well it has turned into a bit of a yawn, but here is article...

well it has turned into a bit of a yawn, but here is article anyway. still awaiting decision on other MIS schemes but it looks like no particular changes;

"INVESTORS in plantation forestry will continue to receive tax breaks under a revised Federal Government policy, to start on July 1.

Investors in forestry managed investment schemes (MIS) will be allowed to claim their money up front as a tax deduction provided at least 70 per cent of the expenditure is directly related to developing forestry.

This includes money spent on planting, tending and harvesting of trees over the life of the investment, and the annual cost of the land used for plantations, whether in rental or lease payments. The policy will be reviewed again in two years.

The Government will issue a new policy on tax arrangements for non-forestry agribusiness MIS in the new year.

The new tax arrangements for MIS schemes, finalised after an 18-month review, will provide more certainty for investors, the Minister for Fisheries, Forestry and Conservation, Eric Abetz, and the Assistant Treasurer, Peter Dutton, said in a joint statement.

They said the policy, by expanding plantation forestry, would reduce reliance on native forest and timber imports.

It would also recognise plantation forestry's critical role in sequestering greenhouse gases, and meet concerns that MIS companies charged excessive commissions, they said.

The ministers said they supported in principle removing impediments to secondary markets for forestry MIS. Treasury and the Department of Agriculture, Fisheries and Forestry will report back to government on this issue within three months.

The chief executive of the National Association of Forest Industries, Catherine Murphy, said the Government's approach would give the tree plantation industry confidence, but clarification on some details was still required.

"The development of a secondary market will also help ensure the investment in plantations is sustainable in the long term," she said.

However, agribusiness consultant and valuer Sam Paton criticised the fact that tree husbandry included rental and lease payments over the life of the plantation.

The actual cost of establishing plantations in the first year was $1900, yet MIS companies charged investors $7000-$9000 per hectare. The Government was effectively subsidising large lease payments, he said.

Coalition MPs who had campaigned for reform of the MIS tax rules backed the changes, but warned they would be vigilant about signs that some investors were still exploiting loopholes.

West Australian Liberal MP Geoff Prosser praised the new "integrity rule" to verify that schemes were spending 70 per cent of invested cash on forestry — not management fees or executive salaries.

But he would still prefer an outright axing of up-front tax deductibility.

Shares in MIS forestry companies were barely affected. Timbercorp was 5¢ lower at $3, Great Southern Plantations was down 5¢ to $2.79, Forest Enterprises Australia closed 1¢ higher at 64¢, Willmott Forests was down marginally to $1.45, and Gunns closed 2¢ lower at $3.