FIF – AUSTRALIAN LISTED SHARES EXEMPTION

Effective 01 April 2017 the exemption from FIF rules for Australian listed shares will be simplified. Prior to the amendment of s EX31 the exemption broadly applied to shares in certain Australian –resident companies that were listed on an approved index under ASX Operating Rules, which created uncertainty as companies move on or off the approved index from time to time. To simplify the uncertainty s EX31 was amended to apply to shares in Australian resident companies that are listed on ASX irrespective of whether they are also listed on ASX approved index. The ASX exemption is intended to apply to the majority of listed Australian shares provided however that they meet the remaining criteria in s EX 31 namely that the company must be Australian tax resident maintaining franking account.