News

ASIC released guidance on new disclosure benchmarks and principles for hedge funds entitled ‘Hedge funds: Improving disclosure’ (Regulatory Guide 240 (“RG 240”)) on 18 September 2012. This follows industry consultation and the Parliamentary Joint Committee on Corporations and Financial Services report into the Trio collapse in which $176 million of superannuation funds were lost. ASIC…

The Corporations and Markets Advisory Committee (CAMAC) published its report in relation to Managed Investment Schemes on 7 August 2012. The report is in response to a request from the Government for advice on various matters concerning the regulation of managed investment schemes (schemes) under Chapter 5C of the Corporations Act, following the recent failure of…

On 30 July 2012, the Government released a Discussion Paper outlining proposed reforms to the taxation of fixed trusts.  The link to the Discussion Paper can be found here. The Discussion Paper follows on from the initial consultation paper, released in November 2011, outlining the Government’s broader trust reform agenda to modernise the taxation of…

On 7 June 2012, One Investment Group completed the acquisition of Columbus Investment Services Limited (CISL). CISL is a specialist provider of responsible entity and trustee services based in Sydney.  The business was established in 2003 and currently acts as responsible entity/trustee for 7 schemes with assets in excess of $400m. Bleddyn Gambold, an executive…

30 April 2012 – One Investment Group is pleased to announce the launch of the Newmark Capital (Chadstone) Retail Trust.

On 28 March 2012, the ATO released draft tax ruling, TR 2012/D1, outlining the ATO’s view on the meaning of ‘income’ for trust tax purposes.  The draft ruling comes after a number of recent cases and legislative changes forming part of the broader reform of trust tax law in Australia. The draft ruling outlines the…

On 22 March 2012, the progress of the FoFA legislation continued when two bills were passed in the House of Representatives. A number of provisions have been amended following feedback from relevant stakeholders. For example, a new exception to the “opt-in rules” has been introduced.  As a result, financial planners who are members of a…

The ATO has recently taken an administrative position regarding the income tax treatment of certain custodial and nominee arrangements.  The announcement, which is contained in a decision impact statement, refers specifically to trust arrangements commonly recognised as “bare trusts”. The ATO has stated that such arrangements will be ignored for Australian income tax purposes, thus…

On 7 March 2012, the Government released a second exposure draft legislation in relation to the Investor Manager Regime (IMR).  The draft legislation deals specifically with the first two elements of the IMR previously announced, namely, the Fin 48 Exemption and the Interim IMR. Amendments under the draft legislation are intended to directly affect IMR…

On 16 December 2011, the Federal Government announced the implementation of the third and final element of the Investment Manager Regime (IMR), which, once enacted will apply retrospectively from 1 July 2011. The proposed IMR changes are intended to remove a major export barrier for Australian-based fund managers, and align the Australian tax treatment of…