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Alerts (542)

26 March 2014

The Regional Planning Interests Act 2014 (Qld) passed the Queensland Parliament on 20 March 2014 and is expected to commence mid year. The Act seeks to manage the impact of resource activities and other 'regulated activities' on areas of regional interest, and to promote the coexistence of resource and regulated activities with other activities, such as agriculture.

24 March 2014

2014 is already shaping up to be a big year in the world of patents. In anticipation of what's to come, we've taken the opportunity to reflect on and examine the trends emerging from 2013, which was also a bumper year for patents in Australia.

21 March 2014

The Ministry of Commerce issued the Guideline on Overseas Intellectual Property Rights for Enterprises for trial implementation on 8 February 2014. The Guideline aims to encourage Chinese enterprises to proactively protect their rights by providing greater protection for Intellectual Property Rights for overseas investments, and through mechanisms designed to promptly resolve IP disputes.

20 March 2014

The Queensland Parliament's consideration of the Regional Planning Interests Bill has progressed. Today the government released an Exposure Draft of the Regulation to accompany the Bill, as well as the government's response to a Parliamentary Committee's report on the Bill.

17 March 2014

The government has released a consultation paper on a proposed Exploration Development Incentive allowing junior exploration companies to renounce their exploration losses and 'distribute' this 'benefit' to their members in the form of a refundable tax offset - an Exploration Credit. The Incentive is intended to apply to expenditure made after 1 July 2014.

14 March 2014

The federal government has released exposure draft legislation which restates the 'in Australia' special condition. This special condition must be met by entities accessing tax concessions such as income tax exemption and by entities which have deductible gift recipient status.

6 March 2014

The NSW Supreme Court decision in Video Ezy International Pty Ltd v Sedema Pty Ltd [2014] NSWSC 143 demonstrates that courts are prepared to take a tough line on franchisors, rejecting technical legal arguments about the construction of agreements relating to the franchise relationship.

27 February 2014

The Office of the Australian Information Commissioner has released the final APP Guidelines in time for the start of the new Australian Privacy Principles, which will apply to Commonwealth government agencies and many private organisations from 12 March 2014. We revisit the key issues previously raised in the draft Guidelines and provide an update on how the guidance has changed.

24 February 2014

Last Friday, Justice Logan of the Federal Court handed down the much anticipated decision in Australian Building Systems Pty Ltd v Commissioner of Taxation [2014] FCA 116.

21 February 2014

On 13 February 2014, Justice Davies of the Federal Court of Australia handed down her decision in Australian Securities and Investment Commission v Franklin, in the matter of Walton Construction Pty Ltd (in liq), dismissing an application by ASIC to remove the liquidators of the subject companies because of an apprehension that they may lack independence and impartiality. The decision provides useful guidance for insolvency practitioners in determining whether they satisfy the requirement of independence and impartiality and what needs to be disclosed in a DIRRI.

21 February 2014

Recently the Australian Prudential Regulation Authority (APRA) released a package of governance measures for banks, and general and life insurance companies. The new measures include Prudential Standard CPS 220 Risk Management, which will commence on 1 January 2015.

20 February 2014

The Federal Government has released the final report of the Productivity Commission's inquiry into the National Access Regime in particular Part IIIA of the Competition and Consumer Act 2010. While there are no changes to the regulatory framework or institutional arrangements, the report does recommend a package of reforms designed to ensure the scope of the Regime is confined to those exceptional circumstances.

20 February 2014

The Victorian Government (government) has released its long awaited Unsolicited Proposal Guideline (Guideline). The Guideline provides a framework for the government's assessment and implementation of infrastructure proposals that originate directly from the private sector.

18 February 2014

The Australian Law Reform Commission (ALRC) Final Report into Copyright and the Digital Economy (Final Report) is now publicly available, having been tabled in Parliament on 13 February 2014. The report was finalised after receiving more than 1,000 submissions and undertaking more than 100 consultations with stakeholders.

13 February 2014

In the recent decision of Bondi Beachside Pty Ltd v Chief Commissioner of State Revenue [2014] NSWCA 6 the New South Wales Supreme Court of Appeal has allowed the taxpayer's appeal against the earlier decision which in part affirmed a mortgage duty assessment issued under the Duties Act 1997 (NSW). If you have paid duty on the extension of a deferred note purchase financing arrangement, you may be entitled to a refund of the duty.

13 February 2014

A further tranche of tax legislation to exempt 'IMR foreign funds' from Australian income tax has been released for public comment. Once enacted, this legislation will introduce an exemption from Australian tax for 'widely held' foreign funds and their investors. The IMR regime provides greater certainty to IMR foreign funds and investors around their Australian tax position. However, the key to accessing this certainty is in understanding and confirming that the IMR foreign fund is indeed eligible.

6 February 2014

The Minister for Social Services, Kevin Andrews, confirmed that the federal government will move to abolish the Australian Charities and Not-for-profits Commission (ACNC), and replace it with a Centre of Excellence focused on education for not-for-profits, charitable bodies and for the community.

31 January 2014

Details of the federal government's proposed amendments to the Future of Financial Advice (FOFA) regime have come to light with the release of a consultation draft of Bill and Regulations that give effect to the reforms announced on 20 December 2013.

29 January 2014

From January to December 2013, the ATO/Commonwealth achieved an approximately 75% success rate in tax litigation in the Federal Court, Full Federal Court and the High Court of Australia.

24 January 2014

The Department of Finance has released further tranches of draft rules under the Public Governance, Performance and Accountability Act 2013 (PGPA Act) for consultation.  The PGPA Act is due to replace the Financial Management and Accountability Act 1997 and the Commonwealth Authorities and Companies Act 1997 on 1 July 2014.