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Australian Legal Update
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The Australian Legal Update explains recent changes to a broad range of Australian laws of particular interest to overseas businesses dealing with Australia.
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The new Australian Labor Government, in its first budget handed down on 13 May 2008, has been credited with presenting a cautious budget designed to control government spending and position Australia to ride out the possible shocks of an unstable world economic climate over the immediate future. |
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The Australian Competition and Consumer Commission (ACCC) has released a draft of its revised merger guidelines which will amend the analytical framework applied by the ACCC when assessing whether a merger (or proposed merger) is likely to substantially lessen competition under section 50 of the Trade Practices Act 1974 (Cth). |
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In an effort to increase the opportunities for retail investors to participate in fundraising offers, the Australian Securities and Investments Commission issued Class Order 08/35 which ensures that non-traditional rights issue structures are covered by the existing prospectus and product disclosure statement exemption for rights issues. |
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Mark Birrell, Special Counsel and leader of Minter Ellison's National Infrastructure Industry Group, has been appointed to the new Australian Government's inaugural Infrastructure Australia Board. |
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Click here to print out all of the articles in this edition
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Previous issues:
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The Corporate and Finance teams continue to be busy providing English and Australian law advice to clients in Europe, Australia and Asia. |
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Recent reforms to Australian capital gains tax provisions change the interests that are regarded as having a source in Australia for non-resident taxation purposes. A non-resident is generally subject to Australian income tax only on income arising from sources in Australia. |
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The Australian government is considering whether to restrict the range of debt interests that qualify for the Interest Withholding Tax exemption, under the public offer test, to debentures, non-equity shares that are debt interests, and a debt interest that is prescribed by regulation. |
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Under ASIC's policy statement (PS 188) an invitation to vote on a scheme of arrangement which involves an issue of securities (including a foreign scheme of arrangement) amounts to an 'offer' and as such, requires prospectus disclosure, unless an exemption applies. ASIC has also released for public comment a policy proposal which will have the effect of relieving foreign takeovers, involving the issue of securities, from Australia’s disclosure (prospectus) obligations. |
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Foreign investors in Australia should be aware of recent regulations which have raised the examination thresholds under the country's Foreign Acquisitions and Takeovers Act 1975. |
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| The exemption for public offers of debt interests has been extended, and a draft ruling impacting Australian borrowers and US and UK lenders has become final. |
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