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ATO introduces trust taxation changes

ELIZA BAVIN  |  WEDNESDAY, 8 MAY 2024
... labels into the trust tax return statement of distribution. "The information contained in the statement of distribution section of your trust tax return will provide beneficiaries everything they need to complete their trust income reporting obligations," ...

ASIC cancels AFSL of JB Markets

ELIZA BAVIN  |  TUESDAY, 23 APR 2024
... Under the Corporations Act, ASIC may suspend or cancel an AFSL if a licensee fails to meet its general obligations under section 912A including financial requirements and adequate resourcing. ASIC said it determined cancelling JB Markets' AFSL would ...

Blockchain mining companies sued by ASIC

ANDREW MCKEAN  |  MONDAY, 15 APR 2024
ASIC has taken legal action against three blockchain mining companies - NGS Crypto, NGS Digital, and NGS Group - along with their sole directors Brett Mendham, Ryan Brown and Mark Ten Caten. The corporate regulator has accused the NGS companies of targeting ...

Life insurers struggle with code compliance

KARREN VERGARA  |  WEDNESDAY, 10 APR 2024
... and amounting to 12,314. Four life insurers, which the LCCC did not name, account for 90% of the breaches. Breaches of section 8.15 of the code, communicating claim decisions, was the most prevalent, with 2630 instances reported in the period, up 38% ...

James Mawhinney applies to have ASIC's case struck out

ELIZA BAVIN  |  MONDAY, 8 APR 2024
... determined", including ASIC seeking injunctive relief against Mawhinney for dealing in financial products pursuant to section 1101B(1) of the Corporations Act. The claim also seeks to strike out three of the four representations relied upon by ASIC in ...

Court rejects Provide Capital's 'illogical' application

KARREN VERGARA  |  WEDNESDAY, 3 APR 2024
... reasonable grounds to suspect the contraventions under investigation because it had not prepared an interim report under section 16 of the ASIC Act. The court found that Provide Capital had a history of delay and obfuscation in handing over the documents ...

Financial Conduct Authority cracks down on finfluencers, firms

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... misleading. Unauthorised finfluencers who promote financial products in the course of business without approval under section 21 of the Financial Services and Markets Act 2000 from an appropriate authorised person are likely engaging in an illegal promotion. ...

AFCA flags legal uncertainty on SMSF wholesale test

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... million in assets or had otherwise met the income test of earning $250,000 for two consecutive years. This is regulated by section 761(G) s7 of the Corporations Act. "The complainant, on the other hand, said that was the incorrect test to apply and for ...

Director facing $13k fine in first of its kind action from ASIC

ELIZA BAVIN  |  MONDAY, 25 MAR 2024
... said on March 19 the person appeared in Downing Centre Local Court to be formally charged with one count of contravening section 1272C(1) of the Corporations Act 2001 by failing to have a director ID. An interim non-publication order (NPO) was granted ...

ASIC ends legal battle: Provide Capital's appeal quashed

ANDREW MCKEAN  |  MONDAY, 18 MAR 2024
... Provide Capital to produce documents as part of an ongoing investigation, which the company failed to do. According to Section 33 of the ASIC Act, the regulator is authorised to require the production of documents from a person or a company. If a person ...
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