SECURITIES REGISTRARS ASSOCIATION OF
AUSTRALIA INC.
ABN 52 057 832 827
Incorporated in Victoria under the Associations Incorporations Act 1981.
The liability of the Association’s members is limited.
Registration Number A0026236D
Postal address: Telephone (02) 9943 0554
P O Box R488 Facsimile: (02) 9943 0554
Royal Exchange Sydney NSW 1225 Mobile: 0414 685 214
Website: www.sraa.asn.au Email: sraainc@optusnet.com.au
Contents in this issue include:
Agenda - Joint Meeting – 4 June 2012
- News from Divisions - Joint NSW, SA, VIC and QLD meeting – 7 May 2012
State Division Meeting Dates - 2012
Meeting Chairman: Martin Jones
Secretary: John Steel
Disclaimer: This periodical Newsletter is designed to keep readers abreast with current developments. It is not intended to be comprehensive. Readers are therefore advised that before acting on any matter arising herein, they should discuss the same with their advisers.

SECURITIES REGISTRARS ASSOCIATION OF
AUSTRALIA INC.
ABN 52 057 832 827
Incorporated in Victoria under the Associations Incorporations Act 1981.
The liability of the Association’s members is limited.
Registration Number A0026236D
Postal address: Telephone: (02) 9943 0554
P O Box R488 Facsimile: (02) 9943 0554
Royal Exchange, Sydney NSW 1225 Mobile: 0414 685 214
Web site: www.sraa.asn.au
Email: sraainc@optusnet.com.au
National Australia Bank ASX Limited
Canberra Room
Level
1
20 Bridge Street
Sydney
(Please register at concierge desk on ground floor)
4240
Date :
Time : 12.30pm to 2.00pm
Meeting Chairman : Martin Jones
1. Notes from previous Division meeting
2. Corporations Amendment (Proxy Voting) Bill 2012
3. Australian Business Name Registration Service
4. Other Business

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There were no notes available from the last monthly meeting
The Bill was introduced and read, for the first time, to the House of Representatives on 24 May 2012.
A second reading has been moved.
The Bill Amends the Corporations Act 2001 to clarify that the chair of an annual general meeting, who is a member of the key management personnel or a closely related party of a key management personnel, is able to vote undirected proxies in the non-binding vote where the shareholder provides their express authorisation for the chair to exercise the proxy.
Date of effect will be the day after the Act receives Royal Assent .
Treasury has released the outcomes of consultations into in-specie transfers between related parties (recommendation 8.13).
There was significant opposition within the Working Group and Self Managed Super Fund Professionals' Association of
Australia (SPAA) in the Peak Group to the proposal that all transfers between SMSFs and related parties be conducted on market where a ready market exists.
Weighing against this was the view that transfers between related parties should always occur through a market where one exists to remove any mischief (perceived or otherwise) of manipulation of capital gains tax (CGT) or excess contributions tax (ECT). The point was made that APRA regulated funds are able to nominate a transfer date for off-market transfers and therefore the potential for price manipulation is not constrained solely to the SMSF sector. It was argued, therefore, that the banning of off-market transfers where an underlying market exits would place the SMSF sector at a significant disadvantage compared to APRA regulated funds.
On balance it was concluded that prudential standards should be developed for off-market transfers for APRA regulated funds to complement the proposed restriction on SMSFs outlined in the recommendation. It was also concluded that a review of extending this measure to (Small APRA Funds) SAFs should also be considered although the different level of oversight applying to APRA regulated funds was acknowledged.
The majority of the Peak Group supported implementation of the recommendation to require assets to be transferred between SMSFs and related parties through an underlying market where one exists. It is agreed that where an underlying market does not exist, acquisitions or disposals of assets between SMSFs and related parties should be supported by a valuation from a suitably qualified independent valuer.
There was no mention of the 1 July 2012 deadline being extended to 1 July 2013.
ASIC media release 12-106MR confirmed commencement of the national Business Names Register on 28 May 2012.
The national Business Names Register replaces eight state and territory systems, simplifying business registration in
Australia by offering a single online service.
Under the new streamlined service, businesses only need to register their name once to have national effect and have the option of registering their name at a cost of $30 annually, or $70 for three years. Previously, a business operating and registering their business name in every state and territory incurred a cost of more than $1,000 for the same period.
The Business Names Register contains over 84 million migrated data records previously held by state and territory agencies across Australia. This includes over 1.6 million existing business name registrations which have been automatically transferred to ASIC’s national register. ASIC will contact current business name holders when it is time to renew their business name.
Further enhancements to the national Business Names Register will be delivered progressively between 28 May and
November 2012. These initiatives include a joint ABN (Australian Business Number) and Business Name registration transaction for new businesses to access from the ABR website.
More information is available at www.asic.gov.au
and click on “ASIC Connect”.
The Federal Budget, released on 8 May 2012, contained a surprise announcement that doubles withholding tax to 15 percent for non-residents such as foreign pension funds investing in managed investment trusts (MITs).
Commencing 1 July 2012, certain distributions from MITs to non-residents will be subject to an increased withholding tax rate of 15 per cent (from 7.5 per cent). This final rate of withholding tax will apply to distributions of certain Australian sourced income and capital gains (on taxable Australian property) made to residents of countries with which Australia has an exchange of information agreement. There is no change to the 30 per cent rate of withholding on distributions by MITs to other non-residents.
Despite criticism from industry participants that the change will make Australia a less attractive investment destination for foreign investors, Treasurer, Wayne Swan, is adamant that the federal government will not reverse his decision.

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A government spokesman said the 15 percent rate was consistent with other countries - 10 percent in Singapore, 15 percent in Japan, Hong Kong and United States & 20 percent in the UK.
Our thanks to Tom Rado from the ASA for providing the following information.
Most of us receiving a phishing scam email would just delete it, unless we are trapped in believing that it's genuine.
Before deleting them, I usually forward them to ACMA's "Scam-to-Report" and the relevant financial institution to alert them. We are asked to just " Forward " on the emails and don't bother to add any comments; actually they prefer to receive them as is without any additions.
Here are some of the email addresses where to Forward them -
- ACMA "Scam-to-Report" - report@submit.spam.acma.gov.au
- ATO - ReportEmailFraud@ato.gov.au
- ANZ Bank - inetbank@anz.com
- CBA - hoax@cba.com.au
- NAB - spoof@nab.com.au
- Westpac - spoof@westpac.com.au
ACMA, ATO and some of the banks send back an automated thank-you acknowledgement email.
Also, it will be useful to have dedicated emails to ASIC, ACCC and to other financial institutions. Both ASIC & ACCC have dedicated web sites [e.g. http://www.staysmartonline.gov.au/ & http://www.scamwatch.gov.au
] from where it can be reported, but do not seem to have a dedicated email address which would be much simpler to send on fraud offers and phishing. However, the Dept of Broadband, Communication & Digital Economy (DBCDE) has a couple of email addresses - onlinesecurity@dbcde.gov.au
& staysmartonline@dbcde.gov.au
.
There is also a US reporting body - reportphishing@apwg.org
It's operated by APWG " Anti Phishing Working Group " - http://www.antiphishing.org/ ; its object is "Unifying the Global
Response to Cybercrime".
Ltd
ASIC release 12-95MR has urged consumers to be wary of an unlicensed financial services business purporting to be based on the Gold Coast offering investors returns of up to 50%.
The investment offer involved investors receiving unsolicited telephone calls from persons purportedly representing
Dellingworth Pty Ltd offering the opportunity to invest in Australian shares traded by Dellingworth on the investors’ behalf with potential earnings of between 23% and 49% per annum.
Investors were asked to take part in a 7-day, no obligation, free trial with an investment of $1,500. Investors who accepted the offer were instructed to deposit their funds into a bank account in the name of Dellingworth Contract and were provided a user name and password which gave them access to their investment account on Dellingworth’s website.
Dellingworth does not hold an Australian financial services (AFS) licence. The addresses of Dellingworth’s registered office, its principal place of business and the residential address of the sole director and shareholder are false. Further, identification documents, presented by the sole director when Dellingworth’s bank account was opened, are also false.
Dellingworth’s website is no longer accessible and calls to its 1300 telephone number are no longer answered.
Treasury has released two new exposure drafts on the FOFA reforms.
The exposure drafts “FOFA regulations on grandfathering” and “First package of FOFA regulations” were released on 23
May 2012.
The deadline for industry consultation for both exposure drafts is 5 June 2012.
FOFA will commence on 1 July 2012 as planned however, the mandatory compliance date has been extended to 1 July 2013, allowing for a 12 month transition period.
ASIC has announced that it plans to release its consultation papers to the market place before 1 July 2012, with final guidance set for September this year.
On 23 May 2012, the Attorney-General introduced the Privacy Amendment (Enhancing Privacy Protection) Bill 2012 into
Parliament.
The Bill will establish a single, national set of Australian Privacy Principles (APPs) applying to both Commonwealth agencies and private sector organisations (referred to as APP entities), which replace the Information Privacy Principles for the public sector and the National Privacy Principles for the private sector.
Key changes include:
 clearer and tighter regulation of the use of personal information for direct marketing
 extending privacy protections to unsolicited information

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 making it easier for consumers to access and correct information held about them
 tightening the rules on sending personal information outside Australia
 enhancing the powers of the Privacy Commissioner to improve the Commissioner’s ability to resolve complaints, conduct investigations and promote privacy compliance
The government will also modernise credit reporting requirements.
Further information is available from www.ag.gov.au/Privacy/Pages/Privacy-Reforms.aspx
Following significant advocacy from the Not For Profit sector, an industry investigation into the future of cheques in
Australia has found that there is currently no need to consider closing Australia’s cheque system despite its irreversible decline.
However, the report by the Australian Payments Clearing Association (APCA) notes that there is a need to address the challenges presented by persisting cheque usage and proposes a number of measures to assist cheque users to participate in the emerging digital economy.
The report found that cheque usage in Australia, over the past decade, has fallen by more than 60% and 75% of Australians no longer use cheques. The average cost of cheques to the community was estimated at $7.69 per cheque, compared to less than $1.21 for each electronic payment, according to the Reserve Bank.
Full details of the report and recommendations are available at: www.apca.com.au
under “The Decline of Cheques: Building a Bridge to the Digital Economy”.
As outlined in Technical Bulletins P2012/083 (27 February 2012) and P2012/112 (12 March 2012), ASX Settlement has developed new CHESS messages to support the ASX Managed Funds Service.
Details of the new messages are contained in this bulletin and attachment A contains a revised ASX Managed Funds Service
Technical Overview.
Any queries on the Bulletin or Technical Overview should be directed to Arno Boeser at arno.boeser@asx.com.au.
For all of us who are married, were married, wish we were married or wish we weren’t married, this is something to smile about the next time you see a bottle of wine.
Sally was driving home from one of her business trips in Northern Arizona when she saw an elderly Navajo woman walking on the side of the road.
As the trip was a long and quiet one, she stopped the car and asked the Navajo woman if she would like a ride.
With a silent nod of thanks, the woman got into the car.
Resuming the journey, Sally tried in vain to make small talk with the woman.
The old woman just sat silently, looking intently at everything she saw, studying every little detail, until she noticed a brown bag on the seat next to Sally.
“What’s in the bag?” asked the old woman
Sally looked down at the brown bag and said, “It’s a bottle of wine, I got it for my husband.”
The Navajo woman was silent for another moment or two.
Then, speaking with quiet wisdom of an elder, she said, “Good trade...”

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Securities Registrars Association of Australia Inc
ABN 52 057 832 827
Victorian Division
Meetings held at 12:30 pm at: National Australia Bank
6 February 6 August
5 March 3 September
2 April 1 October
7 May 5 November
4 June 3 December
2 July
New South Wales Division
Meetings held at 12:30 pm at: Australian Stock Exchange Ltd
Level 1
6 February
5 March
2 April
6 August
3 September
1 October
20 Bridge Street 7 May 5 November
Sydney 4 June 3 December
2 July
Queensland Division 6 February 6 August
5 March 3 September
2 April 1 October
7 May 5 November
4 June 3 December
2 July
Western Australian Division
Meetings held at 10:30 am 8 February at: Venue to be advised 11 April
13 June
8 August
10 October
12 December
South Australian Division
Meetings held at 12:00 pm
Annual General Meeting – 30 March 2012
Committee of Management Meeting – 30 March 2012
6 February
5 March
2 April
7 May
4 June
2 July
6 August
3 September
1 October
5 November
3 December