Insolvency: Judicial Views on Trusts and Creditors
In March 2018, the Full Federal Court of Australia released its judgment in the case of Killarnee Civil & Concrete Contractors Pty Ltd, ruling that (among other things) trust assets should be applied first in paying employees and other statutory preferred creditors […]
Read moreIntegrity Package to target Stapled Structures and Foreign Investors
In March 2018, the Australian Government released a package of policy measures intended to address taxation bias towards foreign investors under certain stapled structures. The measures are a follow up to a Consultation Paper prepared by the Treasurer in 2017, […]
Read moreAustralian Taxation and Limited Partnerships – The Resource Capital Fund Case
In early February, the Federal Court handed down its decision in the case of Resource Capital Fund IV LP v Commissioner of Taxation [2018] FCA 41. The case addresses key issues relating to Australia’s taxation rights on gains made by offshore Limited Partnerships on the disposal […]
Read moreASIC Report on Vertical Integration and Conflict
On 24 January 2018, the Australian Securities and Investments Commission (ASIC) released their report on the vertically integrated business model amongst Australia’s largest banking and financial services institutions, AMP, ANZ, CBA, NAB and Westpac (the Report). In their Report, ASIC concludes that the vertically integrated business model “gives rise to an inherent conflict […]
Read moreCryptocurrencies facing new AUSTRAC rules
On 16 January 2018, AUSTRAC released proposed draft rules, following the enactment of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017. These draft rules will directly affect Digital Currency Providers, by expanding the scope of the legislation to include regulation of digital currency exchange providers. In […]
Read moreProposed New Tax Regime for Corporate Collective Investment Vehicles
In December 2017, the Government released exposure draft tax legislation for corporate collective investment vehicles. The exposure draft legislation (ED) follows the recommendations in a 2009 report which found that foreign investors were unfamiliar with Australian structures involving units trusts, disadvantaging the Australian […]
Read moreIn case you missed it – time period extended for RG97 Compliant Periodic Statements
Through updating their Q&A on the ASIC web-site ASIC informed us that on 21 December 2017 they updated certain aspects of ASIC Class Order [CO 14/1252] (Class Order) to extend the time period for super fund PDS and super fund […]
Read moreAVCAL
As a proud sponsor of AVCAL, we are pleased to be at the MCG amongst our partners including: Adamantem, Advent, Blackrock, Blue Sky, Deutsche Bank, Goldman Sachs, Quadrant, Social Ventures Australia, Square Peg Capital and Vantage Asset Management.
Read moreRG97 – the saga continues
With just over a month to the deferred RG97 implementation start date of 30 September 2017, on Friday 25 August 2017, the Australian Securities and Investments Commission (ASIC) announced further change to Class Order [CO 14/1252] (the Class Order) and […]
Read moreGovernment releases exposure draft for the new corporate collective investment vehicle (CCIV)
Following the Government’s release of the Board of Taxation’s report on tax arrangements applying to collective investment vehicles in 2015, the Government has today released an exposure draft of legislation for the new corporate collective investment vehicle. The new form […]
Read moreASIC Finalises Cost Recovery Framework
Following the proposals paper Proposed industry funding model for the Australian Securities and Investment Commission in November 2016 and legislation passing on 15 June 2017, ASIC have today finalised their cost recovery framework releasing Report 535 ASIC cost recovery arrangements: […]
Read moreComplying Investment Framework – Further Changes are Coming
The Department of Immigration and Border Protection (DIBP) is undertaking another review of the complying investment framework that was introduced in July 2015 that applies to Significant Investor Visa (SIV) and Premium Investor Visa (PIV) applicants. Austrade are responsible for […]
Read moreLatest ASIC reviews of funds management and custody
Recently ASIC has released its findings in relation to its surveillance of: Responsible Entities operating registered managed investment schemes; and Custodians. ASIC’s findings in respect of its review of Responsible Entities (“REs”) are contained in REPORT 528: Responsible entities’ compliance […]
Read moreSignificant Investor Visa Chinese In Australia Seminar
The Hon Alex Hawke, Assistant Minister for Immigration and Border Protection, announced at the Significant Investor Visa Chinese In Australia Seminar held in Sydney today that a review of the program would be undertaken shortly. Feedback would be sort from […]
Read moreRG 259 Released
The release of Regulatory Guide 259: Risk management systems of responsible entities (RG 259) follows ASIC’s consultation with industry in July 2016 through Consultation Paper 263[1] building on the March 2013 Consultation Paper 204[2]. On 27 March 2017 ASIC released […]
Read moreAustralian Taxation Office Shines Spotlight on Stapled Structures
The Australian Taxation Office (ATO) has released Taxpayer Alert TA 2017/1 which highlights the ATO’s concerns with certain stapled structures. The targeted structures typically involves a trust and a company (that may or may not have been stapled together for legal purposes) that operate […]
Read moreRG97 and Class Order 14/252 Update
ASIC has announced a delay to the requirement for responsible entities to comply with the new fee and cost disclosure rules applying to PDSs under RG97 and Class Order 14/252. Previously, all PDSs on issue from 1 February 2017 were […]
Read more22nd Annual Property Funds Industry Forum
One Investment Group is proud to have sponsored the 22nd Annual Property Funds Industry Forum held on the Sunshine Coast from 16th to 18th of October 2016. The theme of the forum was “A marketplace where entropy reigns supreme”. With […]
Read morePFA Advisor Directory Event Melbourne July 2016
Justin Epstein was recently asked by the Property Funds Association to provide a presentation to fledgling property fund managers or companies thinking of entering the property funds management space in Melbourne. Hosted by HLB Mann Judd, the seminar had 5 […]
Read moreOne Investment Group’s strategic partnership with Yorkway Partners
We are pleased to announce that Yorkway Partners has acquired a 25% interest in One Investment Group. This partnership aligns One Investment Group with a credible and experienced organisation that will provide ongoing capital as we corporatise and grow our […]
Read moreFour New AMIT Compliant Funds Launched
One Investment Group is pleased to announce it has launched four funds compliant with the Attribution Managed Investment Trust regime today. This enables the funds to apply a more streamlined approach to distributing trust income to investors, through the ‘attribution […]
Read moreAMIT is here
Here’s a summary of the good news On 21 June 2016 ASIC released the much anticipated waiver paving the way for registered schemes to modify their constitutions to become attribution managed investment trusts (AMITs) without the need for a unitholder […]
Read moreASIC relief for registered schemes to implement the AMIT regime
AMIT Regime On 5 May 2016, the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (AMIT Act), which establishes a new tax system for managed investment trusts (MITs), received Royal Assent. The rules under the AMIT […]
Read moreNSW Duties – Marketable Securities to be Abolished 1 July 2016
From 1 July 2016, the transfer of marketable securities, being shares and units transactions will no longer be subject to stamp duty in New South Wales (outside of the Landholder provisions). Despite this deadline, many remain sceptical as to whether the […]
Read moreAustralia’s 2016-2017 Budget introduces new Collective Investment Vehicles
New Collective Investment Vehicles In the Australian Government’s 2016-2017 budget papers, it will introduce two new collective investment vehicles (CIV): a corporate collective investment vehicle for the income years starting on or after 1 July 2017; and a limited partnership […]
Read moreAttorney General’s report on the Anti-Money Laundering and Counter-Terrorism Regime
Background The AML/CTF Act commenced operation on 12 December 2006 and together with Rules and Regulations, a regime was established for the purposes of combating money laundering and terrorism financing and to meet the global standards developed by Financial Action […]
Read moreBill for Tax Incentives and Innovation Introduced into Parliament
On 17 March 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 was released by the Government. The Bill contains the proposed new tax regime for early stage investors and start-ups and follows those incentives previously announced by the Government at the National Innovation and […]
Read moreAMIT Regime Update
Senate Committee Recommendation On 10 March 2016, the Senate Economics Legislation Committee (Committee) published its report which recommended that the Senate pass the proposed tax regime for managed investment trusts under the Tax Laws Amendment (New Tax System for Managed […]
Read moreEmployee Redundancy Funds
Redundancy Funds or Worker Entitlement Funds are established for funding redundancies and other employee entitlements and are managed investment schemes, which are operated by a corporate trustee and governed by a trust deed. ASIC Corporations (Employee Redundancy Funds Relief) Instrument 2015/1150 provides relief for the requirement of these funds to be registered until October 2018.
Read moreDisclosure of fees and costs in PDSs and periodic statements
As part of the enhanced fee disclosure regulations and ongoing reforms, issuers must meet certain requirements when disclosing fees and costs in Product Disclosure Statements (PDSs) and periodic statements to increase transparency for consumers. To address concerns in relation to […]
Read moreNew Bill Introduced to Parliament – New AMIT Regime
On 3 December 2015, the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 (Bill) was introduced into Parliament and is signalled as a significant step to help Australian funds compete internationally. The Bill follows the Exposure […]
Read moreQualified Domestic Individual Investor Program
Introduction In 2006 the Qualified Domestic Institutional Investor (QDII) scheme was launched to allow mainland Chinese investors to invest offshore through designated Chinese financial institutions within set investment restrictions and foreign exchange quotas. Since the implementation of the QDII scheme […]
Read moreCustody Agreement – Regulatory Guide 133
Current Status All custody agreements are required to comply with new content requirements from 1 November 2015 as set out in Regulatory Guide 133 ‘Managed investments and custodial or depository services: Holding assets’ and associated ASIC Class Orders dated November […]
Read morePeer to Peer Lending Platforms – Structure and Parameters
Introduction Peer-to-peer and business-to-business lending primarily use funding from sources other than traditional credit providers or banks to fund loans to borrowers. These models are sometimes referred to as ‘marketplace lending’ as the market determines the price of the credit, rather […]
Read moreThe Future of Unit Trusts in Australia
Introduction In early June 2015 the Federal Government released the Board of Taxation’s report on tax arrangements applying to collective investment vehicles in Australia (Board). If the Board’s recommendations are accepted it will fundamentally change the funds management industry in […]
Read moreHow Asian Capital is impacting Global Real Estate
Introduction Figures from CBRE Research estimate that the total outbound investment into property from Asia totalled US$40 billion in 2014, representing a 23% increase on 2013 figures. This activity is largely driven by five main Asian countries, with Singapore representing […]
Read moreProposed Changes to Australia’s Foreign Investment Framework
On 2 May 2015, the Treasurer announced proposed changes to the foreign investment regime aimed at strengthening Australia’s Foreign Investment Framework. The Government stated that the proposed changes are intended to bring about a more modern and simpler foreign investment framework, […]
Read moreA New Tax System for Managed Investment Trusts – Submission on Draft Legislation and Draft Explanatory Memorandum
One Investment Group is pleased to provide a submission on: (a) Exposure Draft – Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015; and (b) Exposure Draft – Managed Investment Trusts – Explanatory Material for the Bill. […]
Read moreThe New MIT Regime – Draft Legislation Released
On 9 April 2015, the Assistant Treasurer released draft legislation for the new managed investment trust (MIT) tax regime. The introduction of a separate MIT regime was first announced by the Federal government in 2010. In the announcement accompanying the […]
Read moreAUSTRALIA – INVESTMENT DESTINATION
The demand for Australian investments has increased significantly over the last several years, as foreign investors continue to drive the strong growth across a broad range of Australian assets, including, commercial and residential real estate, infrastructure, government bonds and other […]
Read moreForeign Account Tax Compliance Act Update
What is FATCA? Foreign Account Tax Compliance Act (FATCA) is a United States law that requires financial institutions, including managed funds, outside the United States to identify collect and report information about United States citizens and residents for tax purposes […]
Read moreProposed New MIT Regime – Wave 3
The Government has announced that new draft legislation outlining the introduction of the third taxation regime for Managed Investment Trusts (MIT) will be released before Christmas 2014. The introduction of a separate MIT regime was first announced by the Federal […]
Read moreAre you on top of MIT compliance?
Whilst the Managed Investment Trust (MIT) regime is still relatively new in the Australian tax landscape, it is important to ensure that all compliance requirements are maintained. Despite the Governments intentions to create a simplified taxing regime, the MIT provisions […]
Read moreASIC: Paving the Way for Electronic Disclosures
ASIC have released a new Consultation Paper, “Consultation Paper 224: Facilitating electronic financial services disclosure”, requesting feedback on ASIC’s proposed introduction of electronic delivery of financial services disclosures. In conjunction with the Consultation, ASIC also released a draft of “Regulatory […]
Read moreNSW Stamp Duty – Amendments to Call option nominations
Amendments to the NSW Duties Act have been introduced following the NSW Supreme Court decision in CTI Joint Venture Company Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 20. This case concerned the imposition of duty on options and nominations […]
Read moreNon-Final Withholding Tax on Taxable Australian Property – Discussion Paper Released
On 31 October 2014, the Government released a Discussion Paper outlining the proposed design for introducing a 10 per cent non-final withholding tax on the disposal by foreign residents of certain items of Taxable Australian Property (TAP). The Discussion Paper […]
Read moreHigh Court Dismisses Responsible Entity’s Appeal – Wellington Capital Limited
Earlier this month, the High Court of Australia dismissed an appeal by Wellington Capital Limited (Wellington), affirming the Full Federal Court’s decision regarding the powers of a responsible entity. The Full Federal Court’s decision concerned the actions of Wellington, as […]
Read moreForeign Pension Funds to Access MIT Withholding Tax Rates
Proposed legislation has been introduced into Parliament, intended to expand the existing category of foreign residents who are eligible to access the reduced withholding tax rates under the Managed Investment Trust (MIT) regime. Under Australia’s existing MIT regime, foreign residents […]
Read moreASIC submission on Agricultural Managed Investment Schemes
The Australian Securities and Investment Commission (ASIC) recently published a submission into the collapse of forestry managed investment schemes between 2009 and 2012. Whilst the submission primarily focused on forestry schemes, it also provides insight to operators, promoters and distributors […]
Read moreRelief for externally administered companies and registered managed investment schemes being wound up – Regulatory Guide 174 Update
ASIC recently released a consultation paper on relief for externally administered companies and registered schemes being wound up. The main purpose of Consultation Paper 223 (Relief for externally administered companies and registered schemes being wound up – RG 174 update) […]
Read moreNSW Government removes $1.5 million dollar Waratah Bond investment requirement from SIV programme
The NSW Government has announced the removal to its Significant Investor Visa (SIV) requirement to invest a minimum of $1.5 million dollars in Waratah Bonds as part of a SIV nomination to reside in NSW. NSW Treasurer said that from […]
Read moreTaxpayer Alert – ATO Spotlight on Property Development
On 28 August 2014, the ATO will release Taxpayer Alert TA 2014/1, casting doubt on the tax treatment of property development structures that use trusts to stream discounted capital gains from the sale of the developed property to the trust’s […]
Read moreASIC withdraws its controversial treatment of superannuation funds as retail clients
An area of controversy over the last 10 years has been the classification of a superannuation investor as either retail or wholesale. If a financial service does not relate to a superannuation product, the general tests for determining whether the […]
Read moreFOFA Changes: What is the current position?
Effective 1 July 2014, the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014(Cth), has been registered resulting in the following regulatory amendments: removal of the Opt-In requirement; Fee Disclosure Statements to apply prospectively –from 1 July 2013 only; removing […]
Read moreOne Investment Group makes key appointments on the back of growth plans
Independent Australian funds management service provider One Investment Group has been quietly chipping away at the competition. Set up in 2009 in the middle of the GFC to provide corporate trustee services to a number of distressed funds that were […]
Read moreASIC updates its guidance for use of electronic disclosure documents – March 2014
ASIC has issued its updated Regulatory Guide 107 (Fund Raising: Facilitating electronic offers of securities) (RG 107) with respect to the use and distribution of electronic disclosure documents following the release of a consultation paper in July 2013. Companies looking […]
Read moreManaged Investment Scheme – 2014 Discussion Paper
On 6 March 2014, the Corporations and Markets Advisory Committee (“CAMAC”) released a discussion paper on managed investment schemes (“MIS”). The discussion paper follows an earlier report on MISs by CAMAC in 2012. The current discussion paper deals primarily with […]
Read moreExposure Draft Legislation – Investment Manager Regime
On 31 January 2014, the Government released a third version of exposure draft legislation for the final element of the Investment Manager Regime (IMR 3). By way of background. the IMR as a whole seeks to encourage foreign investment in […]
Read moreASIC issues updated disclosure guidance for shorter PDSs
Background The shorter PDS regime commenced in June 2012. Recently, ASIC has reviewed a sample of shorter PDS for superannuation and simple managed investment schemes in order to gauge how well PDS issuers were complying with the new regime and […]
Read moreSophisiticated or Retail – To Require A PDS Or To Not Require a PDS, That Is The Question?
A recent decision by Justice Robson of the Victorian Supreme Court (Re Krypton Nominees Pty Ltd [2013] VSC 446 (handed down 27 August 2013)) has highlighted the difficulty that can be associated with deciding when an investor is considered sophisticated […]
Read moreAustralian Securities & Investment Commission Releases Further Guidance on Hedge Fund Disclosure
INTRODUCTION On 3 October 2013 Australian Securities and Investments Commission (ASIC) released final guidance notes which, amongst other things, refined the definition of a ‘hedge fund’ to ensure such disclosure requirements are appropriately targeted at those funds that pose more […]
Read moreAsia Region Funds Passport (Passport) – Foundation Members sign Statement of Intent
Asia Pacific Economic Cooperation ministers from Australia, Singapore, New Zealand and South Korea have recently signed a statement of intent to develop a framework that will facilitate regional cross-border fund sales. The Passport will allow fund managers working in one […]
Read moreThe Growth of Senior Debt Funds
The Australian debt landscape In Australia, the banks’ share of the primary loan market is estimated to be around 95%, versus 16% in the United States and 54% in Europe. This statistic is accentuated when considering the lack of alternative […]
Read moreSignificant Investor Visa – Complying Investment Categories Expanded
On 13 August 2013, the government revised the minister’s instrument specifying ‘Eligible Managed Fund Investments’ for the significant investor visa regime to include, amongst other things, derivatives (within limits). The changes are good news for investors and ASIC regulated fund […]
Read moreFurther Changes to the Managed Investment Trust Tax Regime – 5 August 2013
On 5 August 2013, the Assistant Treasurer, David Bradbury, announced further changes to the Managed Investment Trust (MIT) tax regime, stating “these changes will further reduce compliance costs under the new regime and provide certainty to taxpayers”. The Assistant Treasurer’s […]
Read moreFOFA
The Future of Financial Advice (“FOFA”) reforms are a package of significant reforms for financial advisory businesses, which became mandatory on 1 July 2013. The FOFA legislation package is contained in the following two Acts: Corporations Amendment (Future of Financial […]
Read moreManaged Investment Trusts – The Appeal for Investors
For investors wishing to invest in Australia there are a number of products and structures available on the domestic and international market. It is up to each investor to determine which structure, investment class and horizon is the most effective […]
Read moreAustralian funds cleared for marketing in Europe
Previously it was possible for an Australian fund manager to market an Australian fund to wholesale investors in certain European Union Member States without the need for the manager or the fund to be registered or authorized in the European […]
Read moreThe Commissioner of Taxation issues Draft Determination on Responsible Entities’ Entitlements to Input Tax Credits
Under GST law, input tax credits are only available where they relate to acquisitions that are made for a ‘creditable purpose’. Acquisitions that relate to making ‘input taxed supplies’ are not made for a creditable purpose. This is a GST […]
Read moreManaged Investment Trusts – March 2013 Update
The Federal government is continuing it’s commitment to Australia becoming a regional financial services hub with the on-going development of the Managed Investment Trust regime, a concessional withholding tax regime aimed at foreign investment. Australian managed investment trusts (MITs) are […]
Read moreSignificant Investor Visa
Complying Managed Investment Scheme One Cash Management Fund On 24 November 2012, the Federal Government introduced a new visa referred to as the ‘Significant Investor Visa’ (subclass 188) which enables migrant investors who invest $5 million in complying Australian investments […]
Read moreTHE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) – FINAL REGULATIONS ANNOUNCED 18 JANUARY 2013
In an effort to curb perceived tax abuses by U.S. persons with offshore bank accounts and/or investments, the US Congress passed broad, sweeping legislation intended to combat offshore tax evasion by such persons. Specifically, the Foreign Account Tax Compliance Act […]
Read moreOne Investment Group – Corporate Trust Openings
One Investment Group is expanding its services to include the provision of Custody and Trustee services for structured finance transactions. One Investment Group is now able to provide a full suite of services including Responsible Entity/Trustee, Custody, Fund Administration and […]
Read moreSIGNIFICIANT INVESTOR VISA
The new Significant Investor Visa was launched on 24 November 2012. The new visa program provides Australian companies and fund managers with an opportunity to market products to high net worth individuals seeking investment immigration. The visa program is expected […]
Read moreConsultation Paper 194 – Proposed financial requirements for custodial or depository providers
ASIC has recently released a new consultation paper proposing changes to the financial requirements for providers of custodial or depositary services and responsible entities of managed investment schemes and platform operators that hold scheme property or other property and assets. […]
Read moreTrust Taxation Reform. Treasury Releases Policy Options Paper: October 2012
On 24 October 2012, the Assistant Treasurer released a Policy Options Paper, seeking to further progress the Government’s modernisation of the Australian trust income tax provisions and broader reform of Division 6 of the Income Tax Assessment Act 1936. The […]
Read moreVictorian Court of Appeal dismisses 360 Capital appeal
On 4 October 2012, the Victorian Court of Appeal in 360 Capital Re Limited v Watts & Ors [2012] VSCA 234 delivered a unanimous judgement affirming the decision of Sifris J by declaring unilateral amendments made by the responsible entity […]
Read moreConsultation Paper 188: Managed investments: Constitutions
ASIC has recently released Consultation Paper 188 (CP 188). CP 188 outlines proposals to update its guidance relating to the content requirements of Constitutions of registered Managed Investment Schemes. In CP 188 ASIC has noted that RG 134 ‘Managed Investments: […]
Read moreASIC releases guidance on new disclosure benchmarks for hedge funds
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 […]
Read moreCAMAC Releases Managed Investment Schemes Report
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 […]
Read moreTrust Tax Reforms – Discussion Paper Update and Reform Announcements
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 […]
Read moreAbolition of Stamp Duties Deferred
7 July 2012 – The proposed removal of certain stamp duties in New South Wales as from 1 July 2012 has been deferred until 1 July 2013. The deferral is part of the changes to NSW State taxes announced in […]
Read moreOne Investment Group acquires Columbus
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 […]
Read moreNew Fund Launch – Australian Resources Trust
14 May 2012 – One Investment Group is pleased to announce the launch of the Australian Resources Trust.
Read more2012 FEDERAL BUDGET IMPACT – FOR MANAGED INVESTMENT TRUSTS
In an unexpected move, the Federal Government has announced in its 2012 Budget that the managed investment trust (“MIT”) withholding tax rate would be increased from 7.5% to 15% with effect from 1 July 2012. Currently, the 7.5% rate is available […]
Read moreNew Fund Launch – Benlee Property Trust No 5
28 March 2012 – One Investment Group is pleased to announce the launch of the Benlee Property Trust No 5.
Read moreATO Draft Ruling – The Meaning of Income for Trust Tax Law purposes
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 […]
Read moreFoFA Bills passed by the House of Representatives
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 […]
Read moreATO Acknowledges Transparency of Certain Bare Trust Arrangements as Administrative Concession
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 […]
Read moreGovernment delays the implementation of the Future of Financial Advice changes until 1 July, 2013
Bill Shorten, Minister for Financial Services, has delayed the commencement of FOFA so as to provide “more flexible commencement arrangements”. It was announced today that the reforms would commence from 1 July 2012, but applications of the provisions would be […]
Read moreInvestment Manager Regime – Second Exposure Draft Legislation Released
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 […]
Read moreAustralia’s Investment Manager Regime – Third and Final Element of Changes Announced
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 […]
Read moreConsultation Paper – Modernising the Taxation of Trust Income
On 21 November 2011, the Government released a consultation paper relating to the broader reforms for the taxation of trusts in Australia. The Consultation paper is directed at updating and rewriting the trust income tax rules to increase certainty and […]
Read moreASIC seeks to improve prospectus disclosure
ASIC has released new guidance for issuers of disclosure documents, to assist them in producing documents which are “clear, concise and effective”. The guidance is contained in Regulatory Guide 228 Prospectuses: Effective disclosure for retail investors. As a regular issuer […]
Read moreNew capital requirements for Responsible Entities
On 7 November 2011, ASIC released details of new financial requirements for responsible entities of registered managed investment schemes. Whilst the changes introduce more onerous financial requirements than the current requirements, One Investment Group welcomes the changes as we believe […]
Read moreProposals to tighten financial product advertising
5 September 2011 – On 30 August 2011, ASIC issued a consultation paper seeking feedback on proposals to tighten the rules governing the advertising of financial products. The proposals provide product issuers with more specific guidance as to the content […]
Read moreNew Fund Launch – Litigation Claim Unit Trust
1 September 2011 – One Investment Group is pleased to announce the launch of the Litigation Claim Unit Trust.
Read moreNew Role – Litigation Claim Rights
1 September 2011 – One Investment Group is pleased to announce that it has been engaged to act as Collection Agent.
Read moreInterim investment management regime and FIN 48 solution for foreign funds announced
16 August 2011 – On 16 August 2011, the Government released exposure draft legislation seeking to address two key measures relevant to foreign funds and their Australian based intermediaries. The first measure relates to the application of US accounting standard […]
Read moreNew Exposure Draft of Amendments to Clarify Taxation of Trusts Released – MIT Carve out Welcomed
07 June 2011 – On 2 June 2011 the Government released draft legislation aimed at reforming the taxation of trusts in Australia and simplifying the proposed new streaming provisions. The draft legislation amends the Government’s previous releases and draft legislation […]
Read moreExposure Draft of Amendments to Clarify Taxation of Trusts Released
20 April 2011 – In April 2011, the Treasury released draft legislation directed at reforming the taxation of Trusts in Australia. The draft legislation, which has been described as interim, is intended to increase certainty for trustees, fund managers, investors […]
Read moreASIC invites feedback on proposals to improve disclosure for hedge funds
24 February 2011 – ASIC has released a consultation paper that outlines proposals to improve disclosure requirements for retail investors who invest in hedge funds. Consultation Paper 147 Hedge funds: Improving Disclosure for retail investors seeks feedback on enhancements aimed […]
Read moreOpportunities for investment in foreign funds by Australian residents
18 February 2011 – The Assistant Treasurer has recently released Exposure Draft legislation for the proposed Foreign Accumulation Fund (“FAF”) rules – intended to replace the repealed Foreign Investment Fund (“FIF”) rules as well as the proposed rewrite of the […]
Read moreGovernment releases options paper on review of retail/wholesale distinction
7 February 2011 – The Australian Federal Government has released a consultation paper on the distinction between retail and wholesale clients in the Corporations Act 2001. This is timely and long overdue, given the increase in Financial Service providers looking […]
Read moreLast Man Standing Issue
19 January 2011 – Following the release of the Federal Courts judgment in Colonial First State Investments Limited v Commissioner of Taxation, (“Colonial First State case”) Trustees and investors can gain further understanding around the taxation treatment of trust distributions […]
Read moreNew Exemption for Foreign-Based Funds Announced
19 January 2011 – The Assistant Treasurer has announced a new exemption for relevant investment income derived by foreign-based funds investing in Australia via Australian fund managers. The exemption is intended to increase the inflow of foreign funds into Australia […]
Read moreNew Fund Launch – One Cash Management Fund
10 December 2010 – One Investment Group is pleased to announce the launch of the One Cash Management Fund.
Read moreTaxation of Private Equity
1 December 2010 – The Australian Tax Office has confirmed its position that the Private Equity investments in particular gains on sale of shares in Australian companies should be taxed on revenue account as opposed to capital for tax purposes, […]
Read moreNew Fund Launch
09 August 2010 – One Investment Group announces the launch of the One Equity Opportunities Fund No. 1
Read moreEverest Financial Group Update
13 July 2010 – The Board of Everest Financial Group released an ASX announcement advising that they had entered into a binding Implementation Deed with One Investment Group. Entities within One Investment Group expect to assume the Responsible Entity/Trustee and […]
Read moreEverest Financial Group
02 July 2010 – The Board of Everest Financial Group released an announcement advising that its subsidiary, Everest Capital Limited, has accepted One Investment Group’s unconditional offer to assume the fund management responsibilities currently undertaken by Everest Capital Limited and […]
Read moreBoard of Taxation to Review Australian Tax Treatment of Collective Investment Vehicles
12 May 2010 – As part of the Government’s commitment to positioning Australia as a leading financial services centre, the Government has announced the appointment of the Board of Taxation to undertake a comprehensive review of the taxation of collective […]
Read moreMIT Changes, The Tax Benefits for Investors
Recent changes to the taxation of distributions to foreign investors in Australian managed funds will see a reduced rate of withholding, dropping from the current rate of 15% to 7.5% from 1 July 2010. There is also added advantage for […]
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