NEWS

Insolvency: Judicial Views on Trusts and Creditors

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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 whilst trust assets could only go to trust creditors, not non-trust creditors. By way of…

Integrity Package to target Stapled Structures and Foreign Investors

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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, which first addressed the Government’s concerns regarding stapled structures. This bias comes about through the…

Australian Taxation and Limited Partnerships – The Resource Capital Fund Case

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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 of Australian shares. This case is particularly relevant to offshore investors and Private Equity firms as…

ASIC Report on Vertical Integration and Conflict

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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 of interest”. ASIC looked at the ratio of ‘in-house products’ to ‘external products’ on the…

Cryptocurrencies facing new AUSTRAC rules

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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 brief, this regulation will be in the form of mandatory registration and compliance obligations. Under…

Proposed New Tax Regime for Corporate Collective Investment Vehicles

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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 market. The ED is intended to create a transparent tax regime in alignment with the existing regime…

In case you missed it – time period extended for RG97 Compliant Periodic Statements

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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 and managed investment scheme Periodic Statements to comply with the Class Order. Before the December…

AVCAL

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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.

RG97 – the saga continues

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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 its implementation. While ASIC has provided guidance on its proposed changes to the Class Order…

Government releases exposure draft for the new corporate collective investment vehicle (CCIV)

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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 of corporate collective investment vehicles, to be known as CCIVs, will more closely reflect the…