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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.
The passing of the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 which commences from 12 November 2016 extends unfair contract protections that are currently available to consumers to small business contracts.
On 1 July 2016, the Australian Competition Tribunal granted authorisation to Sea Swift's proposed acquisition of certain shares and assets relating to Toll Marine Logistics' (TML) business in the Northern Territory and Far North Queensland
The Referendum has run and the votes are in. The people of the United Kingdom (UK) have voted to leave the European Union (EU). This decision will have an enormous and reverberating impact on the UK, Europe and the global business environment. There is simply no precedent for a member state leaving the EU, with the exception of Greenland in 1985.
The 2016-17 NSW Budget was handed down yesterday. The key stamp duty outcomes are the confirmed abolition of certain business duties, mortgage duty and marketable securities duty, and the introduction of the 'surcharge purchaser duty' on foreign purchasers like those in Victoria and Queensland.
The Australian Government enacted a Multinational Anti-Avoidance Law in December 2015, and the recent Federal Budget on 3 May 2016 proposed that a Diverted Profits Tax also be enacted. Both provisions impact upon large multinationals and their potential impact should be risk assessed by Boards.
On 12 May 2016, ASX issued a consultation paper which sets out the proposed changes to admission requirements to ensure that the ASX market continues to be a market of quality and integrity and remains internationally competitive. Simultaneously, ASIC has issued its own consultation paper aimed at improving the disclosure of historical financial information in prospectuses.
Shareholder intention statements are an established but complex feature of public M&A transactions. They are typically sought by a bidder and/or target to provide a public indication of support for a 'friendly' control transaction (whether by takeover bid or scheme of arrangement).
On 20 April 2016, the first judgment in Australia to accept what is known as the 'indirect market based theory of causation' was handed down by a single judge of the NSW Supreme Court. The case has important implications for numerous ASX-listed companies, particularly those involved in shareholder class actions, where the issue of how to prove causation has been the subject of significant debate.
On 3 May 2016, the Treasurer Scott Morrison delivered the 2016/17 Federal Budget. On 3 May 2016, the Treasurer Scott Morrison delivered the 2016/17 Federal Budget. The tax announcements in the Budget reflect a continuation of the major themes on taxation from the 2015/16 Budget, focussing on small business as a way to grow the economy, and on multinational tax avoidance.