Our experts will provide insights and actionable knowledge that will empower your organisation to navigate the evolving landscape of sustainability reporting.

Some key topics include:

• Scope 3
• Climate scenario analysis
• Lessons learnt from the first reporting cycle

Webinar details

Session 1 – Scope 3

Date

Wednesday 6 May 2026

Location

Online nationally – via Zoom webinar

Time

12pm – 1pm (AEST)

10am – 11am (Perth)

12pm – 1pm (Brisbane)

Register

Session 2 – Climate scenario analysis

Date

Thursday 25 June 2026

Location

Online nationally – via Zoom webinar

Time

12pm – 1pm (AEST)

10am – 11am (Perth)

12pm – 1pm (Brisbane)

Register

Session 3 – Lessons learnt from the first reporting cycle

Date

Thursday 22 October 2026

Location

Online nationally – via Zoom webinar

Time

12pm – 1pm (AEDT)

9am – 10am (Perth)

11am – 12pm (Brisbane)

Register

Expert speakers

Tom Mullarkey
Partner
SW

René Muller 
Partner
SW

Jimmy Cao
Associate Director
SW

The post Sustainability Reporting webinar series 2026 appeared first on SW Accountants & Advisors.

The purpose of the report is for ASIC to give insights on what good operating practices look like and to share some improvements for some operators to adopt. It also highlights emerging risks and areas where greater transparency and governance are needed to protect investor interests. 

Key takeaways from the article published by ASIC 

• Private credit plays a valuable role in the Australian economy, complementing bank and public market lending 

• The market has grown significantly post-GFC, now estimated at $200 billion, with ~50% in real estate-focused finance 

• Growth is driven by superannuation inflows, institutional investment, and demand for yield. 

Key issues identified 

Conflicts of interest 

The review uncovered several critical areas where conflicts of interest and transparency challenges frequently arise. These issues are common across fee structures, valuations, related party transactions, and loan structuring. In some cases, managers retain 50–100% of borrower-paid fees, creating a clear misalignment with investor interests. Additionally, the use of special purpose vehicles (SPVs) to capture excess interest margins further reduces transparency and makes it harder for investors to fully understand the fund’s true economics. 

Fees and remuneration 

Significant concerns were raised about fee transparency and how remuneration aligns with investor interests. Often, fee structures are opaque and inconsistently disclosed, making it challenging for investors to understand the true cost of their investment. In some cases, managers earn several times the disclosed management fee through hidden borrower-paid fees. To promote transparency and comparability, best practice calls for all fees, regardless of how they are charged, to be clearly disclosed as a percentage of fund assets. 

Portfolio transparency and valuations 

The report highlighted inconsistent valuation methods and transparency issues that may mislead investors about the true performance of private credit portfolios. Valuation practices differ widely across funds, with many lacking quarterly independent valuations. For real estate-backed loans, valuations often depend on gross rent or projected completion values, which can significantly inflate asset values. Furthermore, some funds report no impairments, a practice that seems inconsistent with expected default rates and raises questions about the accuracy of their portfolio reporting. 

Terminology 

Inconsistent use of key terms such as “investment grade,” “senior debt,” and “LVR” contributes to investor confusion and risks misrepresenting the true level of risk. This lack of clarity can lead to misunderstandings about the quality and safety of investments, making it harder for investors to make informed decisions. 

Investor protection concerns 

Several investor protection concerns were identified, particularly affecting retail and wholesale investors relying on sophisticated investor exemptions who face higher risks due to a lack of transparency. The report also highlights that real estate construction and development finance is a high-risk, concentrated sector, which may pose potential systemic risks. Additionally, distributions in some real estate funds may be paid from capital rather than income, raising further concerns about the sustainability and safety of returns. 

Recommended good practices  

ASIC recommends several good practices to enhance transparency and investor protection, including quarterly fund composition reporting that covers impairments, PIK loans, and distribution sources. Independent quarterly valuations should be conducted to ensure accuracy, while full and transparent fee disclosure, including all borrower-paid fees, is essential. Clear definitions of key investment terms are important to reduce confusion, alongside comprehensive disclosure of leverage, liquidity mechanics, and governance structures to provide investors with a complete understanding of the fund’s operations. 

Regulatory issues for ASIC’s consideration 

The lists below highlight key areas for ASIC’s attention, identifying market practices and operational issues where enhancements can benefit both the market and investors. Raising standards and improving disclosure in these areas are essential steps toward strengthening trust and confidence in Australia’s private credit sector. 

Priority issues 

• remuneration and fee disclosure 

• related party transactions and governance 

• valuation frequency and independence. 

Secondary issues 

• liquidity mismatch 

• investment reporting standards 

• terminology clarity 

• sector concentration risks. 

International comparisons 

• Australia lags behind the US and Europe in transparency and regulation 

• overseas markets are moving toward greater disclosure, especially for retail investors 

• examples include the UK LTAF, EU ELTIF, and Singapore MAS initiatives. 

Systemic risk 

• not currently a major concern, but real estate development and retail investor exposure are areas to monitor 

• ASIC could consider a reporting framework to track systemic risks and market integrity. 

At SW we regularly assist private credit providers to structure their operations in a way that is transparent, tax effective, and protects investors. Our financial services team can also offer insights into the most effective systems to use as well as provide accounting and assurance services. 

In our experience, private credit providers face several complex challenges during the start-up phase. These include setting up systems, establishing tax structures, ensuring compliance, and building the right relationships and support networks. Addressing these areas early is crucial for enabling business growth and maximising its potential. 

More mature private credit funds tend to encounter increasingly complex issues, often related to compliance, sustaining growth, and maintaining the quality of their loan portfolios. Navigating these challenges requires robust operational frameworks and ongoing oversight. 

Putting good operating structures in place, such as those recommended by ASIC, not only positions private credit providers for long-term success but also protects investors, creditors, and directors from compliance risks and financial setbacks. 

How SW can help 

Our financial services team has deep experience working with private credit providers across all stages of maturity. We offer tailored solutions to help start-ups establish strong foundations and support mature funds in managing growth, regulatory compliance, and portfolio quality. From designing transparent fee structures to implementing governance frameworks and performing independent valuations, we provide end-to-end support that promotes operational excellence and investor confidence. 

The post ASIC publishes new report on private credit in Australia appeared first on SW Accountants & Advisors.

Join us in Sydney for our in-depth Pillar Two seminar, delivered by SW tax experts Daren Yeoh (Partner and Corporate & International Tax Director), Kirsty McDonnell (Tax Director), Antony Cheung (Associate Director). This interactive session will provide practical guidance on the OECD’s Global and Domestic Minimum Tax regime, equipping in-scope groups with the latest updates, compliance considerations, and real-world insights to help navigate the evolving global tax landscape.

This seminar will explore the following topics:

• Quick recap of the Pillar Two requirements
• Update on recent developments including the political understanding between the G7 Group and the US Government and the European High Court of the undertaxed profits rule
• Issues specific to the non-for-profit and funds management sector
• Implications for financial reporting and financial audits
• The impact of Australia being a jurisdiction subject to the undertaxed profits rule
• Key considerations for performing the Transitional Safe Harbour Calculations
• Case study walkthrough to assist with preparing for Pillar Two implementation including lodgements of Pillar Two Returns
• ATO public update on domestic forms

SW Speakers

Daren Yeoh
Partner and Corporate & International Tax Director

Kirsty McDonnell
Director, Tax

Antony Cheung
Associate Director, Tax

The post Practical Guidance on Complying with the Global and Domestic Minimum Tax (Pillar Two) Regime appeared first on SW Accountants & Advisors.

For the eighth year, we are delivering an interactive 5-part seminar series to aspiring and emerging leaders in the Property and Real Estate Credit Funds Management sectors, with direct access to leading industry experts and their experience, strategic industry insights and pitfalls, and key issues ranging from structuring, debt and equity through to legal and compliance.

Facilitated by our property funds specialists, featuring content developed alongside industry, each session featured practical working considerations and discussions with market leaders.

Series speakers

Industry speakers

• David Omond | KM Property Funds
• Charlie Renney | Hall & Wilcox
• Greg Sugars | Preston Rowe Paterson
• Bruce Corrin | CDC Property Consultancy
• Tim Slattery | ASA Real Estate Partners
• Adam Murchie | Forza Capital
• Georgia Liu | CBA
• Kevin Said | AUS Finance Group

SW speakers

Simon Tucker
Director, Tax 
SW

Rami Eltchelebi
Partner, Assurance and Advisory Services
SW 

Stephen O’Flynn
Director, Tax
SW

Abi Chellapen
Director, Tax 
SW

Sejla Kadric
Director, Business & Private Client Advisory 
SW

Luke Fernandes
Director, Tax
SW

Shaneel Kumar
Associate Director, Corporate Finance
SW

James Serpell
Associate Director, Assurance and Advisory Services 
SW

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post Emerging Property Fund Managers’ Series appeared first on SW Accountants & Advisors.

Our experts provided topical content of relevance as well as an update on what’s new in financial reporting, including information about the following topics:

• Accounting standard changes and EDs
• International Financial Reporting Interpretations Committee update
• Key focus areas for 30 June reporting
• ASIC update
• Sustainability standards
• Other regulatory changes

Session 1

Session 2

Expert speakers

Tom Mullarkey
Partner
SW

René Muller 
Partner
SW

Jimmy Cao
Associate Director
SW

The post Financial Reporting webinar series appeared first on SW Accountants & Advisors.

He specialises in the Funds Management, Agribusiness, and Retail sectors, supporting clients to navigate regulatory change, investor expectations, and cross-border complexities. Luke has developed particular expertise in advising on agricultural investment structures, helping funds and investors optimise returns through effective tax strategies that address income tax, withholding tax, MIT/AMIT eligibility, and ESG-linked opportunities such as carbon credits.

Before becoming a Partner, Luke worked in the Business and Private Client Advisory division where he established a strong reputation as a trusted adviser to private family groups and mid-market businesses, leading numerous business consulting projects and tax engagements.

As Manager of the Financial Services Industry Group, Luke regularly presents to market participants and industry bodies. He leads our fund tax and accounting webinars, has delivered training to the Property Council of Australia, and spoken at Property Funds Association events.

Luke is also committed to community and professional development. He is an active member of the firm’s Community Opportunities Together Committee and has mentored many team members to manager roles across professional services and industry.

Luke’s experience includes: 

• Advising funds on structuring agricultural and real asset investments to achieve optimal tax outcomes for domestic and offshore investors
• Providing strategic tax advice on M&A transactions across agribusiness, funds management, and retail
• Advising on structuring for Australian and multinational groups, including inbound investment
• Delivering ongoing tax compliance services for listed and unlisted groups.

The post Luke Fernandes, Partner appeared first on SW Accountants & Advisors.

Mr. Duane Rogers, CEO and Partner of SW congratulates Luke on his appointment, stating, “Luke’s dedication and commitment to our clients and team have been exemplary. His involvement in mentoring, training, and participation in our Financial Services, Agribusiness, and Automotive industry groups showcases his leadership. Completing his Master of Tax Law recently further underscores his expertise in his field.”

National Head of Tax, Ms. Sam Morris adds, “Luke is recognised for his ability to navigate complex and technical issues with a personable approach that leads to excellent results. He is a problem solver and has significantly contributed to staff engagement, retention, and development.”

Since joining the firm in 2012 from BDO, Luke has moved from the Business and Private Client Advisory division to the Tax division. With 16 years of experience, he has built a strong reputation as a trusted advisor in Funds, Agribusiness, Automotive, and private family groups. As Manager of the Financial Services Industry Group, Luke has led property tax and accounting webinars and delivered technical training to the Property Council of Australia’s members. He regularly presents at the Property Funds Association Next Gen networking sessions in Melbourne and Sydney.

Luke is also an active member of the Agribusiness group and the firm’s Community Opportunities Together Committee, where he leads the Movember initiatives. He is dedicated to developing junior team members, mentoring many to achieve manager roles.

SW’s commitment to growth is demonstrated by our focus on senior leaders, creating pathways and an environment for their success. Mr. Rogers notes, “We invest in supporting great talent, equipping them with the tools to provide exceptional advice and support to clients and staff, and to become long-term leaders in the firm. I am confident Luke will add significant value in his new role.”

Luke’s promotion follows the appointments of Trent Godden-Minette, Kirsty McDonnell, Vanessa Priest, and Christine Krause earlier this year. SW now boasts 41 partners across Brisbane, Melbourne, Sydney, and Perth.

The post Media release | SW announces new partner promotion – Luke Fernandes appeared first on SW Accountants & Advisors.

Past sessions

Webinar 1 | Getting ready for sustainability reporting

Webinar 2 | Carbon reporting

Webinar 3 | Sustainability reporting standards

Expert speakers

Tom Mullarkey
Partner
SW

Jimmy Cao
Associate Director
SW

René Muller 
Partner
SW

James Serpell
Senior Manager
SW

John Dorazio
Director
SW

The post Sustainability Reporting webinar series appeared first on SW Accountants & Advisors.

The 2024 Emerging Property Fund Managers series has now concluded. To register your interest for the next series, which will be announced in the coming months, please email marketing@sw-au.com.

For the seventh year, we delivered an interactive 5-part seminar series to aspiring and emerging leaders in the Property Fund Management sector, with direct access to leading industry experts and their experience, strategic industry insights and pitfalls, and key issues ranging from structuring, debt and equity through to legal and compliance.

Facilitated by our property funds specialists, featuring content developed alongside industry, each session featured practical working considerations and discussions with market leaders.

Series speakers

Industry speakers

• Howard Brenchley | APN Property Group
• David Omond | KM Property Funds
• Nick Klein | CyberCX
• Melissa Kingham | Haben Property Fund
• Chris Langford | Newmark Capital
• Emma Donaghue | Hall & Wilcox
• Georgia Liu | Commonwealth Bank of Australia

SW speakers

Simon Tucker
Director, Tax 
SW

Rami Eltchelebi
Partner, Assurance and Advisory Services
SW 

Stephen O’Flynn
Director, Tax
SW

Abi Chellapen
Director, Tax 
SW

Sejla Kadric
Director, Business & Private Client Advisory 
SW

Danny Armstrong
Director, Banking & International Business
SW

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post Emerging Property Fund Managers series 2024 appeared first on SW Accountants & Advisors.

Our online seminar was delivered in an interactive format with SW expert Daren Yeoh, Partner and Corporate & International Tax Director.

This seminar covered the following topics:

• Who will be impacted by Pillar Two
• When will Pillar Two apply in Australia
• Implications for Australian headquartered groups
• Implications for Australian subsidiaries and permanent establishments of foreign MNEs
• Steps to apply Pillar Two
• Implications for accounting for income taxes
• Simple calculation examples

SW Speaker

Daren Yeoh
Partner and Corporate & International Tax Director
SW 

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post OECD Pillar Two GloBE rules – Global and domestic minimum tax seminar appeared first on SW Accountants & Advisors.