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Offshore banking units paper


This paper covers:

  • offshore banking in Australia (including legislative responses thereto)
  • overview of the OBU regime
  • how are OBUs currently being used? (Does OBU really stand for only barely usable?)
  • can we compete against Singapore and other financial centres?
  • what reforms will make OBUs more useful and competitive to both Australian and foreign owned institutions?

Author profiles:

Author Photo - Tony FROST
Tony Frost FTIA has been a Director with the Sydney office of Greenwoods & Freehills since 2003. Tony has more than 20 years experience in tax, with a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters, including innovative financial products, structured finance, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits and negotiations with the Australian Taxation Office. Prior to joining the firm in 2003, Tony had been a Tax Partner for seven years with one of the major international accounting firms. Earlier in his career, Tony spent five years with Westpac Banking Corporation. He has over 20 years experience in tax and has advised clients on a wide range of issues, but with an emphasis on financial products and financial institutions. Tony has had significant involvement in the tax reform process via industry and professional bodies. In particular, Tony has written or coordinated many submissions over the last 18 years for the banking industry, including on the TOFA reforms. Tony lectures on the taxation of financial transactions in the Masters of Law course at the University of Sydney and is a regular speaker and writer on this subject for the Taxation Institute and other organisations.
Current at 11 February 2009 Current at 23 February 2009 Click here to expand/collapse more articles by Tony FROST.
Ultan MacDonald
Ultan is the Head of Commonwealth Bank’s Offshore Banking Unit. Ultan has almost 30 years experience in banking and has worked in Dublin, Melbourne, London and Sydney where he gained extensive exposure to the foreign exchange, interest rate and fixed income markets. In more recent years Ultan has used this knowledge of financial markets to develop CBA’s OBU into one of the larger and most diverse OBUs in operation. This hands-on experience in running an OBU has given Ultan particular insights into the practical difficulties faced when applying outmoded legislation to an ever-changing banking and finance environment.
Current at 18 October 2013 Current at 02 March 2014

Current at 30 May 2013 Click here to expand/collapse more articles by Craig MARSTON.


This was presented at 2014 Financial Services Taxation Conference .

Get a 20% discount when you buy all the items from this event.

Individual sessions

FATCA - What is the state of play?

Author(s):  William BROWN

Materials from this session:

Liabilities – A changing world post TOFA

Author(s):  Euan CAMPBELL,  Andrew Hirst

Materials from this session:

Further details about this event:


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