In keeping with its goal of encouraging more foreign investment into Australia, the Federal Government will change existing laws to ensure foreign pension and sovereign wealth funds can access the Managed Investment Trust (MIT) withholding tax regime.
In summary, the regime allows a MIT to make payments to non-residents at concessional withholding tax rates, offering an attractive Australian investment option for foreign funds where they and their members are ultimately based overseas. The use of MITs in Australia is growing rapidly. In the superannuation industry alone, the value of savings under management has exploded from $183 billion in 1993 to $1.5 trillion today………………………………………..Full Article: Source


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