ASIC guidance on new business names register
ASIC has released RG 235 Registering your business name (RG 235) to help businesses prepare for its new national register of business names. Commencing on 28 May 2012 (subject to the passage of legislation through state parliaments), ASIC said the new business names register will allow businesses to register their name nationally through a simple ...more
ASIC Update – CP 173 Trustee Companies: Transfer Determinations by ASIC
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 173 “Trustee companies: Transfer determinations by ASIC” (CP 173), seeking public comment about the Commission’s power to administer the transfer determination provisions of Chapter 5D of the Corporations Act 2001 for trustee companies providing traditional trustee company services. According to the ...more
Standardised super investment risk disclosure: industry guidelines
ASFA and the Financial Services Council (FSC) have announced new industry guidelines to standardise the disclosure of investment risk in superannuation funds. Under the guidelines, superannuation funds will provide a “Standard Risk Measure” ranging across 7 risk bands (see below). According to the bodies, this will enable consumers to better understand the investment risk in ...more
ASIC consumer advice for checking superannuation statements
ASIC has released consumer advice suggesting some simple checks for individuals checking their annual superannuation statement. ASIC’s Senior Executive Leader for Consumers, Advisers & Retail Investors, Ms Delia Rickard, recommends a 3-step approach: 1. Compare annual statement with last year’s; 2. Get access to your super fund account details online by requesting a user name ...more
Short selling legislation; ASIC update
The AAT has denied a taxpayer an input tax credit for the acquisition of ‘a single storey house with a carport’. The taxpayer purchased the property at which time it was leased to a tenant. In addition, the property was purchased with a development application to construct 10 units. In its BAS for the September 2006 quarter, the taxpayer claimed the credit in respect of the property, which the Commissioner disallowed under section 40-65 of the GST Act and issued an assessment to that effect.
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