October 24, 2013 by Unity Fund Services in News

RG240 – hedge fund disclosures – are we there yet?

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 complex risks to investors. Following extensive consultation with industry since

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August 19, 2013 by Unity Fund Services in News

Further 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, in response to specific issues raised during the Government’s on-going consultation with the managed funds industry. The proposed changes include: Dealing with Under or Over attribution; and Application of the

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March 12, 2013 by Unity Fund Services in News

Managed Investment Trusts – Current Amendments – Feb 2013

Overview The Managed Investment Trust (“MIT”) regime is a concessional tax regime that allows eligible Australian funds the following important tax concessions: Concessional withholding tax rates on “fund payments” to foreign investors depending on the residency of the investor; 15% for investors resident in Exchange of Information (“EOI”) countries (see

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January 24, 2013 by Unity Fund Services in News

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 (“FATCA”) (signed into law on March 18, 2010) incorporates a

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January 08, 2013 by Unity Fund Services in News

Volcker Rule – why the delays?

After the onset of the financial crisis in 2008, the US government has undertaken a review of certain financial institutions, believing they had developed unsustainably high risk models and regulators had little or unsatisfactory access to look behind the scenes. As part of the financial reform law programme initiated in

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January 20, 2012 by Unity Fund Services in News

New exemption for foreign funds announced

The Assistant Treasurer has recently announced a new exemption for foreign funds that use Australian fund managers. The exemption allows income from relevant investments of a foreign fund that is taken to have a permanent establishment in Australia will be exempt from income tax. The change will apply to the

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March 18, 2011 by Unity Fund Services in News

Last man standing issue and allocation of income on redemption

The Federal Court of Australia has handed down its decision in Colonial First State Investments Limited v Commissioner of Taxation (“Colonial First State case”). This decision considers the tax effect of provisions in the constitution of a unit trust that seeks to allocate part of the taxable income of the

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