Archived News for Finance Sector Professionals
Ernst & Young’s fourth Capital Confidence Barometer has found that while nearly a third of Australasian businesses are considering opportunities for mergers and acquisitions, they are less likely now to acquire than in the previous year.
This result is perhaps due to the lack of perceived quality deals in the market with 60% of respondents saying the gap between buyer/seller price expectations has increased in the current environment.
The report concluded, however, that the trend was likely to be temporary, as most respondents stated that credit conditions had improved over the past six months, and 40% said that access to finance was not an issue.
Call for comment on tax advice privilege
A discussion paper, Privilege in relation to tax advice, has been released by The Treasury which explores the appropriateness of establishing a tax advice privilege.
Reform to taxation of trusts
The Assistant Treasurer, Bill Shorten, HAS released for public consultation exposure draft legislation that will enable farmers who have trusts to continue to use the primary production averaging and farm management deposits provisions in a loss year.
Government grants for Trio super victims
Over 5,000 victims of fraud from the collapse of Trio Capital Limited (Trio), will be compensated with a grant totalling around $55 million announced by the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten.
ASIC to prepare new guidelines on prospectuses
ASIC is proposing an overhaul of prospectuses to make them easier for retail investors to use and to improve the quality of information on the proposed business model and the associated risks.
Treasurer boosts investment in residential mortgage-backed securities
The Treasurer, Wayne Swan, has directed the Australian Office of Financial Management (AOFM) to invest a further $4 billion in high-quality, AAA-rated Australian residential mortgage-backed securities (RMBS) to help smaller lenders continue to offer competitive loans to families and small businesses.
ASIC seeks input on financial advisors' training and assessment
The Australian Securities and Investment Commission (ASIC) has released a consultation paper to seek views on a new training and assessment framework for financial advisers.
Limited prospects for future bank funding sources
The Australian Centre for Financial Studies and KPMG have released a joint report on the future of bank funding in Australia, concluding that, due to slow-changing factors such as the balance of payments and superannuation arrangements, the mix of funding sources is unlikely to change substantially in future years.
Fraud levels remain high: KPMG
Consulting firm, KPMG, has released the results of its latest study of fraud, finding that over $115 million was lost to the Australian economy as a result to fraud over the last 6 months.
Year's grace for new MIT tax system
Managed Investment Trusts (MITs) have an extra year to prepare for the new MIT tax system after the Federal Government announced last week it will defer the start date of the new laws from 1 July 2011 to 1 July 2012.
FPA to become a professional standards association
Members of the Financial Planning Association (FPA) have overwhelmingly supported the introduction of a new three-year strategic plan which aims to introduce higher standards to the industry and give financial planning recognition as a profession.
New rules for tax advice for financial advisers
The Assistant Treasurer and Minister for Financial Services and Superannuation Bill Shorten has met with representatives from the financial planning, tax and accounting bodies, the Treasury, the Tax Practitioners Board (the Board) and the Australian Securities and Investments Commission (ASIC) and agreed to a set of principles that will be used to develop regulatory arrangements for financial planners who provide tax advice within the context of providing financial advice.
Better Practice Guide for fraud control released
The Australian National Audit Office (ANAO) has released a Better Practice Guide for fraud control in Australian government entities, designed to complement a recently updated version of the Commonwealth Fraud Control Guidelines (the Fraud Control Guidelines).
Inquiry into finance for the not-for-profit sector
Submissions to the Senate inquiry into the development of a capital market for social economy organisations have been called for following the release of its issues paper, ‘Financing the not-for-profit sector’.
Updated guide on lending released
An updated regulatory guide released by ASIC provides further guidance and clarity for lenders on assessing borrowers' capacity to repay under the responsible lending requirements of the National Consumer Credit Protection Act 2009 (National Credit Act).
ASIC guidelines for financial services providers released
ASIC has released a series of new and updated guidance documents for financial service providers.
RBA explores the future of payments systems
The Assistant Governor (Financial Systems) of the Reserve Bank of Australia (RBA), Malcolm Edey, has outlined progress to date of the bank’s review of innovation in payment systems, identifying some of the key issues that business operators and consumers have identified in improving the uptake of online payments.
Cloud computing offers financial services a new future
A white paper produced by the Australian Information Industry Association (AIIA) and Fujitsu has outlined opportunities for the financial services industry to improve its customer service by using techniques of cloud computing.
Minerals Resources Tax to boost superannuation
Revenues raised from the new Mineral Resource Rent Tax (MRRT)will go towards building superannuation savings, increasing Australia’s total superannuation savings to an estimated $6.2 trillion by 2036.
Mortgage exit fees banned
Mortgage exit fees will be banned from 1 July 2011 after the Federal Government passed legislation outlawing the practice.
ASIC releases consultation paper relating to debentures and advertising
ASIC has released a consultation paper on proposals that would revise ASIC’s policy on how debt securities can be described in offer documents and the preferred form of advertising for these instruments.