FIF remedial: ASX exemption

Section EX 31 of the Income Tax Act 2007

Section EX 31 of the Income Tax Act 2007 provides an exemption from the foreign investment fund (FIF) rules for shares held in certain Australian companies. However, among other requirements, the Australian company must have its shares included on an "approved index" of the Australian Stock Exchange (ASX).

Section EX 31 has been amended to update the reference to an approved index, which is now an approved index under the ASX Operating Rules. The previous reference to ASX Market Rules was out of date.

Application date

The amendment applies from 1 August 2010, the date the updated ASX rules were introduced.