Floridia Enterprises Pty Ltd v Comr of State Revenue (Taxation) – Vic stamp duty: signed “reverse transfers” dutiable per private ruling request and VCAT [103]

The Victorian Civil and Administrative Tribunal has affirmed the Commissioner’s stamp duty assessments in relation to transfers of real property (referred to as the “reverse transfers”) from 3 family members to a taxpayer (a trustee company of a family trust). The background facts are complicated, but essentially involved a series of events, which occurred following…

Unexplained wealth amendments to the Proceeds of Crime Act 2002 introduced [113]

The Crimes Legislation Amendment (Organised Crime and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 28.11.2012. Among other things, the Bill amends the Proceeds of Crime Act 2002 (the ‘POC Act’) to improve the investigation and litigation of unexplained wealth matters and to improve the Commonwealth’s ability to confiscate unexplained…

Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was passed by the Senate with 40 Government amendments [112]

The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was passed by the Senate on Tue 27.11.2012, with 40 Government amendments and now goes back to the House of Reps for consideration of those amendments. The Bill seeks to amend the Privacy Act 1988 to implement the Government’s first stage response to the Australian Law Reform…

Draft Regulations for a new limited Australian Financial Services Licence (AFSL) to replace the ‘Accountants’ Exemption’ [111]

The Minister for Financial Services on Wed 28.11.2012, released draft regulations that would replace the accountant’s exemption with a new form of limited licence. Mr Shorten said the proposed new licence would mean that licensed practitioners would “advise on a wider range of alternatives, rather that limiting their advice to the establishment of a self-managed…

Re Gillespie and ASIC – After ASIC permanently banned a financial adviser, he appealed and obtained a stay from it publishing its reasons which the AAT declined to extend [109]

The AAT has refused to extend the stay of an ASIC decision to permanently ban a financial services adviser from providing financial services. The AAT said the adviser is employed by an accounting firm, and on 30 October 2012, ASIC made a banning order permanently prohibiting the adviser from providing financial services. That decision was…