This paper focuses on reform issues currently under consideration by tax and regulatory authorities to facilitate Islamic finance in Australia. The necessity for a comprehensive approach is critical if the government's desire to promote Australia as a financial services hub is to be realised....

This article considers the emergence of Islamic banking and finance in global financial markets and efforts by governments (through regulatory and tax initiatives) to facilitate it. Recently there have been calls for Australia to become a financial hub – particularly in south East Asia. One...

One of the potential reforms to be considered by the Henry Review is a proposal by the Institute of Chartered Accountants Australia and Deloitte for the introduction of a tax transparent company (the ICAA proposal). The central proposition of the ICAA proposal is that the introduction of a tax...

It is the present practice that asset revaluation reserve distributions by trustees of discretionary trusts are not taxed in Australia. Are such distributions not meant to be taxed, or have relevant sections in the income tax assessment acts been overlooked? This article will review how trustees...

This article will analyse whether an asset revaluation reserve distribution made by a trustee of a discretionary trust could be regarded as ordinary income for the receiving beneficiary. This is important as normally only the capital gains tax treatment is considered, with the resultant...

The concept of financial literacy and capability is seen as important in modern economies. An important part of financial capability is a person's confidence in dealing with financial decisions. It has been argued that financial literacy should be extended to include knowledge and understanding...