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Offshore banking units paper

Published on 19 Feb 14 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

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:

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

 
Craig Marston CTA
Craig Marston is a Senior Manager with more than a decade of tax experience. Craig recently joined KPMG, after six years with Greenwoods & Herbert Smith Freehills where he advised private and ASX listed companies and trusts on a broad range of income tax issues from the consolidation regime to TOF to general corporate/M&A matters and managing ATO engagements. Craig has worked with several Australian banks and life/funds management groups as well as various listed and foreign private property trusts. Craig has also assisted high net worth individuals and family groups with managing their tax affairs. Current at 13 April 2016 Click here to expand/collapse more articles by Craig MARSTON.

Anthony Frost CTA
Tony is the Managing Director of Greenwoods & Freehills. With more than 25 years experience in tax, Tony has a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters, including innovative financial products, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits and negotiations with the Australian Taxation Office. Tony has also advised clients on various OBU matters over many years, and is part of the consultation group set up by Treasury to discuss changes to the OBU rules announced in the previous government’s 2013-14 Budget. Current at 18 October 2013 Click here to expand/collapse more articles by Tony FROST.

This was presented at 2014 Financial Services Taxation Conference.

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