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Latest News

Australia's Charities and Not-for-profits - Options Paper
As we have previously reported, the Australian Government has committed to abolish the Australian Charities and Not-for-profits Commission (ACNC). The Government has now released the "Options Paper – Australia's Charities and Not-for-profits" which sets out proposed replacement arrangements for charities in Australia.
New proposal for enhanced customer due diligence on all foreign nationals and review of implementation of FATCA
As if the United States' Foreign Account Tax Compliance Act (FATCA) was not enough, the Federal Treasury in Australia is currently considering whether Australia should become party to a new international standard dealing with automatic exchange of tax information. The Treasury recently released a discussion paper seeking submissions, along with a short consultation period which has just closed click here to see discussion paper. The short consultation period, we suspect was due to a desire to have Australia’s position on this issue finalised before the G20 meetings which are scheduled to take place in Australia later this year.
New APRA guide raises issues for mortgage lenders
APRA has released a draft Prudential Practice Guide on Residential Mortgage Lending, which aims to provide guidance to approved deposit taking institutions to reinforce the importance of maintaining lending practice standards. The draft Guide was released in late May 2014.
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