This is a copy of my “SMSF and other Trusts” seminar that I presented to the Australian Institute of Conveyancers’ members 3 times this year; being at Perth, Bunbury and mostly recently in Geraldton. Appreciably these slides only cover some of the trusts and compliance issues that we discussed in detail during these seminars and that pertain to Conveyancers/ affect settlement transactions. The key are covered are: Self-Managed Superannuation Funds, Limited Recourse Borrowing, Bare and Custodian trusts, Family Trusts’ real property transfers into SMSFs and vestings, Special Disability Trusts plus a myriad of other practical and commercial issues.
The document discusses different types of sukuk (Islamic bonds), including istisna'a sukuk, salam sukuk, ijarah sukuk, and mudarabah sukuk. Istisna'a sukuk are based on project financing contracts. Salam sukuk involve advanced payment for commodities. Ijarah sukuk are based on lease contracts where sukuk holders own underlying assets. Mudarabah sukuk use profit-sharing contracts.
The document provides an introduction to sukuk, which are Sharia-compliant financial certificates similar to bonds. It defines sukuk and distinguishes them from conventional interest-bearing bonds. Two common types of sukuk are then described in more detail: sukuk al-ijara, where assets are sold and leased back, and sukuk al-mudaraba, which establishes a mudaraba (profit-sharing) partnership. The document also discusses regulation of sukuk and perimeter issues regarding whether they constitute collective investment schemes or debt obligations. It concludes by considering lessons learned from early sukuk structures and expectations for increased standardization and greater use of al-ijara contracts in the future.
This document discusses key aspects of securitization under the SARFAESI Act in India. It defines important terms related to securitization such as originator, obligor, asset reconstruction, and qualified institutional buyer. It describes the steps involved in a securitization transaction, from loan origination to the issuance of asset-backed securities. The advantages of securitization to investors, sellers/originators, and financial markets are provided. Finally, some legal and regulatory issues pertaining to securitization in India are outlined.
This document discusses different types of Sukuk (Islamic bonds), including Istisna'a Sukuk, Salam Sukuk, Ijarah Sukuk, and others. Istisna'a Sukuk are used for project financing, with funds advanced to pay for project costs. Salam Sukuk involve the spot sale of assets for deferred delivery. Ijarah Sukuk are based on the leasing of tangible assets to generate returns for investors. Overall, the document provides an overview of various Sharia-compliant financing structures used in the Islamic capital markets.
The document describes different types of sukuk (Islamic bonds), including istisna'a sukuk (based on project financing contracts), salam sukuk (based on advanced payment for commodities), ijarah sukuk (based on lease contracts), mudarabah sukuk (based on profit-sharing contracts), musharakah sukuk (based on partnership contracts), and murabahah sukuk (based on trade contracts). Each sukuk structure involves an originator establishing a special purpose vehicle that issues certificates to investors based on the underlying sharia-compliant contract, such as leasing an asset to the originator.
Types of Sukuk (Islamic Bond)
Sukuk are among the most recent products that are created using structural application in the Islamic financial markets. In order to design flexible securities that could respond to different financing needs of economic agencies in the capital market on one hand and to comply with Islamic principles and standards on the other hand, Muslim scholars started thinking about designing Islamic financial instruments. To this aim, expansive studies were conducted into Shariah-compliant contracts and their ability to be used as instruments so that to design financial instruments that would be able to replace bonds and preferred stocks, which are mainly based on Riba and loans with interests. Eventually, Sukuk was designed as an alternative investment instrument for securities with fixed returns such as bonds that are Hiram in the holy Shariah of Islam. After the successful implantation of the Riba-free banking, Muslim scholars managed to design different financial instruments based on Sharia rules and the actual needs of the Islamic countries. These instruments could be divided into three categories:
This document summarizes key aspects of SMSF borrowing rules under sections 67(4A), 67A and 67B of the Superannuation Industry Supervision Act. It discusses the changes made by sections 67A and 67B, and compares them to the previous rules under section 67(4A). It also outlines several unresolved issues around concepts like the 'single acquirable asset' and the nature of holding trusts.
The document analyzes whether modern sukuk structures are Shariah compliant. It finds that most sukuk resemble conventional bonds in key ways: distributions are based on interest rates rather than profits; managers promise to loan holders if profits fall below a rate; and managers guarantee to repurchase assets at face value, ensuring return of principal. While incentives can comply with Shariah if based on actual profits, modern sukuk incentives are tied to interest rates. The document concludes most sukuk fail to represent true asset ownership and risk sharing as required by Shariah.
The document discusses different types of sukuk (Islamic bonds), including istisna'a sukuk, salam sukuk, ijarah sukuk, and mudarabah sukuk. Istisna'a sukuk are based on project financing contracts. Salam sukuk involve advanced payment for commodities. Ijarah sukuk are based on lease contracts where sukuk holders own underlying assets. Mudarabah sukuk use profit-sharing contracts.
The document provides an introduction to sukuk, which are Sharia-compliant financial certificates similar to bonds. It defines sukuk and distinguishes them from conventional interest-bearing bonds. Two common types of sukuk are then described in more detail: sukuk al-ijara, where assets are sold and leased back, and sukuk al-mudaraba, which establishes a mudaraba (profit-sharing) partnership. The document also discusses regulation of sukuk and perimeter issues regarding whether they constitute collective investment schemes or debt obligations. It concludes by considering lessons learned from early sukuk structures and expectations for increased standardization and greater use of al-ijara contracts in the future.
This document discusses key aspects of securitization under the SARFAESI Act in India. It defines important terms related to securitization such as originator, obligor, asset reconstruction, and qualified institutional buyer. It describes the steps involved in a securitization transaction, from loan origination to the issuance of asset-backed securities. The advantages of securitization to investors, sellers/originators, and financial markets are provided. Finally, some legal and regulatory issues pertaining to securitization in India are outlined.
This document discusses different types of Sukuk (Islamic bonds), including Istisna'a Sukuk, Salam Sukuk, Ijarah Sukuk, and others. Istisna'a Sukuk are used for project financing, with funds advanced to pay for project costs. Salam Sukuk involve the spot sale of assets for deferred delivery. Ijarah Sukuk are based on the leasing of tangible assets to generate returns for investors. Overall, the document provides an overview of various Sharia-compliant financing structures used in the Islamic capital markets.
The document describes different types of sukuk (Islamic bonds), including istisna'a sukuk (based on project financing contracts), salam sukuk (based on advanced payment for commodities), ijarah sukuk (based on lease contracts), mudarabah sukuk (based on profit-sharing contracts), musharakah sukuk (based on partnership contracts), and murabahah sukuk (based on trade contracts). Each sukuk structure involves an originator establishing a special purpose vehicle that issues certificates to investors based on the underlying sharia-compliant contract, such as leasing an asset to the originator.
Types of Sukuk (Islamic Bond)
Sukuk are among the most recent products that are created using structural application in the Islamic financial markets. In order to design flexible securities that could respond to different financing needs of economic agencies in the capital market on one hand and to comply with Islamic principles and standards on the other hand, Muslim scholars started thinking about designing Islamic financial instruments. To this aim, expansive studies were conducted into Shariah-compliant contracts and their ability to be used as instruments so that to design financial instruments that would be able to replace bonds and preferred stocks, which are mainly based on Riba and loans with interests. Eventually, Sukuk was designed as an alternative investment instrument for securities with fixed returns such as bonds that are Hiram in the holy Shariah of Islam. After the successful implantation of the Riba-free banking, Muslim scholars managed to design different financial instruments based on Sharia rules and the actual needs of the Islamic countries. These instruments could be divided into three categories:
This document summarizes key aspects of SMSF borrowing rules under sections 67(4A), 67A and 67B of the Superannuation Industry Supervision Act. It discusses the changes made by sections 67A and 67B, and compares them to the previous rules under section 67(4A). It also outlines several unresolved issues around concepts like the 'single acquirable asset' and the nature of holding trusts.
The document analyzes whether modern sukuk structures are Shariah compliant. It finds that most sukuk resemble conventional bonds in key ways: distributions are based on interest rates rather than profits; managers promise to loan holders if profits fall below a rate; and managers guarantee to repurchase assets at face value, ensuring return of principal. While incentives can comply with Shariah if based on actual profits, modern sukuk incentives are tied to interest rates. The document concludes most sukuk fail to represent true asset ownership and risk sharing as required by Shariah.
This document provides an overview of Sukuk, which are Islamic investment certificates that represent ownership in an underlying asset. Sukuk offer risk diversification for investors and are asset-backed, tradable, and Sharia-compliant. The document discusses various Sharia contracts that can underlie Sukuk structures, including Murabahah, Ijarah, Mudarabah, and Musharakah. It also compares key differences between Sukuk and conventional bonds, such as Sukuk representing ownership in an asset while bonds represent debt. The document outlines reasons for issuing Sukuk, including raising funds for projects in a Sharia-compliant way and tapping both Islamic and conventional investor bases.
This document discusses the application of Musharakah and Mudarabah contracts in Islamic finance and banking. It defines Musharakah as a partnership contract where both parties contribute capital to a project and share profits, while losses are based on capital contributions. Musharakah can be used in trade financing, project financing, syndicated assets, stocks, and securitization. Mudarabah is defined as a contract where one party provides capital and the other provides labor to generate profits, which are shared according to agreement. Mudarabah can be used in deposits, various types of financing, takaful, and sukuk.
This document discusses Islamic bonds (sukuk). It begins by defining sukuk and explaining their historical origins. Sukuk are asset-backed financial certificates that represent ownership in the underlying assets. The document then discusses how sukuk are structured, focusing on the most common types - mudarabah, musharakah and ijarah sukuk. It explains the standards from AAOIFI and the process for structuring each type of sukuk. The document concludes by discussing ratings of Islamic bonds, differentiating between sovereign and corporate ratings and the methodology used.
This document defines and describes Musharakah Sukuk. It begins by defining Sukuk and Musharakah Sukuk. Musharakah Sukuk represent ownership shares in a business venture or project on a profit-and-loss sharing basis. The document then explains the modus operandi of Musharakah Sukuk, including how the funds are used to execute a project and how profits and losses are shared. It also summarizes various fatwas and resolutions issued on Musharakah Sukuk by organizations like AAOIFI.
Collective Investment Schemes (CIS) refer to schemes where money is pooled from investors and managed on their behalf by a third party. The Securities and Exchange Board of India regulates CIS through the CIS Regulations of 1999. To operate a CIS legally in India, an entity must register as a Collective Investment Management Company with SEBI. This involves meeting eligibility criteria like a minimum net worth and having experienced directors. SEBI takes strict action against unregistered entities operating illegal CIS through courts, imposing penalties and prosecuting for offenses. Notable cases include orders to wind up schemes against Alchemist Infra Realty and Maitreya Services.
In light of a lot of news relating to sham entities garnering funds through fraudulent investment schemes with promise of huge returns mainly in the name of property development and agriculture, SEBI has in the last few years, intensified its scrutiny of investment structures that raise domestic capital on an unregulated basis. Securities Appellate Tribunal recently passed an order upholding SEBI’s findings against Alchemist Infra Reality Limited. The SAT order along with recent pronouncement by the Supreme Court have probed unregulated investment arrangements to conclude whether or not they constitute CIS, as Schemes are required to be registered with SEBI in pursuance to Securities And Exchange Board Of India (Collective Investment Schemes) Regulations, 1999
Mudarabah is an Islamic equity-based contract where the rabbul-maal provides capital to the mudarib for a business venture. Profits are shared according to a predetermined ratio, while losses are borne by the rabbul-maal. There are issues with using mudarabah as the basis for deposit instruments or financing facilities, as some structures violate risk-sharing principles. Bay' Bithaman Ajil (BBA) is an Islamic contract where payment for an asset is deferred through installments. It is commonly used for home financing in Malaysia, though some consider it controversial as the profit rate tracks market interest rates. Legal documentation for BBA financing includes sale and purchase agreements and security documents like charges over
The SARFAESI Act allows banks and financial institutions to recover non-performing assets (NPAs) through securitization or asset reconstruction. It established provisions for registration and regulation of securitization companies and asset reconstruction companies. These companies can acquire financial assets from banks, issue security receipts to qualified institutional buyers, and employ measures to resolve NPAs such as debt restructuring, taking possession of collateral, and changing borrower management. However, issues with the SARFAESI Act include a thin investor base limited to qualified buyers and investor appetite focused only on short-term, highly-rated securities.
This document provides information about Sukuk (Islamic bonds), including definitions, the growing market for Sukuk, structures used to issue Sukuk, parties involved, challenges, and case studies of Sukuk related to the construction industry. Some key points:
- Sukuk are the Islamic equivalent of bonds, where investors have ownership of assets to generate returns rather than interest. They are often issued through a special purpose vehicle.
- The market for Sukuk is growing significantly, with estimates of $25 billion outstanding by 2006 and $50 billion by 2008 as Islamic financial institutions seek new investment instruments.
- Common structures for Sukuk issuance include Mudarabah, Murab
The document discusses the history and functions of merchant banking in India. It begins by defining merchant bankers and non-bank financial institutions. It then outlines the origins of merchant banking in London and how merchant bankers helped develop underdeveloped countries and domestic business. Over time, merchant bankers formed associations and began offering more services. The functions of merchant bankers grew to include corporate counseling, project counseling, loan syndication, issue management, and underwriting. Merchant banking gained prominence in India in the 1980s during a boom in new stock issues.
The Presentation is meant for learning purpose where it defines what is Sukuk, Types of Sukuk, Structure of Sukuk, Islamic Mode , Riba, Difference Between Sukuk and Bonds, Islamic structure, Structure Ijarah Murabaha Musharakah Mudarbah Istisna salam Bai Salam
This document outlines the key legal documentation required for different sukuk structures. It discusses the rights represented by different types of sukuk, including rights to underlying assets, cash flows, and undivided interests. It then summarizes the common terms and purpose of key agreements like subscription agreements, trust deeds, and sale/purchase undertakings. Specific sukuk types like ijarah, musharakah and mudaraba are discussed in terms of their required agreements. The document provides a high-level overview of the legal frameworks for structuring different kinds of sharia-compliant sukuk instruments.
This document outlines the checklist and compliance requirements for non-banking financial companies in India as per the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions. It defines key terms related to income recognition, classification of assets, and accounting standards. It also provides guidance on classifying investments as current or long-term and the process for inter-class transfers.
The SARFAESI Act allows secured creditors like banks to enforce security interest for recovery of dues without court intervention. It gives banks the power to take possession of secured assets, sell them, or take over management upon default. The key steps are issuing a 60-day demand notice, taking possession if not paid, appointing an authorized officer, valuating and auctioning the assets. The debtor can raise objections within 15 days of notice or approach DRT within 45 days, otherwise the bank may proceed to sell the assets to recover dues.
Underwriters are intermediaries appointed by issuing companies to subscribe to unsubscribed shares in a public issue. They must be registered with SEBI and meet capital adequacy and experience requirements. Underwriters enter agreements with clients specifying their obligations, commission structure, and timelines for subscribing to unsubscribed shares. They cannot benefit beyond their commission and their maximum obligation is capped at 20 times their net worth.
Explanation of how borrowing works in a SMSF to purchase a propertyBill Rainger
Multiport offers an SMSF gearing package that allows SMSFs to borrow money to purchase residential or commercial property. The package establishes a limited recourse loan structure and security trust to hold the property. It includes all required documentation and ongoing administration and compliance support. Costs range from $3,035 to $3,380 to establish depending on if a new SMSF is set up. Ongoing annual administration starts at $1,850 or daily administration starts at $160 per month. The package simplifies the complex process of an SMSF borrowing to invest in property.
This document defines and explains collective investment schemes (CIS). It begins by defining a CIS according to UK law as an arrangement that enables pooling of investment property and sharing of profits among participating investors who do not have day-to-day control. The document outlines that establishing or operating a CIS requires financial regulatory authorization. It then breaks down the legal definition, discusses exclusions from the definition, and distinguishes between regulated and unregulated CISs. Finally, it summarizes rules around promotion of regulated and unregulated CISs by authorized and unauthorized persons, and notes recent UK financial regulatory developments related to CISs.
This document summarizes the key aspects of mutual fund reorganizations under U.S. tax law. It discusses the general tax rules for reorganizations and the types of reorganizations allowed under Section 368. It then focuses on specific issues like limitations on capital loss carryovers under Sections 381-384 that must be considered to ensure tax-free treatment of the transaction. Examples are provided to illustrate how to calculate limitations on utilization of losses, including limitations related to ownership changes and built-in gains/losses.
Commercial Property Due Diligence - a Lawyer's Practical GuideTom Meagher
In this we cover: Certificates of Title, Restrictions on Sale, Leases, Management & Maintenance, Physical aspects of the Property, Planning, Licensing & Environment and other related due diligence considerations
This document provides an overview of Sukuk, which are Islamic investment certificates that represent ownership in an underlying asset. Sukuk offer risk diversification for investors and are asset-backed, tradable, and Sharia-compliant. The document discusses various Sharia contracts that can underlie Sukuk structures, including Murabahah, Ijarah, Mudarabah, and Musharakah. It also compares key differences between Sukuk and conventional bonds, such as Sukuk representing ownership in an asset while bonds represent debt. The document outlines reasons for issuing Sukuk, including raising funds for projects in a Sharia-compliant way and tapping both Islamic and conventional investor bases.
This document discusses the application of Musharakah and Mudarabah contracts in Islamic finance and banking. It defines Musharakah as a partnership contract where both parties contribute capital to a project and share profits, while losses are based on capital contributions. Musharakah can be used in trade financing, project financing, syndicated assets, stocks, and securitization. Mudarabah is defined as a contract where one party provides capital and the other provides labor to generate profits, which are shared according to agreement. Mudarabah can be used in deposits, various types of financing, takaful, and sukuk.
This document discusses Islamic bonds (sukuk). It begins by defining sukuk and explaining their historical origins. Sukuk are asset-backed financial certificates that represent ownership in the underlying assets. The document then discusses how sukuk are structured, focusing on the most common types - mudarabah, musharakah and ijarah sukuk. It explains the standards from AAOIFI and the process for structuring each type of sukuk. The document concludes by discussing ratings of Islamic bonds, differentiating between sovereign and corporate ratings and the methodology used.
This document defines and describes Musharakah Sukuk. It begins by defining Sukuk and Musharakah Sukuk. Musharakah Sukuk represent ownership shares in a business venture or project on a profit-and-loss sharing basis. The document then explains the modus operandi of Musharakah Sukuk, including how the funds are used to execute a project and how profits and losses are shared. It also summarizes various fatwas and resolutions issued on Musharakah Sukuk by organizations like AAOIFI.
Collective Investment Schemes (CIS) refer to schemes where money is pooled from investors and managed on their behalf by a third party. The Securities and Exchange Board of India regulates CIS through the CIS Regulations of 1999. To operate a CIS legally in India, an entity must register as a Collective Investment Management Company with SEBI. This involves meeting eligibility criteria like a minimum net worth and having experienced directors. SEBI takes strict action against unregistered entities operating illegal CIS through courts, imposing penalties and prosecuting for offenses. Notable cases include orders to wind up schemes against Alchemist Infra Realty and Maitreya Services.
In light of a lot of news relating to sham entities garnering funds through fraudulent investment schemes with promise of huge returns mainly in the name of property development and agriculture, SEBI has in the last few years, intensified its scrutiny of investment structures that raise domestic capital on an unregulated basis. Securities Appellate Tribunal recently passed an order upholding SEBI’s findings against Alchemist Infra Reality Limited. The SAT order along with recent pronouncement by the Supreme Court have probed unregulated investment arrangements to conclude whether or not they constitute CIS, as Schemes are required to be registered with SEBI in pursuance to Securities And Exchange Board Of India (Collective Investment Schemes) Regulations, 1999
Mudarabah is an Islamic equity-based contract where the rabbul-maal provides capital to the mudarib for a business venture. Profits are shared according to a predetermined ratio, while losses are borne by the rabbul-maal. There are issues with using mudarabah as the basis for deposit instruments or financing facilities, as some structures violate risk-sharing principles. Bay' Bithaman Ajil (BBA) is an Islamic contract where payment for an asset is deferred through installments. It is commonly used for home financing in Malaysia, though some consider it controversial as the profit rate tracks market interest rates. Legal documentation for BBA financing includes sale and purchase agreements and security documents like charges over
The SARFAESI Act allows banks and financial institutions to recover non-performing assets (NPAs) through securitization or asset reconstruction. It established provisions for registration and regulation of securitization companies and asset reconstruction companies. These companies can acquire financial assets from banks, issue security receipts to qualified institutional buyers, and employ measures to resolve NPAs such as debt restructuring, taking possession of collateral, and changing borrower management. However, issues with the SARFAESI Act include a thin investor base limited to qualified buyers and investor appetite focused only on short-term, highly-rated securities.
This document provides information about Sukuk (Islamic bonds), including definitions, the growing market for Sukuk, structures used to issue Sukuk, parties involved, challenges, and case studies of Sukuk related to the construction industry. Some key points:
- Sukuk are the Islamic equivalent of bonds, where investors have ownership of assets to generate returns rather than interest. They are often issued through a special purpose vehicle.
- The market for Sukuk is growing significantly, with estimates of $25 billion outstanding by 2006 and $50 billion by 2008 as Islamic financial institutions seek new investment instruments.
- Common structures for Sukuk issuance include Mudarabah, Murab
The document discusses the history and functions of merchant banking in India. It begins by defining merchant bankers and non-bank financial institutions. It then outlines the origins of merchant banking in London and how merchant bankers helped develop underdeveloped countries and domestic business. Over time, merchant bankers formed associations and began offering more services. The functions of merchant bankers grew to include corporate counseling, project counseling, loan syndication, issue management, and underwriting. Merchant banking gained prominence in India in the 1980s during a boom in new stock issues.
The Presentation is meant for learning purpose where it defines what is Sukuk, Types of Sukuk, Structure of Sukuk, Islamic Mode , Riba, Difference Between Sukuk and Bonds, Islamic structure, Structure Ijarah Murabaha Musharakah Mudarbah Istisna salam Bai Salam
This document outlines the key legal documentation required for different sukuk structures. It discusses the rights represented by different types of sukuk, including rights to underlying assets, cash flows, and undivided interests. It then summarizes the common terms and purpose of key agreements like subscription agreements, trust deeds, and sale/purchase undertakings. Specific sukuk types like ijarah, musharakah and mudaraba are discussed in terms of their required agreements. The document provides a high-level overview of the legal frameworks for structuring different kinds of sharia-compliant sukuk instruments.
This document outlines the checklist and compliance requirements for non-banking financial companies in India as per the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions. It defines key terms related to income recognition, classification of assets, and accounting standards. It also provides guidance on classifying investments as current or long-term and the process for inter-class transfers.
The SARFAESI Act allows secured creditors like banks to enforce security interest for recovery of dues without court intervention. It gives banks the power to take possession of secured assets, sell them, or take over management upon default. The key steps are issuing a 60-day demand notice, taking possession if not paid, appointing an authorized officer, valuating and auctioning the assets. The debtor can raise objections within 15 days of notice or approach DRT within 45 days, otherwise the bank may proceed to sell the assets to recover dues.
Underwriters are intermediaries appointed by issuing companies to subscribe to unsubscribed shares in a public issue. They must be registered with SEBI and meet capital adequacy and experience requirements. Underwriters enter agreements with clients specifying their obligations, commission structure, and timelines for subscribing to unsubscribed shares. They cannot benefit beyond their commission and their maximum obligation is capped at 20 times their net worth.
Explanation of how borrowing works in a SMSF to purchase a propertyBill Rainger
Multiport offers an SMSF gearing package that allows SMSFs to borrow money to purchase residential or commercial property. The package establishes a limited recourse loan structure and security trust to hold the property. It includes all required documentation and ongoing administration and compliance support. Costs range from $3,035 to $3,380 to establish depending on if a new SMSF is set up. Ongoing annual administration starts at $1,850 or daily administration starts at $160 per month. The package simplifies the complex process of an SMSF borrowing to invest in property.
This document defines and explains collective investment schemes (CIS). It begins by defining a CIS according to UK law as an arrangement that enables pooling of investment property and sharing of profits among participating investors who do not have day-to-day control. The document outlines that establishing or operating a CIS requires financial regulatory authorization. It then breaks down the legal definition, discusses exclusions from the definition, and distinguishes between regulated and unregulated CISs. Finally, it summarizes rules around promotion of regulated and unregulated CISs by authorized and unauthorized persons, and notes recent UK financial regulatory developments related to CISs.
This document summarizes the key aspects of mutual fund reorganizations under U.S. tax law. It discusses the general tax rules for reorganizations and the types of reorganizations allowed under Section 368. It then focuses on specific issues like limitations on capital loss carryovers under Sections 381-384 that must be considered to ensure tax-free treatment of the transaction. Examples are provided to illustrate how to calculate limitations on utilization of losses, including limitations related to ownership changes and built-in gains/losses.
Commercial Property Due Diligence - a Lawyer's Practical GuideTom Meagher
In this we cover: Certificates of Title, Restrictions on Sale, Leases, Management & Maintenance, Physical aspects of the Property, Planning, Licensing & Environment and other related due diligence considerations
Mutual funds pool money from investors and invest it in a portfolio of securities like stocks, bonds, and other assets. Investors share the income and capital gains or losses proportionate to their investment. Mutual funds offer diversification, professional management, affordability, and liquidity. Some risks include potential underperformance, costs, and taxes on capital gains. In India, the Association of Mutual Funds promotes and protects the interests of mutual funds and investors. Long-term capital gains from mutual funds are tax exempt.
This document provides an overview of mutual funds, including:
1) Mutual funds pool money from investors and invest it in stocks, bonds, and other securities to spread out risk. Profits and losses are shared by investors proportionate to their investment.
2) Mutual funds offer benefits like diversification, professional management, liquidity, and lower costs. They allow small investors access to a wide range of investments.
3) There are different types of mutual fund schemes categorized by their investments, objectives, and other features. Funds invest in stocks, bonds, sectors, indexes, and more.
4) Mutual funds are structured with sponsors, trustees, asset management companies, custodians
This document provides an overview of mutual funds, including their concept, types, advantages, organization, investment strategies, and growth in India. It discusses key mutual fund topics such as open-ended and closed-ended schemes, growth, income, balanced, and money market funds. The document also summarizes the history and growth of the mutual fund industry in India, from its beginnings in 1964 to recent growth and future prospects, with the industry expected to reach $800 billion by 2022 based on past growth rates.
This document provides information about mutual funds including their structure, types, history in India, advantages and disadvantages. It discusses that a mutual fund is a trust that collects money from investors and invests in stocks, bonds, money market instruments and other securities. The document outlines the key entities involved in mutual funds like sponsors, trustees, asset management companies, custodians and various distribution channels. It also summarizes the different types of mutual fund schemes and provides a brief history of mutual funds in India from 1964 to the present.
Presentation On Mutual funds and its typesGurmeet Virk
The document summarizes a seminar presentation on mutual funds and their types. It defines a mutual fund as a trust that pools investor savings and invests in stocks, bonds, and other securities. It outlines the history of mutual funds in India in four phases from 1964 to the present. It also describes the different types of mutual funds based on maturity period (open-ended or closed-ended) and investment objectives (growth, income, balanced, money market, gilt, and index funds). Finally, it lists some major Indian mutual fund companies and the advantages of investing in mutual funds.
Client presentation on the benefits of a SMSF and the process for a SMSF to use the borrowing rules to invest in property. Includes the different ways of getting property into a fund and how to finance them.
The document provides an overview and summary of key legal issues relating to cross-border financing projects in 2017. It discusses updates to Thai law on mortgages, guarantees, business collateral, bankruptcy, and presentations on major legal issues in negotiating cross-border financing contracts regarding governing laws, taxes, and managing disputes. Recommendations are made for effectively structuring deals and resolving disputes involving multiple jurisdictions.
The document discusses the Shariah Compliance Framework established by the State Bank of Pakistan for Islamic banking. It provides an overview of key aspects of the framework, including the roles and responsibilities of Shariah boards, qualifications for their members, and guidelines for Shariah inspection and auditing of Islamic banks. Various Islamic financing modes are also defined, such as Murabaha, Ijara, Istisna, Salam, Mudaraba, and Musharaka. Additional information is provided on Takaful insurance and Islamic agricultural finance guidelines.
Sale of a Business - Legal Risk Factors and Due diligenceTom Meagher
This document summarizes the key risk factors and due diligence considerations for a buyer purchasing a business. It outlines 6 areas for buyers to focus on: 1) Ensuring the sales contract allows for comprehensive due diligence; 2) Documents and warranties to review; 3) Relevant business registers; 4) Factors that could hinder due diligence and settlement; 5) Mitigating risks before and after settlement; 6) Concessional transfer duty rates that may apply in Western Australia. The presentation is delivered by Tom Meagher, a commercial law director at Murfett Legal, to help buyers navigate legal risks when purchasing a business.
The document discusses Islamic financial system and products, specifically the concept of Musharakah.
[1] Musharakah refers to a partnership or joint venture where partners contribute capital to a business venture with the goal of sharing profits according to a predetermined ratio. Losses are shared strictly according to capital contribution.
[2] Diminishing Musharakah is a structure used for asset financing where the bank and customer jointly own the asset, with the customer gradually purchasing the bank's shares over time until full ownership is transferred.
[3] Examples show how Diminishing Musharakah can be structured for financing houses, cars, machinery, and other fixed assets in accordance with Islamic principles of
This document provides information about lending options for self-managed superannuation funds (SMSFs) to purchase investment properties. It outlines that SMSFs can now borrow up to 70% of a property's value for residential properties and 60% for commercial properties. The loans are secured by the property and serviced by rental income, with limited recourse only to the property if the SMSF defaults. Key benefits include accelerating wealth accumulation through gearing and accessing tax benefits. The target market is SMSFs allowed to and wishing to use debt for investments.
This document discusses securitization in South Africa and provides context on key terms and entities involved in the securitization process. It explains that mortgages and other loans are typically originated by banks or other lenders then aggregated and packaged into securities that are sold to investors. Special purpose vehicles are established to purchase the loans and issue asset-backed securities. The process allows originators to sell loans and free up capital to issue more loans while investors receive interests in the cash flows from the underlying loans.
The document discusses the challenges around using trademarks as collateral or for securitization purposes in India. While trademarks are considered valuable intangible assets, the legal framework for using them as security is still lacking clarity. Existing laws allow for security interests in intangible assets but do not provide adequate procedures for valuing trademarks or enforcing security interests if the borrower defaults. Establishing robust valuation mechanisms and amending related laws are needed to facilitate greater use of trademarks as collateral and realize their potential value.
Short-term finance usually refers to additional money needed by a business for periods under one year. Main sources include trade credit, bridge financing from banks, commercial bank loans, commercial paper, and inter-corporate deposits. Venture capital finances new, risky ventures through equity, conditional loans, income notes, or participating debentures. Leasing and hire purchase provide equipment financing by periodic rental payments, with ownership transferring after full payment in hire purchase. Government programs subsidize industries in backward areas and defer or exempt sales taxes to attract businesses.
Trusts are legal arrangements where a trustee holds and manages assets for the benefit of beneficiaries. The key parties are the principal/founder who transfers assets to the trust, the trustee who manages the assets, and the beneficiary who receives benefits from the trust assets. There are different types of trusts including expressed trusts based on a declaration of trust and implied trusts established by law. Trusts can be used for various purposes such as preserving anonymity, joint property ownership, protecting beneficiaries' assets, charitable giving, pensions, and tax avoidance. Modern offshore trusts offer flexibility, tax benefits when the beneficiary resides in the trust registration country, and protections for beneficiaries' interests.
Ijarah is a lease contract that allows the transfer of usufruct or benefit of an asset for an agreed upon rental payment over a specified period of time. There are two main types of ijarah: operating ijarah, which is a basic lease; and financial ijarah (ijarah muntahia bittamleek), where ownership is transferred to the lessee at the end of the lease period. The document outlines various rules and conditions for ijarah contracts including asset identification and ownership, rental determination, risk and responsibilities of lessor and lessee, and termination conditions. It also discusses the accounting treatment and application of ijarah. Diminishing musharakah is described as
Every company needs access to cash to fund its operations. Companies in bankruptcy are no different. But how should a company planning to enter bankruptcy approach this issue if all of its cash is tied up by a secured lender? What will a bankruptcy judge say when the company asks her permission to use cash on terms presented by its lender? How should lenders, debtors, and creditors approach negotiations over the terms of a cash collateral order or debtor-in-possession (DIP) financing agreement? This webinar focuses on answering these questions for advanced business reorganization practitioners and advisors from the perspective of all parties to a negotiation, as well as addressing best practices in drafting, negotiating, and presenting cash collateral and DIP financing orders in complex reorganization proceedings.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/negotiating-and-drafting-cash-collateral-dip-financing-orders-2020/
The document discusses diminishing musharaka as used by Bank Al-Habib for car financing. Some key points:
1. Diminishing musharaka allows for joint ownership between the bank and customer to purchase an asset, with the customer gradually buying out the bank's shares over time until becoming sole owner.
2. For car financing, the bank and customer enter a musharaka agreement to jointly purchase the car, with the bank owning a certain percentage. The bank then rents its share to the customer until it is paid off.
3. The application process involves submitting documents, income verification, property valuation, and signing legal agreements before disbursement and transfer of ownership.
Highlights from the 54th Annual Heckerling Institute on Estate PlanningFulcrum Partners LLC
Fulcrum Partners LLC is one of the largest executive benefits consultancies in the US with 13 nationwide offices and over $7B in assets under management. This document summarizes highlights from the 54th Annual Heckerling Institute on Estate Planning, including legal developments concerning life insurance trusts, considerations for migratory clients, and modern uses of grantor and non-grantor trusts to meet clients' evolving needs.
Ijarah is a lease contract that allows the transfer of ownership of an asset to another party for an agreed upon rental payment over a specified period of time. There are two main types of Ijarah: operating Ijarah, which does not include transfer of asset ownership at the end of the lease, and financial Ijarah (Ijarah Muntahia Bittamleek), where ownership does transfer to the lessee. The basic rules of Ijarah require that the rental amount and lease period be clearly defined upfront. Diminishing Musharakah is a partnership concept where one partner's ownership stake gradually decreases over time as the other partner purchases more shares.
Securitization involves issuing marketable securities backed by expected cash flows from assets like loans. In a typical securitization process, an originator sells assets like loans to a special purpose vehicle (SPV). The SPV issues securities to investors backed by the cash flows from the underlying assets. Various parties are involved including originators, obligors, collection agents, credit enhancers, arrangers, and rating agencies. Securitization provides benefits like more efficient financing, improved balance sheets, and better risk management for originators. Mortgage loans and other predictable cash flow assets can be securitized. A robust financial infrastructure is required to support successful securitization.
Similar to "SMSF and Trusts' Transactions for Real Property Matters" seminar (20)
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
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Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Special Disability TrustsEstablished by parents and immediate family members to plan for the future care and accommodation needs of a person with a severe disability.Special Disability TrustsThe benefits of a Special Disability Trust are:that a gifting concession of up to $500,000 combined is available for eligible family members of the principal beneficiary andthat an assets test assessment exemption of up to $596,500 (indexed each year) is available to the principal beneficiaryTo be eligible to be a principal beneficiary, the disabled person must meet the definition of severe disability
Special Disability TrustsEstablished by parents and immediate family members to plan for the future care and accommodation needs of a person with a severe disability.Special Disability TrustsThe benefits of a Special Disability Trust are:that a gifting concession of up to $500,000 combined is available for eligible family members of the principal beneficiary andthat an assets test assessment exemption of up to $596,500 (indexed each year) is available to the principal beneficiaryTo be eligible to be a principal beneficiary, the disabled person must meet the definition of severe disability
Property meansUnit 44, 33 Bronte Street East Perth Western Australia 6004 to be known as Lot 44 on Strata Plan 60018 and currently being part of Lot 500 on Deposited Plan 56653 being the land comprised in Certficate of Title Volume 2721 Folio 644 and shown for identification purposes only hatched on the plan attached, marked A.See TFH 10981
Special Disability TrustsEstablished by parents and immediate family members to plan for the future care and accommodation needs of a person with a severe disability.Special Disability TrustsThe benefits of a Special Disability Trust are:that a gifting concession of up to $500,000 combined is available for eligible family members of the principal beneficiary andthat an assets test assessment exemption of up to $596,500 (indexed each year) is available to the principal beneficiaryTo be eligible to be a principal beneficiary, the disabled person must meet the definition of severe disability
What is a Special Disability TrustA Special Disability Trust is a trust that can be established during your lifetime or in your Will for the benefit of a person with a “severe disability” (Principal Beneficiary) to pay for:Their reasonable accomodation and care needs; andOther purposes for their benefit as permitted by the relevant legislation.A Special Disability Trust must meet the legislative requirements for the available concessions to apply.
Who is a person with a severe disabililtyA person over 16 who can establish:A level of impairment that meets the criteria for a disability support pension, invalidity service pension or invalidity income support supplement; andA disability that would, if the person had a sole carer, qualify the carer for carer payment or carer allowance, or is living in a state funded accommodation for people with severe disabilities; andThey cannot work for more than seven hours a week in the open labour market due to their disability.A person under 16 who is “profoundly disabled child” under the Social Security Act.
What is a reasonable accommodation and care needs.A Special Disability Trust can only pay for :Reasonable cost of accommodation needs of the Principal Beneficiary;The reasonable care needs that arise our of the disability of the Principal Beneficiary;The Principal Beneficiary’s dental and medical expenses, incl. membership costs for private health funds; andA limited level of discretionary spending not directly related to care and accommodation needs of the Principal Beneficiary . This is capped each financial year. The cap is CPI indexed every 1 July. The cap in the 2012/13 Financial year is $10,500.
Who can contribute to a Special Disability TrustAnyone can give to a SDT. However, the Principal Beneficiary and their partner can only do so if the gift is funded by:Assets the Principal Beneficiary received under a will; or A superannuation death benefit received by the Principal Beneficiary,And the funds are transferred to the trust within 3 years of their receipt by the Principal Beneficiary.Any contribution to the trust must be an unconditional gift.
[3.111.01] Explanatory MemorandumThis clause provides an exemption from duty for a transfer of, or an agreement for the transfer of, dutiable property made to a special disability trust as provided for by section 1209L of the Social Security Act 1991 (Cth) where there is no consideration for the transfer.A special disability trust is one established for a beneficiary that has a disability as a result of which he or she is not working, and has no likelihood of working, for a wage that is at or above the minimum wage, or if the beneficiary is under 16 years of age, has a profound disability. This exemption is a change in policy and is in accord with the recommendation of the State Tax Review.
Special Disability TrustsEstablished by parents and immediate family members to plan for the future care and accommodation needs of a person with a severe disability.Special Disability TrustsThe benefits of a Special Disability Trust are:that a gifting concession of up to $500,000 combined is available for eligible family members of the principal beneficiary andthat an assets test assessment exemption of up to $596,500 (indexed each year) is available to the principal beneficiaryTo be eligible to be a principal beneficiary, the disabled person must meet the definition of severe disability
Special Disability TrustsEstablished by parents and immediate family members to plan for the future care and accommodation needs of a person with a severe disability.Special Disability TrustsThe benefits of a Special Disability Trust are:that a gifting concession of up to $500,000 combined is available for eligible family members of the principal beneficiary andthat an assets test assessment exemption of up to $596,500 (indexed each year) is available to the principal beneficiaryTo be eligible to be a principal beneficiary, the disabled person must meet the definition of severe disability