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Tax Office Alert – ‘Wash Sales’ |
 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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FICS / FOS changes & FSG reissue |
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From 1 July 2008, the Banking and Financial Services Ombudsman, Financial Industry Complaints Service and Insurance Ombudsman Service will consolidate their operations to form a national Financial Ombudsman Service (FOS). One consequence of the creation of FOS is that references to BFSO, FICS or IOS in existing PDSs, FSGs and other brochures will not be accurate.
Rather than require the printing of new disclosure documents to accommodate this change, FICS has, after discussions with ASIC, applied to ASIC for relief,
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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’. The alert may have important ramifications for investors endeavouring to crystallise a tax loss before year-end by selling shares, then buying them back to reinstate the position. (see Taxpayer Alert TA2008/7 on www.ato.gov.au ).
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ASIC to police Margin Lending |
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Subsequent to the FSCC meetings, in late April the Government announced new federal regulation of margin lending. At the time of writing, details are not known, but a draft ‘green paper’ is expected soon.
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Short Selling |
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After extensive consultation with Members, SDIA has made a broad-ranging submission to ASX and Treasury. Amongst the points made are:
o lender data reporting should be explored
o post-trade reporting of covered shorts is preferred to ‘real-time’ reporting
o enhanced disclosure would obviate the need for the tick test
o approved list be maintained for naked shorts only
o the buy-in process should not be re-introduced
o a thorough review of the area is justified, and
o above all, any new disclosure requirements need to be meaningful, effective and to enhance investment decisions.
Our thanks to all the Members who contributed to the framing and writing of this submission. SDIA submissions are available to Members on our website.
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