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Funds Management - Real Estate & Superannuation

Our experienced Funds Management - Real Estate & Superannuation legal team regularly publishes articles and updates - the full list of publications appears below. These publications provide a snapshot of the latest legislation, court cases, policy changes and contentious issues affecting the property and investment industries. If you'd like to be notified when we add new funds management - real estate & superannuation publications to the site, please go to our subscription page to sign up for email alerts or, alternatively, you can subscribe to our RSS feed.

Read about Allens Arthur Robinson's track record in this dynamic area.

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    31 August 2010
    Client Update: Abridged PDS regime for some financial products

    The Australian Securities & Investments Commission hopes that excessive jargon and unnecessary information that hampers investors making informed investment decisions will be limited under new corporations regulations on certain product disclosure statements. Partner Anna Lenahan and Senior Associate Marc Kemp look at the changes that mean some superannuation products and margin loans, as well as interests in simple managed investment schemes, may only be issued under a product disclosure statement limited to a certain number of pages

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    23 August 2010
    Client Update: New US registration requirements for fund managers and investment advisers

    Managers and advisers of investment funds with clients or assets in the United States may face new registration and reporting obligations with the US Securities and Exchange Commission. Partner Robert Clarke and Senior Associate Marc Kemp consider the impact of the US Dodd-Frank Wall Street Reform and Consumer Protection Act.

  • Listen

    13 August 2010
    Audio: DA laws to boost retail competition in NSW

    Retailers in New South Wales could find it easier to open new stores under a draft State Environment and Planning Policy. Partner Paul Lalich speaks to Boardroom Radio about the potential impact on NSW retailers and landowners under the policy

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    21 July 2010
    Client Update: Developers and management rights schemes: meeting the AFS requirements

    Recently, Allens Arthur Robinson obtained for a client an ASIC exemption from the need to hold an Australian financial services licence for management rights schemes at an apartment complex. Partner Tony Davies and Senior Associate Bill Burton report on the exemption, which is thought to be the first of its kind

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    13 July 2010
    Audio: Long road ahead for MySuper

    The highly anticipated Cooper Review into superannuation was released last week. Partner Mark Cerche speaks to Boardroom Radio about the review's recommendations, including the MySuper default product, and what the next steps are in the Cooper Review process

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    10 June 2010
    Focus: Super fund trustee's denial of total and permanent invalidity claim upheld

    The Court of Appeal of Victoria has upheld a superannuation fund trustee's decision rejecting a member's claim for total and permanent invalidity benefit, and considered the principles the courts apply when reviewing a trustee's decision. Partner Michael Quinlan and Lawyer Catherine Zahra report.

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    06 May 2010
    Client Update: Operators of retirement villages in NSW required to register their interest

    The NSW Retirement Villages Act 1999 has been amended to include a requirement that operators of retirement villages in New South Wales must register their interest on title

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    04 May 2010
    Focus: Energy efficiency survives despite CPRS demise

    With last week's announcement by the Federal Government that the carbon pollution reduction scheme will not be introduced until at least 2013, regulatory initiatives designed to promote energy efficiency are likely to play an even greater role in Australian climate change policy.As part of our series on energy efficiency, we outline some recent developmentsin the building sector and the work of the Prime Minister's Task Group on Energy Efficiency

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    23 April 2010
    Audio: MySuper goes back to the future

    The second preliminary report stemming from the Cooper Review was released this week. Partner Mark Cerche speaks to Boardroom Radio about the structural changes to the MySuper fund proposed by the report and what it means for fund trustees

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    13 April 2010
    Focus: Legislation to promote energy efficiency

    New legislation was introduced into Federal Parliament recently which, if passed, would impose energy related disclosure obligations on those offering to sell, lease or sub-lease office buildings of 2000m2 or more. This Focus is the first in a series on the Federal Government's policies to promote energy efficiency. Partner Chris Schulz and Lawyer Nadia Harrison report

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    13 April 2010
    Focus: New building access standards update

    Detailed requirements to enable property owners, tenants and developers to comply with the provisions of the Disability Discrimination Act 1992 (Cth) relating to access to premises have been provided in the form of new disability access standards, which will be adopted as an amendment to the Building Code of Australia. Partner Nicholas Cowie and Senior Associate Matti Bechler report

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    08 April 2010
    Client Update: New material prejudice test for 'further statements'

    All Queensland developers should be focused on the impact of a recent Queensland Supreme Court decision that has established a new test for material prejudice when buyers receive a 'further statement' under body corporate legislation. Partner Tony Davies reports

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    25 March 2010
    Focus: Queensland developers and PAMDA amendments

    Queensland developers will be pleased with the proposed Property Agents and Motor Dealers Act 2000 (Qld) amendments recently introduced into the Queensland Parliament. The amendments will create greater certainty for all parties involved in residential sales, in particular, 'off the plan' sales. Back-to-back amendments have also been made to the Body Corporate and Community Management Act 1997 (Qld). Partner Tony Davies and Senior Associate Liam Chambers report

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    25 March 2010
    Focus: Proposed EU directive affecting Australian and Asian fund managers

    Significant amendments to a proposed European Union Directive on Alternative Investment Fund Managers will have a major impact on Australian- and Asian-based funds and fund managers. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Elizabeth Lee report

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    18 March 2010
    Focus: Amending scheme constitutions - the latest on section 601GC

    The circumstances in which a responsible entity may amend a scheme constitution without member approval have been considered further in a recent decision of the Victorian Supreme Court. Partner Susan Burns and Senior Associate Penny Nikoloudis report on this decision

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    24 February 2010
    Focus: Valuation of land - new retrospective amendments

    The Queensland Government recently introduced contentious new legislation into Parliament which has sparked concern in a property industry still feeling the effects of the global financial crisis. Partner Bill McCredie and Lawyer Eve Lynch report

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    04 February 2010
    Focus: Tax on sale of indirect interests in PRC companies by non-residents

    The PRC State Administration of Taxation has recently issued a circular stating that PRC non-residents may be liable to pay PRC tax when transferring offshore companies that directly or indirectly hold shares in PRC companies. Partner Campbell Davidson, Senior Associate Ross Keene and Consultant Wen Zhang report

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    11 January 2010
    Focus: The new Australian Consumer Law and funds management

    Partner Susan Burns and Lawyer David Marcus consider how the proposed Australian Consumer Law will affect managed fund products.

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    14 December 2009
    Client Update: Proposed changes to taxation of MITs' disposal of investments

    The Federal Assistant Treasurer has released exposure draft legislation on the taxation of gains and losses on the disposal of investments by managed investment trusts. Under the proposed legislation, trustees of eligible managed investment trusts will be able to elect capital account treatment for gains and losses on certain assets. Partner Michael Rigby and Lawyer Jonathan Lee report

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    01 December 2009
    Focus: Superannuation fund trustee's obligations in total and permanent disablement claim

    Two recent New South Wales Supreme Court decisions, looking at a superannuation trustee's liability to pay interest and costs on the late payment of a total and permanent disablement benefit, have important ramifications for the appropriateness of a trustee conducting a vigorous defence of its conduct, the rate of interest to be applied when there is an alleged breach of trust, and when the trustee rate of interest should be applied. Partner Michael Quinlan and Lawyer Catherine Zahra report.

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    25 November 2009
    Focus: Parliamentary committee recommends financial services reform

    Commission-based remuneration for financial planners would be phased out and ASIC would be given new powers to ban incompetent or unlawful financial advisers under recommendations contained in a Parliamentary Joint Committee report released this week. The recommendations aim to enhance both the professionalism of the financial advice sector and consumer confidence and protection, as Partner Anna Lenahan and Senior Associate Marc Kemp report.

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    17 November 2009
    Client Update: Queensland developers and sustainability requirements

    Further to our Focus, the Building and Other Legislation Amendment Bill 2009 has been passed. The provisions we discussed will commence from 1 January 2010. Partner Tony Davies reports

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    04 November 2009
    Focus: Queensland developers and sustainability requirements

    Queensland developers will need to prepare to disclose more information to buyers in order to comply with the Building and Other Legislation Amendment Bill 2009 when it becomes law. Partner Tony Davies outlines the changes

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    26 October 2009
    Focus: Crown contracting and the authority of government agents

    A recent Western Australia Court of Appeal decision reinforces that contracts with the Crown, to be binding, must relate to the ordinary functions of government and be entered into by officials with authority to do so. Partner Leighton O'Brien and Lawyer Michael Hogan explain

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    23 October 2009
    Focus: Removing REs - what the courts have been saying

    In recent months, several hostile attempts to remove responsible entities have come before the courts. As a result, there has been sharper focus on the statutory regime for changing responsible entities, with many of the relevant provisions of the Corporations Act 2001 (Cth) having now been tested. Partner Susan Burns and Senior Associate Penny Nikoloudis examine the effect of recent case law on the procedures for removing REs

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    20 October 2009
    Client Update: New qualified foreign institutional investors regulations

    The State Administration of Foreign Exchange of the People's Republic of China recently published the Provisions for Foreign Exchange Administration on Domestic Securities Investment by Qualified Foreign Institutional Investors, which replace the previous Interim Provisions. Partner Campbell Davidson and Senior Associate Troy Zhang look at the key changes

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    12 October 2009
    Focus: Developer contracts and unfair terms

    Developers involved in large-scale projects with multiple sales should carefully review their contracts to ensure that they do not breach the terms of the Trade Practices Amendment (Australian Consumer Law) Bill 2009, which is specifically aimed at unfair terms in standard form contracts (including real estate contracts) and will apply Australia-wide. It is likely to become law on or about 1 January 2010. Partner Tony Davies reports

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    15 September 2009
    Client Update: Queensland developers beware!

    Recent decisions of the Queensland Supreme and District Courts may have significant ramifications for contracting and settlement processes. Partner Tony Davies and Senior Associate Annabelle Aland report

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    05 August 2009
    Client Update: South East Queensland Regional Plan - key changes

    The new South East Queensland Regional Plan 2009-2031 has been released and, subject to regular monitoring and review, is expected to manage population growth and change to 2031. Partner Bill McCredie and Senior Associate Anna Vella report on the key changes

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    05 August 2009
    Client Update: Overview of the new South East Queensland Regional Plan

    Partner Bill McCredie and Senior Associate Anna Vella report on the key aspects of the South-East Queensland Regional Plan 2009-2031

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    08 July 2009
    Focus: Rent review decision - dilemma for landlords

    Special Counsel, Christine Adamson and Lawyer, Sarah Merrett examine a recent decision of the Queensland Court of Appeal dealing with ratchet clauses in retail shop leases in Queensland

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    23 June 2009
    Audio: Major changes to NSW duty provisions

    The New South Wales Government announced in its state budget a range of new property concessions. Partner Adrian Chek speaks to Boardroom Radio about what the changes will mean for NSW property owners

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    22 June 2009
    Focus: Queensland's new Sustainable Planning Bill

    The Sustainable Planning Bill 2009 was recently introduced into the Queensland Parliament. The Bill will attempt to address the issues facing planning and development assessment in the State by standardising planning scheme provisions, addressing shortcomings in the development assessment process, introducing deemed approvals for certain types of development applications and giving the court increased powers to deal with development applications notwithstanding procedural errors that have occurred during the development assessment process

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    18 June 2009
    Focus: Impact of proposed EU directive on Australian and Asian fund managers

    In the wake of the financial crisis, the European Union is moving towards tighter regulation of alternative investment funds, in particular hedge funds and private equity funds, through a proposed Directive on Alterative Investment Fund Managers. The proposed directive would have considerable extra-territorial reach and may result in additional regulatory burdens for managers of alternative investment funds based outside Europe. Partner Tim Manefield, Senior Associates Marc Kemp and Charlie Harrison, and Lawyer John Henderson report

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    04 June 2009
    Focus: Developers, beware advertising material that misleads and deceives

    A recent judgment of the Federal Court gives some very useful insights into how advertising material for the sale of residential product can be misleading and deceptive. Partner Tony Davies and Lawyer Donna Burnett report

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    04 June 2009
    Client Update: Real estate law changes in China

    There have been a number of regulatory and policy changes recently introduced in the PRC real estate sector. Partners Nigel Papi and Tim Manefield and Senior Associates Maggie Ma and Campbell Izzard look at four of these changes and summarise how they may affect you

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    26 May 2009
    Client Update: Senate committee endorses 'RuddBank'

    The Senate Standing Committee on Economics has tabled a report which recommends that the Senate pass the Australian Business Investment Partnership bills. Partner Nicholas Cowie and Lawyer Andrew Selim take a closer look at the committee's findings

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    20 May 2009
    Focus: Stamp duty - NT landholder duty and other budget changes

    The Northern Territory Government recently released its budget for 2009-10, which announced a number of changes to stamp duty in the NT, including the imposition of landholder duty on the acquisition of listed companies and trusts. Taxpayers are also reminded that, with effect from 1 July 2009, NSW will be introducing new and broader landholder provisions, and South Australia will be abolishing mortgage and rental business duty. Partner Adrian Chek, Senior Associate Katrina Parkyn and Law Graduate Gobind Kalsi look at the proposed NT changes and at how they will affect taxpayers

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    06 May 2009
    Focus: Amending registered scheme constitutions

    A recent decision of the NSW Supreme Court provides important guidance on amending constitutions of registered managed investment schemes. Partner Matthew McLennan and Senior Associate Georgina Perry report

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    22 April 2009
    Client Update: REIT preparation developments in China

    Media releases indicate that China's first listed Real Estate Investment Trust may be sponsored by Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd, a major real estate developer in Shanghai. Partners Nigel Papi and Tim Manefield and Senior Associate Troy Zhang report

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    20 April 2009
    Focus: Retirement Villages & Aged Care

    In our February Focus, we outlined recent key amendments to the Aged Care Act 1997 (Cth) and related legislation. Partner Tony Davies and Senior Associate Rebecca Barr present a case study on the legal implications of the amendments to link approved provider status to places, or 'bed licences', held.

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    14 April 2009
    Focus: Damages - cost of reinstatement preferred over diminution in value

    In a recent decision, the High Court of Australia has found that in determining the appropriate amount of damages for breach of a lease, the cost of rectification is to be preferred over the diminution in value. The court stated that cost of rectification will only be considered an unreasonable basis for the calculation of damages in fairly exceptional circumstances. Partner Leighton O'Brien and Lawyer Alicia Moody look at the decision

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    07 April 2009
    Focus: Cambodia Legal Update

    We look at the legal regime for mergers, recent regulatory developments in the banking industry, key issues under the current mining regime and the National Social Security Fund scheme

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    07 April 2009
    Client Update: How easy it is to be (legally) bound

    A recent decision of the Queensland Court of Appeal highlights how easily parties can bind themselves to an agreement for the sale of land, and the extent to which a court will read terms into the agreement to give effect to the parties' intentions. Partner Tony Davies looks at the decision that provides a timely reminder of why caution must be exercised when negotiating the commercial terms of a sale, particularly where it is intended that negotiations are non-binding or subject to legal documentation being finalised

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    06 April 2009
    Focus: Safety at Work

    In our quarterly Focus on safety at work, we look at the second report on harmonisation of occupational health and safety laws in Australia, the dangers for employers even if an occupational health and safety risk is not located on work premises, risk assessment and the Beaconsfield Gold Mine disaster, the s28(a) defence in NSW, and the high penalties attracted by a failure to manage well-known risks to safety at work.

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    03 April 2009
    Focus: Difficulties with Hong Kong property titles

    A recent court decision in Hong Kong has allowed a purchaser to avoid a purchase agreement relying on a relatively minor title defect. Partner Tim Manefield reports on the decision

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    01 April 2009
    Client Update: FIRB real estate changes

    Following the Commonwealth Government's announcement in December 2008 that the FIRB regulations in regard to acquisition of real estate by foreigners was to be amended, the relevant legislation and policy documents have now been issued. Partner Tony Davies looks the changes that are generally effective from 18 December 2008

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    17 March 2009
    Focus: ASIC proposes easing restrictions on equity capital raisings

    ASIC has put forward proposals to remove certain regulatory restrictions to rights issues, dividend reinvestment plans and placements. As Partner Anna Lenahan and Senior Associate Zoe Green report, ASIC has sought comments on the measures by the end of this month

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    16 March 2009
    Focus: RuddBank? A look at the Australian Business Investment Partnership

    The Federal Government has tabled draft legislation intended to establish the eagerly awaited commercial property funding vehicle, the Australian Business Investment Partnership, affectionately known as 'RuddBank'. Partner Nicholas Cowie and Lawyer Andrew Selim report on the Bill tabled on 12 March 2009 and several aspects of the scheme that are yet to be clarified

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    13 March 2009
    Focus: Victoria's stamp duty anti-avoidance proposals not yet law

    The controversial proposed changes to Victoria's stamp duty regime have failed to become law, for now. However, the period of uncertainty for taxpayers continues. Partner Tony Sheehan and Senior Associate Jennee Chan consider the current status of dealings in dutiable property in Victoria