NEWS

Proposals to tighten financial product advertising

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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 and form of advertisements and are likely to have a material impact on the way…

New Role – Litigation Claim Rights

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1 September 2011 – One Investment Group is pleased to announce that it has been engaged to act as Collection Agent.

Interim investment management regime and FIN 48 solution for foreign funds announced

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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 ‘FIN 48’ and US-based fund managers investing in Australia.  Under recent changes to FIN 48,…

New Exposure Draft of Amendments to Clarify Taxation of Trusts Released – MIT Carve out Welcomed

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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 aimed at limiting the ability of Trusts to stream capital gains and franking credits. The…

Exposure Draft of Amendments to Clarify Taxation of Trusts Released

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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 and beneficiaries in relation to streaming capital gains and franked distributions through trust structures. One…

ASIC invites feedback on proposals to improve disclosure for hedge funds

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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 at ensuring retail investors and their advisers have the information they need to make an…

Opportunities for investment in foreign funds by Australian residents

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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 Controlled Foreign Company (“CFC”) rules. The release of the Exposure Drafts is welcoming news to…

Government releases options paper on review of retail/wholesale distinction

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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 to offer financial products aimed at high net worth or “sophisticated investors”. Whilst the protection…

Last Man Standing Issue

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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 and the limitations of the trust deed. In the Colonial First State case, the Court…

New Exemption for Foreign-Based Funds Announced

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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 and encourage foreign investment through Australian fund managers. The exemption will apply to the 2010-2011…