The proposals respond to ongoing governance concerns and recent high-profile scheme collapses, most notably the Shield Master Fund and the First Guardian Master Fund. Together, they placed more than $1bn of investor funds at risk. The Australian government is considering reforms aimed at reducing consumer harm, strengthening responsible entity (RE) accountability, and improving Australian Securities & Investments Commission’s (ASIC) visibility over scheme activities, superannuation switching, and sector-wide risks. Treasury is seeking feedback on these proposals, with submissions due by 27 February 2026.

The paper sets out 6 consultation points for feedback from the industry

1. Strengthening the compliance framework

• Stricter compliance plan requirements, including detailed scheme descriptions and significant risk controls.
• Liability for compliance plan breaches limited to material contraventions.
• Mandatory use of existing audit and assurance standards for compliance plan audits.
• REs to notify ASIC of appointment or resignation of compliance committee members.

2. Majority of external directors on responsible entity boards

• RE boards would be required to have a majority of external directors, eliminating the alternative option of a mandatory compliance committee.

3. Prohibition on related‑party transactions (with limited exceptions)

• REs would be prohibited from investing in or lending to related entities unless an exception applies. This responds directly to identified misconduct in past MIS failures.
• A potential solution outlined would be to outsource the RE function such that it is independent of the investment manager.

4. New framework for financial resource requirements

• ASIC considering higher net tangible asset (NTA) requirements.
• Treasury is seeking feedback on whether these requirements should be set out in legislation rather than in ASIC instruments.

5. Increased ASIC MIS data collection powers

• New recurrent and event‑based data reporting to address current gaps in MIS‑level visibility.

6. Alerts to ASIC about superannuation switching

• Mandatory alerts from superannuation trustees regarding suspicious switching activity, aimed at early detection of misconduct.

Who is impacted

How SW can help

SW brings deep financial services expertise with a strong focus on funds management and regulated investment structures. We work closely with responsible entities, investment managers, and trustees to navigate complex regulatory change and evolving governance expectations.

Our team can assist in assessing the impact of the proposed reforms on your governance framework, board composition, compliance plans, and related party arrangements. We also advise on financial resource requirements, capital implications, and enhanced reporting obligations, helping you strengthen risk management and internal controls in line with heightened regulatory scrutiny.

With integrated audit, assurance, risk, and advisory capabilities, we provide practical, commercially focused guidance to help you respond effectively to these reforms.

Contributor

James Serpell

The post Enhancing safeguards & governance in the managed investment scheme sector appeared first on SW Accountants & Advisors.

The central objective of this review is to evaluate the adequacy and relevance of the existing regulatory structure, pinpoint regulatory gaps, and explore improvements to mitigate unwarranted financial risk exposure for investors.

The review is part of the Government unveiled plans for Treasury to conduct a review of the regulatory framework governing MIS, in the October 2022‑23 Federal Budget.

Focus of the MIS review

The review will focus on the following current regulation areas:

• criteria of investor’s wholesale client status
• responsible entities’ roles and obligations.

The criteria establishing an investor’s wholesale client status

The criteria for a wholesale client is currently under review. Chapter 7 of the Corporations Act 2001 contains several tests in relation to specific products.

Current thresholds for establishing wholesale investor status include:

• where initial amount paid by investor at time of investment is at least $500,000 or
• a qualified accountant provides a certificate which states that the client’s
  • net assets are equal to or exceed $2,500,000 or
  • gross income for the last two financial years is at least $250,000 per annum.

Responsible entities’ roles and obligations

A key focus area of the review is the governance of the scheme. Effective governance demands ongoing vigilance for transparency and accountability.

Ensure you are aligned with current standards and practices within the Australian financial sector. It is crutial to adapt governance practices to match evolving regulations through consistent regulatory monitoring, and seek guidance from legal and regulatory specialists.

You can find the announcement detailing the primary issues under review here.

Make sure you’re ready

Each MIS provider should assess the impact on their business. The outcome of the consultation could alter the type of license needed to maintain current distribution.

MIS providers are advised to consider reviewing the consultation paper and their investor thresholds. Each case is different, we can provide expert advice that is right for your business.

How SW can help

The SW team has deep financial services sector experience, and specialises in funds management. We can provide you with the right guidance to assess the regulatory changes and their impact to your business.

Contributors:

Gail Makone

James Serpell

The post Managed Investment Scheme consultation underway  appeared first on SW Accountants & Advisors.

With inflation issues globally, we are seeing continued pressure on interest rates and cost of living, staffing shortages, supply chain issues and rising business costs. This Budget will need to deliver for Australian businesses, and particularly small to medium-sized enterprises (SMEs). Watch SW Director, Greg Will, talking to Ticker News about this topic below.

Opportunities for growth, investment and trade are critical to everyone’s success, so SW Accountants & Advisors has once again partnered with Small Business Australia (SBA) to get to the heart of what business is looking for from the Budget, come Tuesday 9 May 2023.

Take the survey!

Take this short 2-3min survey from SW and SBA and tell us what you need from the budget in order to Look forward and Open Doors. You’ll help us build a robust and current view of Australian small business.

Each survey respondent will RECEIVE $100 DISCOUNT on any of the business services offered by Small Business Australia. Vouchers will be provided after the close of the survey on 8 May 2023.

Budget Breakfast Webinar – 10 May | 9.30am AEDT

Join us as we share the details of the 2023 Federal Budget that incudes an interactive Q&A session.

Our host, Matt Birrell will be joined by esteemed guests ANZ Senior Economist, Madeline Dunk, and Bill Lang, Executive Director of Small Business Australia, as well as SW Director, Greg Will speaking on the impacts on SME business, together with SW industry experts.

Online registration details

Date         Wednesday, 10 May 2023

Time         9.30am – 11am (AEDT) 

Greg Will interview @ Ticker News | How Australian small businesses performed post-COVID

Federal Budget webinar experts

Madeline Dunk
ANZ
Senior Economist

Bill Lang
Small Business Australia
Director

Gregory Will
SW
Director, Business and Private Advisory

Matt Birrell
SW
Director, Tax

Follow us on LinkedIn to receive the latest updates on Federal Budget and other important industry news.

The post Federal Budget 2023/24 Business Survey & Webinar appeared first on SW Accountants & Advisors.

了解联邦预算案在2022年对您有何意义：

农业综合企业

能源与资源

国际业务

托儿

房地产与基础建设

教育

中小型企业与养老金

The post 联邦预算案对您有何意义？ appeared first on SW Accountants & Advisors.

With the change of government, there was great anticipation on the updated Federal Budget. However, this Budget may not provide enough support for households in managing the cost of living. Many businesses, especially small to medium-sized businesses are still feeling the impact of the COVID-19 pandemic and rising prices and interest rates.

On 25 October 2022, the Treasurer announced the Government’s plan for a more inclusive and sustainable economy. This budget is in line with the Labor’s five-point Economic Plan, aiming to reduce the costs of living, drive productivity growth and expand the capacity of the economy to alleviate supply side pressures, increase real wages and genuine economic investment for Australians. The SW team has navigated the papers to find key measures for industry and sectors.

Did you miss out on our Federal Budget webinar?

Check out Bill Lang, Director at Small Business Australia and our panel of industry experts as they share their insights and key takeaways from the Budget.

What does the Federal Budget mean for you?

Our Fast Facts provide an overview of the budget insights and potential opportunities from our team of experts. Tailored to your industry or business type, SW also reviews if the Federal Budget support measured up to expectations.

Take a look at what the Federal Budget means for you in 2022:

Agribusiness

Energy & Resources

Childcare

Property & Infrastructure

Education

SMEs & Superannuation

The post Federal Budget overview 2022/23 – October appeared first on SW Accountants & Advisors.

Key takeaways

• Although there are no key tax measures introduced, direct property taxes will continue to be the source of over 50% of new revenue for the Victorian Government due to increased transaction volume and rising land values (although this is expected to be tampered by forecasted interest rate rises).
• A new Victorian Future Fund will be established to manage the fiscal impact of COVID 19. It will initially be funded from the VicRoads Modernisation joint venture and is expected to have a balance of around $10bn. Investment returns from the Fund is to be quarantined and returned to the Fund to help offset the current debt and return the Budget to surplus by 2025-2026.
• There is a clear focus in this Budget to repair the health system. Included in the Budget is more than $12bn of health-related expenditure including the training and hiring of additional healthcare workers and paramedic staff, funding for Ambulance Victoria to meet growing demand for services and investment to cut surgery waiting lists.
• The two-year Sick Pay Guarantee pilot program will receive $246m in funding to assist provision of a payment of up to five days of sick or carer’s pay at the national minimum wage for insecure work (casual employees).
• $250m provided for a one off $250 Power Saving Bonus to all Victorian households using the Victorian Energy Compare website to locate the cheapest electricity deal. The scheme will run from 1 July 2022 to 30 June 2023.
• A commitment of $111m to support Victoria’s tourism and major events.
• The Victorian Government has allocated $1.8bn to the school building project and plans to continue upgrading schools until it achieves its intended target of 100 new schooling facilities by 2026. The program includes upgrades to 65 schools including 36 special schools, building 13 new schools, additional stages at four more schools, and expanding capacity at two schools to meet enrolment demand.
• The Victorian Government also plans to invest $5bn in early three-year-old childhood education by increasing universal educational access for disadvantaged families as well as providing support to individuals from diverse backgrounds and $131m to assist students from rural areas to access four-year-old early childhood services.

For full overview of the infrastructure measures see our breakdown here.

Victorian Industry Fund to support Victorian Businesses

The Government has introduced a $120m fund to support the advancement of domestic manufacturing and other high priority sectors. Some of the initiatives to be supported by this Fund include:

• $40m to provide grants to support rapidly growing businesses
• $40m of targeted financial incentives to attract investment into Victorian businesses
• $20m for an equity investment pilot fund to attract highly innovative companies particularly in areas such as medical technology
• $7m low-carbon manufacturing grant program to help Victorian manufacturers to compete globally in the renewable energy space
• $4.5m for 300 digital jobs for manufacturing internships to help train Victorian workers in this industry. 

Significant Tax Measures

No significant new tax measures were announced in the 2022/23 Budget although there were minor amendments in relation to:

• Equalisation of gambling tax rates for electronic gaming machine operators

• Exemption from motor vehicle duty for wheelchair accessible commercial passenger vehicles that provide unbooked services.

However, as noted above, the State Taxes are to be a major source of revenue for the Victorian Government. The table below shows the annual revenue expected from State Taxes over the next 4 years.

Opportunities

The opportunity for businesses may come from the expected economic growth although this is not anticipated to be significant. Business sectors such as Medtech, pharmaceuticals and manufacturing should benefit from the increase in funding.

Did the VIC Budget measure up to expectations?

The Budget fell short of providing the required assistance to boost businesses which are facing significant uncertainties.

The Government’s commitment to repairing Victoria’s health system in needed and welcomed. However, the Government has not sought to increase property taxes to decrease the State’s debt and is instead relying on solid economic growth to repair the budget.

Please reach out to one of our experts below for assistance navigating the implications and opportunities this Budget presents for you, your business and your industry.

Contacts

Abi Chellapen

Daren McDonald

Stephen O’Flynn

The post VIC State Budget 2022/23 appeared first on SW Accountants & Advisors.

With the increase in popularity of investment bonds, the ShineWing Australia Wealth team is pleased to invite you to attend our upcoming seminar with guest speaker: Grant Hackett OAM, the Chief Executive Officer of Generation Development Group, a major provider of investment bonds.

Over lunch, Grant will discuss key investment strategies and the application of each strategy focusing on:

• Bonds as a complementary strategy to superannuation
• Understanding trusts and reducing distributable income
• Gain insights on saving for future generations
• Learn how to stay in control of transferring wealth
• Case studies to showcase the application of each strategy

Event details

Guest speaker

Grant Hackett OAM, Chief Executive Officer, Generation Development Group Grant joined the Generation Development Group (GDG) Executive Team in September 2017 and was recently appointed as Chief Executive Officer, GDG. With over 12 years of experience, Grant has held many senior positions across marketing, distribution and wealth management for Westpac and BT Financial Group. Grant’s qualifications include an Executive Masters of Business Administration with first class honours, a Diploma of Business Law and a Diploma of Financial Services. Prior to his corporate career, Grant was a multiple Olympic champion representing Australia in swimming and has held numerous world records.

Registration and more information

For more information about these events, or if you have any queries, please contact the ShineWing Australia Marketing team via marketing@sw-au.com.

We look forward to your attendance.

The post Investment bond strategies appeared first on SW Accountants & Advisors.

This event is an exclusive briefing for investors. Experienced investment managers will provide you with the latest insights and opportunities regarding the current investment landscape.

Each event in the State of the Market series hosts a changing panel of investment managers to explain trends in specific asset classes, such as:

• Listed and unlisted property funds
• Debt funds
• Equity funds
• Alternate / Infrastructure funds

The upcoming briefing will cover equity funds, along with insights into fund managers’ particular focus, and their experience on the market that they operate.

Expert Panellists​

Moderated by Simon Tucker, Partner, ShineWing Australia, we are excited to bring to you expert panellists:

• David Steinthal – Chief Investment Officer, L1 Capital International
• Jason Teh – Chief Investment Officer, Vertium Asset Management (A Copia investment partner)
• Shawn Burns – Senior Portfolio Manager, Contango Asset Management Limited

Benefits of attending

• Understand the diverse nature of investment markets
• Consider the impact of market volatility and what actions to take
• Learn from real life case studies
• Hear perspectives from subject matter experts
• Understand expert views on the current investment cycle
• Discover financial product trends
• Gain an understanding of the opportunity and risk in various asset classes

Event details

For more information about these events, or if you have any queries, please contact the ShineWing Australia Marketing team via marketing@sw-au.com.

We look forward to your attendance!

The post State of the Market appeared first on SW Accountants & Advisors.

We take the lead supporting tomorrow’s leaders with our Emerging Property Fund Series in Melbourne and Sydney.

This interactive five part series is facilitated by our own property funds specialists and industry experts, who will provide strategic insight into property funds management and key issues ranging from structuring, debt and equity through to legal and compliance.

Benefits of attending

• Learn how to protect your business and personal assets
• Different approaches to structuring your product
• Identifying methods to raise your debt and equity capital
• Market trends in the different asset classes
• Tax issues arising from different structure
• Effective exit strategies for your investors

Event details

Date: 5 sessions hosted on a monthly basis starting Wednesday, 23 October 2019 (Melbourne) / Thursday, 24 October 2019 (Sydney)
Time: 5:45pm – 8pm (canapes and refreshments provided)
Melbourne Venue: ShineWing Australia, L10, 530 Collins Street, Melbourne
Sydney Venue: ShineWing Australia, L8, 167 Macquarie Street, Sydney
Format: Interactive class-room style
Cost: $800 per person for the series or group booking for up to 3 people for $1,600 (prices exclude GST)

This includes:

• Five 2-hour sessions and networking opportunities with speakers and attendees
• Soft and hard copies of speaker presentations and handouts
• Automatic inclusion to our Emerging Property Funds Series, including invitations to future networking events

Session topics and dates 

Session 1: Fundamentals for Success, Property Funds – Wednesday, 23 October 2019 (Melbourne) / Thursday, 24 October 2019 (Sydney)

Speakers/Panelists: Howard Brenchley (APN Property Group), Paul Healy (Property Funds Association), Stuart Wilton (Centuria), Steven Bennett (Charter Hall) and Stephen O’Flynn (ShineWing Australia)

This introductory session will provide a brief overview of the series structure. You will hear first-hand from industry specialists the key lessons they’ve learnt, what challenged them the most, what worked, what didn’t and tips on building the right team.

Session 2: Fundamentals for Success, Personal and Business Issues – Wednesday, 27 November 2019 (Melbourne) / Thursday, 28 November 2019 (Sydney)

Please note, the Sydney session will be at 3pm – 5pm on this day.
Speakers/Panelists: Daren McDonald (ShineWing Australia) and Abi Chellapen (ShineWing Australia)
How do you separate your business fund from your personal assets? In this second session you will learn how to protect yourself, your funds and the appropriate ownership structures recommended to protect your investment and maximise your return.

Session 3: Fund Structuring – Wednesday 26 February 2020 (Melbourne) / Thursday, 27 February 2020 (Sydney)

Speakers/Panelists: David Southon (Aliro Group), Matthew Chun (Development & Property Consultant) and Simon Tucker (ShineWing Australia)
You may have a plan, but do you know which fund structure will give you the best competitive advantage? The industry experts will talk you through the fund structure matrix which covers local and international equity, fee structure and more.

Session 4: Debt and Equity – Wednesday, 25 March 2020 (Melbourne) / Thursday, 26 March 2020 (Sydney)

Speakers/Panelists: Warren Boothman (Open Corp), John Taylor (Crestone), Dan Freeman (Commonwealth Bank) and Matthew Schofield (ShineWing Australia)
This session covers everything you need to consider and what to avoid in modern-day financing. Identify both the traditional and alternative methods for obtaining funding, how to strike a deal with the banks and how best to raise your debt and equity.

Session 5: Legal, Regulatory and Compliance – Wednesday 22 April 2020 (Melbourne) / Thursday, 23 April 2020 (Sydney)

Speakers/Panelists: Legal advisor, Rene Muller (ShineWing Australia) and Rami Eltchelebi (ShineWing Australia)
Ensuring your i’s are dotted and t’s are crossed are important for the property funds management industry. Our experts will talk you through the documentation and practical application involved in your fund set-up and provide tips on avoiding common pit-falls to ensure you stay compliant.\

More information

Know someone interested in property fund management? You are welcome to direct any interested property professionals to this web page or to the ShineWing Australia Marketing team via marketing@sw-au.com.

The post Emerging Property Funds Series 2019/20 – Melbourne and Sydney appeared first on SW Accountants & Advisors.

We take the lead supporting tomorrow’s leaders with our Emerging Property Fund Series in Melbourne.

This interactive five part series is facilitated by our own property funds specialists and industry experts, who will provide strategic insight into property funds management and key issues ranging from structuring, debt and equity through to legal and compliance.

Benefits of attending

• Learn how to protect your business and personal assets
• Different approaches to structuring your product
• Identifying methods to raise your debt and equity capital
• Market trends in the different asset classes
• Tax issues arising from different structure
• Effective exit strategies for your investors

Event details

Date: 5 sessions hosted on a monthly basis starting Wednesday, 23 October 2019
Time: 5:45pm – 8pm (canapes and refreshments provided)
Venue: ShineWing Australia, L10, 530 Collins Street, Melbourne
Format: Interactive class-room style
Cost: $800 per person for the series or group booking for up to 3 people for $1,600 (prices exclude GST)

This includes:

• Five 2-hour sessions and networking opportunities with speakers and attendees
• Soft and hard copies of speaker presentations and handouts
• Automatic inclusion to our Emerging Property Funds Series, including invitations to future networking events

Session topics and dates 

Session 1: Fundamentals for Success, Property Funds – Wednesday, 23 October 2019
Speakers/Panelists: Howard Brenchley (APN Property Group), Paul Healy (Property Funds Association) and Stephen O’Flynn (ShineWing Australia)

This introductory session will provide a brief overview of the series structure. You will hear first-hand from industry specialists the key lessons they’ve learnt, what challenged them the most, what worked, what didn’t and tips on building the right team.

Session 2: Fundamentals for Success, Personal and Business Issues – Wednesday, 27 November 2019
Speakers/Panelists: Daren McDonald (ShineWing Australia) and Abi Chellapen (ShineWing Australia)
How do you separate your business fund from your personal assets? In this second session you will learn how to protect yourself, your funds and the appropriate ownership structures recommended to protect your investment and maximise your return.

Session 3: Fund Structuring – Wednesday 26 February 2020
Speakers/Panelists: Matthew Chun (Development & Property Consultant) and Abi Chellapen (ShineWing Australia)
You may have a plan, but do you know which fund structure will give you the best competitive advantage? The industry experts will talk you through the fund structure matrix which covers local and international equity, fee structure and more.

Session 4: Debt and Equity – Wednesday, 25 March 2020
Speakers/Panelists: Warren Boothman (Open Corp), Dan Freeman (Commonwealth Bank) and Matthew Schofield (ShineWing Australia)
This session covers everything you need to consider and what to avoid in modern-day financing. Identify both the traditional and alternative methods for obtaining funding, how to strike a deal with the banks and how best to raise your debt and equity.

Session 5: Legal, Regulatory and Compliance – Wednesday 22 April 2020
Speakers/Panelists: Brendan Ivers (Hamilton Locke) and Rami Eltchelebi (ShineWing Australia)
Ensuring your i’s are dotted and t’s are crossed are important for the property funds management industry. Our experts will talk you through the documentation and practical application involved in your fund set-up and provide tips on avoiding common pit-falls to ensure you stay compliant.

More information

Know someone interested in property fund management? You are welcome to direct any interested property professionals to this web page or to the ShineWing Australia Marketing team via marketing@sw-au.com.

The post Emerging Property Funds Series 2019/20 – Melbourne appeared first on SW Accountants & Advisors.