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On 21 April 2017, the Full Federal Court of Australia handed down its judgment in the landmark transfer pricing dispute between Chevron and the Commissioner of Taxation.
On 28 March 2017, the Australian Government announced its proposals to reform the law relating to insolvent trading, and the right to terminate contracts based on insolvency ('ipso facto clauses').
On 27 March 2017 the Federal Government directed the ACCC to hold an inquiry into the supply of retail electricity in the National Electricity Market. This direction gives the ACCC power to investigate and report on retail electricity prices. We consider below the likely trajectory of the ACCC inquiry based on our experience with similar inquiries in the past.
The Victorian Government has announced that it intends to introduce a suite of initiatives to increase housing affordability and re-balance the market between investors and home buyers.
As has been heavily covered in the financial press, there has been a significant shift in APRA’s position on the relevance of climate change risk to the financial sector.
On 23 February 2017, the State Revenue Legislation Further Amendment Bill 2017 (Bill) was introduced into the New South Wales Parliament. The Bill amends the Duties Act 1997 (Duties Act), the Land Tax Management Act 1956 (LTM Act), and the Payroll Act 2007.
The Retail Leases Amendment (Review) Bill 2016 (NSW) was passed by the NSW Legislative Assembly this week without amendment.
The waiting is over! Both Houses of Parliament have passed the Privacy Amendment (Notifiable Data Breaches) Bill 2016 unamended. The various Committees that reviewed the Bill raised little objection and it has progressed with bi-partisan support.
On 31 January 2017, the Supreme Court of New South Wales handed down judgment in In the matter of OneSteel Manufacturing Pty Limited (administrators appointed). This important decision highlights the severe consequences that may follow from seemingly innocuous mistakes made when registering security interests. The error that gave rise to the proceeding was the use of an Australian Business Number (ABN) instead of an Australian Company Number (ACN) to identify the grantor in the financing statement. The judgment focuses attention on the importance of strictly complying with the registration requirements of the Personal Property Securities Act 2009 (Cth) (PPSA); confirms the constitutional validity of the PPSA vesting provisions; and also illustrates the limits of the Court's powers under the Corporations Act 2001 (Cth) (Corporations Act) to extend the time for making PPSA registrations when the subject security interest has already vested in the grantor under the PPSA.
The Fair Work (Registered Organisations) Amendment Act 2014 (Cth) was passed on 22 November 2016, introducing better governance and financial accountability of registered organisations (both unions and employer groups).
The Federal Court of Australia has handed down a decision that is a salutary reminder to directors that, in any corporate tax planning, it is important not to miss the forest for the trees.
On 17 November 2016, the ATO released a new Taxpayer Alert dealing with trust income reduction arrangements under review by the ATO. The Alert highlights the ATO's increasing concern with some trust arrangements.
The Foreign Investment Review Board has today released a guidance note on the application of the tax conditions to foreign investments.
In this Alert, Sarah Barker (Special Counsel) and Maged Girgis (Partner) discuss a number of notable regulatory investigations in Europe and the United States, and consider what they suggest for the direction of corporate regulation – and litigation – in Australia.
After months of consultation with industry and market participants, on 2 November 2016 ASX released its new listing rules for entities seeking admission to the official list of ASX. The new changes will have the greatest impact on those entities seeking admission to the official list of ASX in the main 'ASX listing category'.
Australia finally looks set to have a new national mandatory notification laws for data breaches. The Privacy Amendment (Notifiable Data Breaches) Bill 2016 was introduced to the House of Representatives by the Federal Attorney-General on 19 October 2016 and read for the second time. Debate is expected to continue today.
The Commonwealth Government has announced a complete overhaul of its student loan scheme for vocational education and training. It has scrapped the 'VET FEE-HELP Scheme' which has been plagued with controversy and intends to replace it with a new scheme named 'VET Student Loans'.
On 24 August 2016, the Chief Commissioner of State Revenue issued Revenue Ruling No. DUT 045 Market Value and GST (Ruling). The Ruling states that the Chief Commissioner does not consider valuations determined on a GST-exclusive basis represent the market value.
The Treasurer Scott Morrison has today released exposure draft legislation as part of the Government's response to the Final Report of the Competition Policy Review from the panel chaired by Prof Ian Harper.
A new Bill was introduced into the Tasmanian House of Assembly on 17 August 2016. It proposes to, in respect of indirect acquisitions of land, change from a 'land-rich' model to a 'landholder' model; and provide a statutory regime for stamp duty exemptions for corporate reconstruction and consolidation.