On 10 October 2006, the Treasurer announced that the Board of Taxation would undertake a review of the international anti-deferral measures, including the controlled foreign corporation (CFC), foreign investment fund (FIF) and transferor trust rules. In his press release, the Treasurer stated that the existing anti-deferral rules are considered to be overly complex, require substantial compliance and administration costs and at times catch foreign investments made without a tax deferral motive. The Board of Taxation will determine whether or not the current rules may be simplified and combined into one set of rules. The Board will also examine the effectiveness...