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**UNITED STATES****SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM 10-K**

 

| (MARK ONE)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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| [x]               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT                   OF 1934                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| For the fiscal period ended June 30, 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       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| OR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            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| [ ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF 1934 [NO FEE REQUIRED]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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| Commission file number**:**  333-118765                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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| **Securitisation Advisory Services Pty. Limited**In its capacity as manager of the Medallion Trust Series 2005-2G ABN 88 064 133 946 (Exact name of Registrant as specified in its charter)

Australian Capital Territory, Commonwealth of Australia(State or Other Jurisdiction of Incorporation)

Level 6, 48 Martin Place, Sydney, 2000 Australia (Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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| **I.R.S. Employment identification No.N/A**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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**Registrant's telephone, including area code:(011) 612-9378-5293**

 
**Securities registered or to be registered pursuant to Section 12(b) of the Act:***None*

 
**Securities required to be registered pursuant to Section 12(g) of the Act:***None*

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the last 90 days.

Yes [x]          No  [ ]
 
The information required for some items in Form 10-K is "not applicable" to the Trust or the Trust Manager.  As used in this Annual Report filed on Form 10-K, "not applicable" or "Not Applicable" means that the response tothe referenced item is omitted in reliance on the procedures outlined in the numerous no-action letters issued by the Commission's staff with respect to substantially similar certificates and trusts that filed annual reports on Form 10-K.

**TABLE OF CONTENTS**

**Part I**

 

Item 1.   Business

 1

Item 2.   Property

 1

Item 3.   Legal Proceedings

 1

Item 4.   Submission of Matters to a Vote ofSecurity Holders

 1
  
**Part II**

 

Item 5.   Market for Registrant's Common Equity andRelated Stockholder Matters

 2

Item 6.     Financial Data

 2

Item 7.   Management's Discussion and Analysis of FinancialCondition and Results of Operation

 2

Item 7A.   Quantitative and Qualitative DisclosuresAbout Market Risk

 3

Item 8.   Financial Statements and SupplementaryData

 3

Item 9.   Changes in and Disagreements With Accountants onAccounting and Financial Disclosure

 4
  
**Part III**

 

Item 10.   Directors and Executive Officers of theRegistrant

 4

Item 11.   Executive Compensation

 4

Item 12.   Security Ownership of Certain BeneficialOwners and Management

 4

Item 13.   Certain Relationships and RelatedTransactions

 5
  
**Part IV**

 

Item 14.   Exhibits, Financial Statement Schedulesand Reports on From 8-K

ii

 5

**PART I**

Item 1.       **BUSINESS**

This Annual Report on Form 10-K relates to the Medallion Trust Series 2005-2G (the "Trust") and the Class A Mortgage-Backed Floating Rate Notes (the "Class A Notes) issued pursuant to the Offshore Note Trust Deed dated as of May 4, 2005(the "Offshore Note Trust Deed"), between Perpetual Trustee Company Limited, as Issuer Trustee (the "Issuer Trustee"); Securitisation Advisory Services Pty. Limited, as Manager (the "Manager"); and The Bank of New York, New YorkBranch as initial Offshore Note Trustee (the "Offshore Note Trustee").  Capitalized terms used in this Form 10-K and not defined have the same meanings given to them in the Prospectus related to the Class A Notes.

The only business of the Trust isthe collection and distribution of payments on the residential mortgage loans inthe manner described in the Registration Statement on Form S-3 (File No.333-118765) (the "Registration Statement").  Accordingly, there is norelevant information to report in response to Item 101 of Regulation S-K.

Item 2.       **PROPERTY**

The Registrant and the Trust do nothave any physical properties.  Information regarding the mortgage loans canbe found in the quarterly servicing reports issued in respect of the Trust. Nosuch quarterly servicing reports were issued in the fiscal year ended June 30,2005.

Item 3.       **LEGAL PROCEEDINGS**

The Manager knows of no materiallegal proceedings involving any of the Trust, the Manager or the Issuer Trusteewhich were pending as of June 30, 2005, or as of the date of this report.

Item 4**.       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

No votes or consents of Noteholders were solicited during the fiscal year for any purpose.

**PART II**

Item 5.        **MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED                   STOCKHOLDER MATTERS**

The Class A Note not traded on anynationally recognized exchange in the United States. 

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The Notes are currently represented by certificates registered in the name of Cede & Co., as nominee of The Depository Trust Company in the case of the Class A Notes, or a common depository for and on behalf of Clearstream, Luxembourg and Euroclear.Accordingly, Cede & Co. is the sole holder of record of the Notes, which it held on behalf of approximately 25 brokers, dealers, banks and other direct participants in the DTC, Clearstream and Euroclear systems.

Since the Trust pays no dividendswith respect to the Class A Notes, the information required by Item 201(c) ofRegulation S-K regarding dividends is inapplicable to the Trust. 

 Item 6.       **SELECTED FINANCIAL DATA**

The regular quarterly servicing report, which is required to be included with each quarterly distribution of the Trust's assets to Noteholders, sets forth for the prior quarter, as well as cumulatively, all of therelevant financial information required by the Offshore Note Trust Deed to be reported to Noteholders.

No such quarterly servicing reportswere issued in the fiscal year ended June 30, 2005.

The foregoing presents all relevantfinancial information relating to the Trust.  Because of the limitedbusiness activity of the Trust, the Selected Financial Data in Item 301 ofRegulation S-K would not provide any meaningful additional information.

 Item 7.    **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL**               **CONDITION AND RESULTS OF OPERATIONS**

Because of the limited businessactivity of the Trust, the presentation of Management's Discussion and Analysisof Financial Condition and Results of Operations, as otherwise would be requiredby Item 303 of Regulation S-K, would not be meaningful.  All relevantinformation is contained in the quarterly servicing reports (filed under CurrentReports on Form 8-K) as described above.

Item 7A.    **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Currency Exchange Control Risk**

Interest and principal payments to holders of Class A Notes are paid in United States dollars ("U.S. dollars").  However, payments on the housing loans are received by the Issuer Trustee in Australian dollars, in Australia (the"collections").  Pursuant to certain swap agreements (the "Swap Agreements"), the Issuer Trustee is required to pay a portion of the collections to a certain swap counterparty (the "Currency Swap Provider"), who in turn pays("Swap Currency Exchange"), at the direction of the Issuer Trustee, U.S. dollars to the Noteholders, (the "Currency Swap").  It is possible that in the future Australia may impose exchange controls that affect the availability of Australian dollarpayments for making payments under the Currency Swap.  The holders of the Class A Notes will bear the risk of the imposition

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of foreign exchange controls by the Australian government that impact upon the Issuer Trustee's ability to exchange the collections for U.S. dollars. The Issuer Trustee has no control over such risk, which will generally be affected by economic and political events in Australia.  If the IssuerTrustee does not have sufficient funds to pay the Currency Swap Provider the A$ Class A Interest Amount on a Distribution Date, the Currency Swap Provider willnot be required to make the corresponding US$ payment to the Principal Paying Agent and, after the applicable grace period, the Currency Swap Provider mayterminate the Currency Swaps.  In such event, it is unlikely that the Trust would have sufficient U.S. dollars to make the payments due on the Class ANotes.

Under temporary Australian foreignexchange controls, which may change in the future, payments by an Australianresident to, by order of or on behalf of the following payees may only be madewith Reserve Bank of Australia approval:
**•**the Embassy or Consulate-General of  the Federal Republic of Yugoslavia (Serbia and Montenegro) (in respect of any amount in excess of $100,000);  **•**
the Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie) (in respect of any amount in excess of $100,000);or
  
**•**

certain other persons and entities listed in instruments issued under the Australian Banking (Foreign Exchange) Regulations and published on behalf of the Reserve Bank of Australia in the Commonwealth of Australia Gazette on October 24, 2001; or
  
**•**

certain ministers and senior officials of the government of Zimbabwe as listed in instruments issued under the Australian Banking (Foreign Exchange) Regulations and published on behalf of the Reserve Bank of Australian in the Commonwealth of Australia Gazette onDecember 11, 2002

Additionally, under Part 4 of the Australian Charter of the United Nations Act 1945 and the Australian Charter of United Nations (Terrorism and Dealings with Assets) Regulations 2002 the approval of the Australian Minister for Foreign Affairs, or the Minister'sdelegate, is required with respect to certain payments and actions in relation to an asset proscribed under, or which is owned or controlled directly or indirectly by a person or entity proscribed under those Regulations or is an asset derived or generated from suchassets (proscribed persons presently include, amongst others, the Taliban, Usama bin Laden, a member of the Al-Queda organisation and other persons and entities connected with them).

Under Part 4 of the AustralianCharter of the United Nations Act 1945 and the Iraq (Reconstruction and Repealof Sanctions) Regulations 2003, the approval of the Minister for ForeignAffairs, or the Minister's delegate, is required with respect to certainpayments and actions in relation to certain Iraqi assets, assets acquireddirectly or indirectly by certain Iraqis or assets derived or generated fromsuch assets.

**Currency Exchange Rate Risk**

Interest and principal on the ClassA Notes is payable in U.S. dollars  and the Trust's primary source forfunding its payments on the Class A Notes is its collections on the mortgageloans, which will be collected in Australian dollars.  If the Currency SwapProvider were to fail to perform under the Currency Swap or were to bedischarged from such

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performance because of a default thereunder by the Trust, the Trust might have to exchange its Australian dollars for U.S. dollars at an exchange rate that iscurrently less favorable to the Trust than when the Currency Swap was entered into and might therefore not have sufficient U.S. dollars to make timely payments on the Class A Notes, even though the delinquency and loss experienced on the mortgage loans may beacceptable.

Item 8.       **FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

As discussed above, furnishing the financial information required by Item 8 of Form 10-K would not add any relevant information to that provided by the foregoing statements.  Because the Class A Notes is essentially "pass-through" securities, theTrust will have "income" only in the limited sense of collecting payments on the residential mortgage loans.  The only material items of "expense" for the Trust will be the amounts paid as servicing compensation, other amounts due on theredraw bonds, if any, the amounts due to the redraw facility provider, and potentially certain payments relating to any other credit enhancement facilities.  The quarterly servicing reports (filed under Current Reports on Form 8-K) provide all materialinformation regarding the amounts of the "income" and "expenses" of the Trust.

Item 9.     **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON**               **ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**PART III**

Item 10.     **DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

Since the Trust will not havedirectors or executive officers, this item is not applicable.

Item 11.     **EXECUTIVE COMPENSATION**

Since the Trust will not havedirectors or executive officers, this item is not applicable.

Item 12.     **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

All of the Class A Noteholders maintained their security positions with the Depository Trust Company.  While some of the Noteholders' security positions in the Trust may exceed 5% of the outstanding amount of the Class A Notes, such Class A Notes do notconstitute voting securities within the meaning of Item 403 of Regulation S-K.

None of the officers or directorsof the Registrant owns a beneficial interest in the Trust, nor in theRegistrant.

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Item 13.     **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

The Registrant received Manager's Feepayments from the Trust in accordance with the terms of the Offshore Note TrustDeed and Series Supplement.

**PART IV**

Item 14.    **EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON**                **FORM 8-K**

(a) (1) and (2):

A copy of the Officer's Certificateof Compliance is attached hereto as Exhibit No. 99.2.  A Custodial ServicesAudit Report is not included due to the first audit date being post September2005.

(a) (3)  EXHIBITS:

**Designation**

**Description**

**Method of Filing**

Exhibit 99.2

Officer's Certificate of Compliance

99.2

Exhibit 99.3

Independent Auditor's Annual Servicer's Compliance Certificate

99.3

Exhibit 31.1

Section 302 Certification

31.1

Exhibit 99.4

Servicers Certificate of Compliance

99.4

**(b)**  **Form 8-K provides the statement for quarterly distribution to Noteholders. There has been no distribution in the last fiscal year, therefore, no report on Form 8-K has been filed during the last fiscal year covered by this Report.**

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant certifies that it meets all of the requirements for this report to be signed by on its behalf by the undersigned, thereunto duly authorized.
SECURITISATION ADVISORY SERVICES PTY. LIMITED  /s/ Leanne LeongName:  Leanne Leong        Title:  Authorized Officer 
 

Date: September 20, 2005

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Pursuant to the requirements of theSecurities Exchange Act of 1934, this report has been signed below by thefollowing persons on behalf of the Registrant and in the capacities and on thedates indicated.
  Date: September 12, 2005 /s/  Geoffrey Michael Steel Name:  Geoffrey Michael Steel Title:  Principal Executive Officer, Principal      Financial Officer and Principal Accounting Officer    Date: September 20, 2005 /s/  Marten Touw Name:   Marten Touw Title:   Director    Date: September 12, 2005 /s/  Geoffrey Michael Steel Name:  Geoffrey Michael Steel Title:  DirectorDate: September 12, 2005 /s/  Craig Anthony Carland Name:   Craig Anthony Carland Title:   Director    Date: September 12, 2005 /s/  Ronald Wayne Hoy Name:  Ronald Wayne Hoy Title:  Director
 

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**INDEX TO EXHIBITS**

 

**Exhibit No.**

**Document Description**

99.2

The Manager Officer's Certificate of Compliance

99.3

Independent Auditor's Annual Servicer's Compliance Certificate

31.1

Section 302 Certification

99.4

Servicers Certificate of Compliance

 

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