Why This Matters
If you hold a SIPP, QROPS, or direct investments through the Brite Advisors Platform, this update explains three key developments:
- The Receivers have dramatically increased the Australian tax reserve from AUD $9.7m to AUD $175m.
- Two major Private Binding Rulings (PBRs) processes are now underway with the Australian Tax Office (ATO).
- What you can do now to prepare for trustee changes, distribution timing, and reinvestment, with our team supporting you each step of the way.
Key Points
🟡 Receivers have increased the Australian tax reserve increased from AUD $9.7m to AUD $175m (≈ USD $115m)
🟡 First PBR ruling (Capital Gains Tax) due by 1 November 2025 (~USD $49m exposure)
🟡 Second PBR ruling (Other Australian tax issues) expected by early December 2025 (~USD $66m exposure)
🟡 Federal Court hearing: 13 November 2025, live-streamed via the Federal Court of Australia’s YouTube channel
What Has Changed in the Brite Advisors Receivership
In a significant development, McGrathNicol (Receivers for Brite Advisors Pty Ltd) have confirmed that they will now withhold up to AUD $175 million to cover potential Australian tax liabilities before releasing client assets.
As per the Interim Distribution Application, filed with the court, the Receivers intended to reserve only $9.7 million ($6.4m USD). However, following engagement with the Australian Taxation Office (ATO), they now believe prudence requires setting aside the maximum potential tax exposure until official tax rulings are issued. You will probably have noted that this $175m AUD is the figure they originally planned to keep back, before their update the other week that reflected their decision, at the time, to only retain the most likely tax payment, which is much lower.
This marks a temporary step-back in the Interim Distribution Application filed earlier this month, but ultimately protects client funds from future ATO claims and the repercussions that would cause.
Upcoming ATO Private Binding Rulings (PBRs)
The Receivers have applied for two key Private Binding Rulings with the ATO, which will determine the final tax position.
| Ruling | Type | Potential Tax Exposure | Expected Ruling Date |
| First PBR Application | Capital Gains Tax (2025/26 FY) | ~ AUD $75 m | By 1 Nov 2025 |
| Second PBR Application | Other Australian Tax Matters | ~ AUD $100 m | By 5 Dec 2025 (est.) |
Until these rulings are finalised, the Receivers consider it necessary to retain AUD $175m of client assets.
These dates are both prior to the actual planned distributions, which are, based on current timelines, expected sometime in January, so it is still possible that these two PBR’s are done and dusted, the Receiver's opinion is ratified, and the AUD $175m provision goes back down to AUD $9.7m.
Court Timeline: Federal Court of Australia
🗓 13 November 2025 – 9:00 am AWST / 11:30 am ACDT
📺 Live-streamed on the Federal Court of Australia YouTube channel
Following the hearing, further updates and court submissions are expected later in November, which could finally unlock the next stage of client distributions.
What the Increased Tax Reserve Means for Brite Clients
This higher tax reserve does not mean that your total payout will be lower. Instead, part of your balance will be held temporarily until the ATO rulings confirm the final liability.
This conservative approach technically protects investors, reducing the risk of later disputes or additional tax assessments and/or other issues with the ATO.
Trustee Changes: Why This Is a Strategic Step Now
One of the most important planning steps you can take now is assessing whether your current pension trustee is appropriate, and if a change (or partial change) is advised given the receivership risk, fund flow timing, and your personal reinvestment objectives. The Brite update covered this in detail, and we are expanding on it here:
QROPS Trustee Changes
- For QROPS clients, trustee change is often more flexible.
- Many QROPS wrap vehicles separate from the investment platform, meaning you can change trustees without moving the investment itself.
- Cameron James has successfully transferred QROPS-to-QROPS, including for US-resident clients, a capability few advisers in this space have publicly exhibited.
SIPP Trustee Changes
- For SIPPs the rules are more restrictive (especially if benefits have been accessed).
- Changing trustees before the interim distribution can make logistics smoother, though each case is unique.
- There are potential workarounds, but these are unwieldy and need to be discussed and planned thoroughly with a regulated financial adviser.
- Cameron James advises fully on the compliance, regulatory and cross-border tax implications, with the help of independent tax advisers, of such moves.
Why Consider a Trustee Change Before the Interim Distribution
✔ Avoid delays by appointing a Court-approved trustee
✔ Improve clarity and independent oversight on your reinvestment strategy.
✔ Reduce latency between interim payout and reinvestment.✔ Ensure compliance for US residents, EU nationals, or other Non-UK Tax Residents under cross-border rules.
How Cameron James Is Supporting Brite Clients
At Cameron James, our advisers have been at the forefront of helping Brite clients since day one of the receivership.
We’ve already guided dozens of investors through trustee reviews, documentation preparation, and cross-border reinvestment planning.
We help clients to:
✅ Review financial situations and provide holistic financial planning
✅ Review Brite entitlements and estimate interim payout amounts
✅ Prepare and submit trustee-change documentation, where appropriate
✅ Liaise directly with McGrathNicol or new trustees to confirm payment details
✅ Prepare reinvestment plans on FCA-regulated, fee-only platforms (where possible), (e.g. Novia Global)We operate transparently: no hidden commissions, no product bias, and full regulatory oversight.
Reclaim Control Over Your Pension
If your pension remains tied up in the Brite Advisors Receivership, preparation is key.
By reviewing your trustee structure and reinvestment strategy now, you can ensure your funds move swiftly once distributions resume.
“The next few months are critical. The ATO’s rulings, court hearings, and trustee approvals will determine how quickly clients receive their funds.
Our advice remains the same: stay informed, stay calm and logical, and prepare now, rather than waiting for distributions to begin.
At Cameron James, we’re working closely with clients across the UK, US, EU, and beyond to ensure they’re fully positioned for the interim distribution and the stages ahead. If you’d like to turn uncertainty into clarity and take back control of your Brite assets, we’re here to help.”
— Jonathan Laws, Senior Adviser at Cameron JamesTake the next step today:
👉 Book Your Free Consultation
FAQs: Common Client Questions
Q1: How much will I receive in the interim distribution?
A: Right now, there is too much up in the air with the tax rulings and future changes on amounts withheld to accurately predict that, not to mention that each case varies based on asset value, tax/resolution status, prior withdrawals and platform/tax issues.
Q2: Do I need to change my trustee?
A: No, but changing trustees may reduce risk, simplify the payout process and improve reinvestment options. We strongly recommend reviewing your current trustee’s suitability, even if you are completely happy, as then it could at least be an extra seal of approval if your current trustee is also one we advise you to stay with, at least for the time being.
Q3: Will the tax piece delay the payout?
A: Possibly. The greater the tax reserve the Receivers must hold, the larger the Non-Distributable Amount, and the longer some funds may be held back. However, with PBR’s in November and December, the tax situation could be resolved prior to the Interim Distribution.
Q4: Can a US resident change trustee for their QROPS/SIPP?
A: Yes, though it’s complex. Cameron James is one of the few advisers with experience and authorisation from QROPS Trustees to facilitate QROPS-to-QROPS transfers for US residents.
Q5: When should I speak with an adviser?
A: Now, ideally before the Payment Orders filing deadline of 18 December 2025.
Disclaimer: This communication is not intended for or directed to U.S.-connected persons. This communication should not be re-distributed or re-published without consent from Cameron James. Some of the content in this communication was provided by third parties of Cameron James. We have not independently verified every detail but believe the information to be reliable. None of this content should be construed as investment, legal, accounting, or tax advice.
Tax laws are complex and vary by individual. You should always seek advice from a qualified tax professional regarding your specific circumstances.