Today's ASX announcement by MMA makes for interesting...

Today's ASX announcement by MMA makes for interesting reading.
Apparently the ATO rejected MMA's (along with several other LICs) submission to allow them to distribute LIC Capital Gains Dividends, similar to those which the traditional LICs (AFIC, ARG, AUI, MLT etc) are able to do.
The ATO does not necessarily accept the argument that if you hold an asset for more than 12 months, you are automatically a long-term investor.
I can only assume that the ATO regards MMA and their ilk as traders.
Anyway, all the more reason to stick to the quality end of the LIC sector. I dont believe the masses at large have appreciated the advantage of LIC Capital Gains (of which there will be an avalanche in the next short while ... Rinker, Qantas, Alinta, Coles ....)