NEWS

One Investment Group acquires Columbus

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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…

New Fund Launch – Newmark Capital (Chadstone) Retail Trust

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

ATO Draft Ruling – The Meaning of Income for Trust Tax Law purposes

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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…

FoFA Bills passed by the House of Representatives

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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…

ATO Acknowledges Transparency of Certain Bare Trust Arrangements as Administrative Concession

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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…

Investment Manager Regime – Second Exposure Draft Legislation Released

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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…

Australia’s Investment Manager Regime – Third and Final Element of Changes Announced

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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…

Consultation Paper – Modernising the Taxation of Trust Income

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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 reduce compliance costs for the many hundreds of thousands of taxpayers that use trust structures….

ASIC seeks to improve prospectus disclosure

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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 of offer documents, One Investment Group welcomes the release of RG228 and the guidance and…

New capital requirements for Responsible Entities

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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 they provide greater investor confidence and improve the integrity of the registered managed investment scheme…