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SDIA/AUSTRAC Education Seminars |
 SDIA and AUSTRAC are pleased to announce a series of education and awareness seminars on the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and its implications on the securities and derivatives industry.
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SDIA applies for ShareGift AML/CTF exemption |
 ShareGift Australia is a registered charity which provides a facility for people to sell shares and donate the proceeds to charity at no cost. It is particularly aimed at holders of small parcels of shares that may be otherwise uneconomic to sell. Proceeds of sale are donated to charity, and the donor receives a tax deduction.
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FICS / FOS changes: FSG reissue & Constitution |
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From 1 July 2008, the Banking and Financial Services Ombudsman (BFSO), Financial Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) will consolidate their operations to form a national Financial Ombudsman Service (FOS).
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Tax Office Alert – ‘Wash Sales’ |
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Approaching the end of the financial year, the ATO has issued an alert on what it calls ‘wash sales’. These usually involve the sale and buy-back of shares. The alert may have important ramifications for investors endeavouring to crystallise a capital loss before year-end in this manner. (see Taxpayer Alert TA2008/7 on www.ato.gov.au).
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ASIC to police Margin Lending |
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We also await the Government’s Green Paper on the new federal regulation of margin lending announced in April. At the time of writing, details are not known
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Short Selling |
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SDIA continues to be active in the current debate on Short Selling. Members will have seen recent press comment by the CEO and Policy Executive which made the following points:
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