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The Australian Energy Market Commission (AEMC) has published a draft proposal to change the rules that govern rebidding in the national electricity market. The proposed amendments would replace the existing rule which requires offers, bids and rebids to be made in good faith, with a new rule that prohibits offers, bids and rebids that are false, misleading or likely to mislead; and require rebids to be made as soon as practicable after a generator or market participant becomes aware of the change in material conditions or circumstances that has prompted the rebid.
Does the decision in Caason Investments Pty Ltd & Anor v Simon Cao & Others (Caason) make it the test case in Australian law for market-based causation? Dispute Resolution partners Beverley Newbold and Ross Freeman consider the decision handed down by the Full Federal Court and how it opens the door to the adoption of market-based causation in Australia.
Recent amendments to extend the profits tax exemption for offshore funds to private equity funds is a proactive move by the Hong Kong Government to encourage private equity fund managers to set up new, and expand existing, businesses in Hong Kong.
Private equity managers can now perform more asset management activities in Hong Kong without the risk of their offshore private equity funds incurring a Hong Kong profits tax liability, although they still need to keep in mind the licensing implications of increasing management activity conducted in Hong Kong.
The interim report on corporate tax avoidance, released on 17 August 2015, made 17 recommendations in relation to evidence of tax avoidance, multilateral efforts to combat avoidance, the potential for unilateral action by Australia and the capacity of Australian Government agencies to collect corporate tax. The final report, which is due on 30 November 2015 will focus on transfer pricing with a secondary focus on excessive debt loading, P.E.s, exemptions from general purpose accounting requirements and the role of private accounting firms in tax avoidance.
The OECD has released a revised discussion draft of BEPS Action 7: Preventing the Artificial Avoidance of permanent establishment Status (Paper), which addresses Action 7 of the OECD's Base Erosion and Profit Shifting (BEPS) Action Plan. In this Alert we highlight the major changes proposed in the Paper, and provide our comment on the potential impact of those changes.
The rules have been released that govern the new Significant Investor Visa (SIV) regime and introduce the Premium Investor Visa (PIV) regime. The new rules came into effect on 1 July 2015.
On 3 April 2015 the OECD issued a public discussion draft, Strengthening CFC Rules (Paper).
Austrade and the Department of Immigration and Border Protection (DIBP) have announced the new framework for complying investments for significant investor visa (SIV) and premium investor visa (PIV) applications to take effect on 1 July 2015.
China's State Council has issued plans for three new Pilot Free Trade Zones in Guangdong, Tianjin and Fujian, and the expansion of its Shanghai Pilot Free Trade Zone. It also updated its foreign investment negative list and announced trial procedures for national security review of foreign investment in all free trade zones. The expansion of China’s free trade zone program is set to advance the country’s financial reform journey and improve its ability to compete with more established rivals in the Asia-Pacific region.
The ASX has amended its Operating Rules to enhance disclosure requirements and facilitate the expansion of non-conventional exchange traded funds (ETFs), such as synthetic products and foreign collective investments, on ASX AQUA. Current and prospective issuers of ETFs and Managed Funds on ASX AQUA need to understand the new requirements and ensure compliance with them.
We consider the key tax issues affecting business announced in the Budget, including further details on major announcements including multinational anti-avoidance provisions and GST on digital products and services.
The State Taxation Acts Amendment Bill 2015 (Bill) was introduced in the Victorian Parliament on Tuesday 5 May 2015 to implement the measures announced in Victoria's 2015/2016 budget for (among other things) new stamp duty and land tax surcharges for foreign purchasers and owners of land in Victoria.
Yesterday, Treasury finally released long awaited Exposure Draft legislation to specifically address the taxation treatment of earnout arrangements. While in draft and still subject to consultation (open until 21 May 2015), we now have a clear idea on how a commonly adopted transaction structure will be taxed.
The High Court has granted special leave to appeal the decision in Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq)  FCAFC 133 which held that a liquidator is not required to retain funds from the proceeds of sale of an asset to pay tax before an assessment is issued.
Yesterday the High Court of Australia upheld the decision of the New South Wales Court of Appeal that the Independent Commission Against Corruption (ICAC) does not have power to investigate allegations that Ms Cunneen counselled a person to lie to police. This decision has serious implications for past and future corruption investigations and inquiries.
GST is back on the agenda for the national conversation with the Treasurer confirming at the recent Council on Federal Financial Relations Meeting that GST will be charged on electronic imports into Australia. In this article we look at particular aspects of the approaches taken by South Africa and the EU and consider what lessons their experiences provide for Australia. We also examine whether Australia can impose an electronic services tax on non-residents that have no presence here, and how this could be enforced.
Various clauses of the Code of Banking Practice (Code) have been considered judicially, however, the recent decision of the Supreme Court of Victoria in Commonwealth Bank of Australia v Steven Doggett & Anor  VSC 423, handed down in September 2014, is the first authority to construe clause 25.1 of the Code.
In the last three months, there have been two further Supreme Court decisions. The decisions are likely to have far reaching consequences for lenders.
On 18 March 2015, the Australian Government announced it will support most of the recommendations in the Independent Review Report Robust New Foundations - A Streamlined, Transparent and Responsive System for the 457 Programme. The recommendations are designed to strengthen the integrity of the Subclass 457 visa program while being responsive to the needs of the business community.
The National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) released the new Foreign Investment Industries Guidance Catalogue on March 10, 2015 (“2015 Version”) which will supersede the current 2011 Version from April 10, 2015.
Two recent NSW Court of Appeal decisions highlight that what is an obvious risk under s 5F of the Civil Liability Act 2002 (NSW) is very much in the eye of the beholder.