*Superannuation Platforms, Multifunds and Hedge Funds get shorter Product Disclosure Statements (PDS) from ASIC Class Order granting interim relief [77]

ASIC on Mon 18.6.2012, registered ASIC Class Order [CO 12/749] to provide interim relief from the shorter PDS regime for multifunds, superannuation platforms and hedge funds. The shorter PDS regime will commence fully on 22 June 2012 and is designed to make PDSs shorter and simpler, and help consumers compare financial products more easily. ASIC…

Personal Property Securities Register open for business on 30 January 2012 [O2]

The new Personal Property Securities Register (PPSR) opened for business on Mon 30.1.2012. The PPSR replaces the current maze of Commonwealth, State and Territory registers that regulate personal property used as security. The PPSR enables secured parties (eg financiers and other lenders) to register their security interests in personal property (ie any form of property…

Touma & Ors v Chief Comr of State Revenue – NSW duty: taxpayers’ conceded overlooking ‘land rich’ duty on share transfer, had their valuation accepted preferred but still had 90% penalty confirmed [St1]

The NSW Administrative Decisions Tribunal has varied the “unencumbered value” of a property for land rich duty purposes, but confirmed a 90% penalty tax. In October 2007, the taxpayers purchased the only share in a company. At the time of purchase, the company owned a commercial/residential development site (which had development approval for 6 commercial…

*Re Shail Superannuation Fund and FCT – Non-complying SMSF: deduction not allowed for misappropriated funds (wife trustee left holding the baby after husband trustee stole the fund) [Su3]

The AAT has affirmed that a SMSF was a non-complying fund for the year ended 30 June 2005 and that a deduction was not available for the misappropriation of funds by a trustee. Further, it affirmed that the base penalty of 75% of the shortfall was appropriate given the circumstances of the breach. The taxpayer…