Australia's agribusiness sector will have their MIS test case heard in court this August.
Australia's agribusiness sector has secured its day in court to battle the tax office over its decision to ban tax breaks on non-forestry agribusiness managed investment schemes (MIS).
The MIS test case is now set to go before the full Federal Court in mid-August. A decision may be reached before the end of the year.
"The test case for non-forestry MIS is moving forward, with the notice of appeal - effectively the final step before formal proceedings can commence - now lodged with the Federal Court," Great Southern chief executive Cameron Rhodes said.
The fact the case will be heard before the full Federal Court is a positive sign for Timbercorp deputy chief executive Sol Rabinowicz.
"It has been referred straight to the full Federal Court. Normally it would just go to a single judge and then there might be an appeal to the full Federal Court. But now it's going to the full Federal Court, so that knocks out an appeal step. And we're happy with the August date," Rabinowicz said.
In March, delays in the development of a test case forced the Australian Taxation Office (ATO) to hold off issuing product rulings in the sector.
The ATO had previously advised the agribusiness industry it would begin issuing product rulings on MIS by the end of the year if the agribusiness sector won its test case.
Last year, Australia's agribusiness sector called upon former revenue minister Peter Dutton to launch an inquiry into a non-forestry test case to examine the position of the ATO in court.
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