The Capital Markets Division is leading or contributing to a number of key policy priorities and engaging our members through our committees and working groups.
Our priorities cover tax and foreign investment policy, corporate governance and regulation, accounting, and finance affecting the property industry. Recent advocacy updates include:
- ASX corporate governance: the ASX has been consulting widely with listed entities and members of its Corporate Governance Council on its proposed reforms. We have consistently advocated for a set of principles-based recommendations in the ASX’s next edition of its corporate governance guidelines. We will update members as further information is publicly available.
- Wholesale investor test inquiry: it has been all quiet from the government and the Parliamentary Joint Committee on what is next for the wholesale investor test, following our submission in May. We have recently written to the Treasurer in order to secure public hearings and to engage with the investment community on these consequential reforms.
- Anti-money laundering: We are meeting with AUSTRAC in August and welcoming the Attorney-General’s Department to our Corporate Governance and Regulation Committee, to understand the government’s response to our submission, and how we can work with the government to streamline implementation. We expect further consultation from the government later this year.
- Pillar Two: In the 2023–24 Budget, the Australian Government announced it would implement key aspects of the OECD/G20 Two‑Pillar Solution to address the tax challenges arising from digitalisation of the economy. We met with Treasury on August 13 to highlight several issues with the legislation, including non-domiciled flow through trusts receiving unfair taxation settings, and Joint Ventures hit with “top-up” taxes as right offs are limited.
- FIRB: The Capital Markets Division is supporting the Student Accommodation Council and its members in making a submission to Treasury on the unfair fees structure associated with PBSA, compared to BTR.
- Foreign Resident Capital Gains Tax regime: The proposed changes aim to clarify and expand the scope of the CGT regime for foreign residents The consultation paper focuses on infrastructure, however the ‘close economic connection’ to Australian land, will have ramifications on property. We are seeking more detail from government and highlighting the significant impact addition regulation has in terms time and flow onto costs associated with deals taking longer than anticipated.