Minter Ellison Publications

Minter Ellison Alert | Options paper released on Queensland retail shop leasing legislation

Thu, 23 May 2013 01:08:50 GMT

Yesterday the Queensland Department of Justice and Attorney-General released an options paper in connection with the government's statutory review of the Retail Shop Leases Act 1994 (Qld). The options paper is the latest step in an ongoing consultation process, originally commenced by the previous government.

Minter Ellison Alert | Enhanced risk management requirements for APRA-regulated institutions

Wed, 22 May 2013 14:00:00 GMT

On 9 May 2013 the Australian Prudential Regulation Authority released draft Prudential Standard CPS 220 – Risk Management, draft updated Prudential Standard CPS 510 – Governance and accompanying Discussion Paper – Harmonising Cross-Industry Risk Management Requirements, for public consultation. The standards affect ADIs and life and general insurers. APRA has proposed the cross-industry standards as part of its broader harmonisation and consolidation process, which has already seen the implementation of harmonised prudential standards on outsourcing, business continuity management, governance and fitness and propriety. However, in addition to harmonisation, the standards also include significant new risk management governance requirements.

Minter Ellison Alert | New rules for foreign debt in China

Tue, 21 May 2013 22:59:26 GMT

On 28 April 2013, the State Administration of Foreign Exchange in China together with its local counterparts, issued the Measures for Administration of Foreign Debt and the Operating Guidelines for Administration of Foreign Debt Registration. The Measures and Guidelines are designed to simplify approval processes for and strengthen monitoring of foreign debts in China.

Minter Ellison Alert | Good as Gold: Valuing land interests of mining operations and stamp duty

Mon, 20 May 2013 05:19:21 GMT

Although not involving stamp duty, the recent case of Resource Capital Fund III LP v Commissioner of Taxation [2013] FCA 363 is a good reminder that the proper valuation of land interests held by mining entities is an important exercise in correctly determining the amount of any landholder or land rich duty payable on acquisitions of interests in the entity. The case also provides some guidance regarding the proper valuation of mining information.

Minter Ellison Alert | Minister releases Wein report into the Franchise Code of Conduct

Fri, 17 May 2013 04:38:52 GMT

Today the Minister for Small Business, Gary Gray, released a report into the efficacy of the Franchising Code of Conduct by Mr Alan Wein. The federal government commissioned the report as part of a commitment made earlier this year to undertake a review of amendments made to the Code in 2008 and 2010. On the whole, the report recommends a series of sweeping amendments to the current franchise regulatory framework.

Minter Ellison Alert | Duties of officials under the Public Governance, Performance and Accountability Bill 2013

Fri, 17 May 2013 00:20:19 GMT

The Public Governance, Performance and Accountability Bill 2013 (Cth) was introduced earlier today into Parliament. If passed, the Bill will replace both the Financial Management and Accountability Act 1997 (Cth) and the Commonwealth Authorities and Companies Act 1997 (Cth).

Minter Ellison Alert | Modernising the timetable for rights issues: Exposure Draft of ASX Listing Rule Amendments

Tue, 14 May 2013 03:09:25 GMT

On 6 May 2013, the Australian Securities Exchange issued proposed amendments to the Listing Rules to facilitate rights issues. The Exposure Draft includes amendments to shorten the timetables for entitlement offers and to reduce the number of circumstances in which issuers would need to apply to the ASX for waivers. The amendments intend to facilitate capital raisings by addressing recent market developments and regulatory innovations.

Minter Ellison Alert | A vexed question - does section 54 of the Insurance Contracts Act apply?

Tue, 14 May 2013 00:48:56 GMT

In Matthew Maxwell v Highway Hauliers Pty Ltd [2013] WASCA 115 delivered on 6 May 2013, the Western Australian Court of Appeal considered the appropriate statutory construction of s54(1) of the Insurance Contracts Act 1984 and arrived at a different result to the Queensland Court of Appeal when applying it to a similar scenario. The Western Australian Court of Appeal took a broader view of the nature and type of insurance in issue.

Minter Ellison Alert | Update on portfolio holdings disclosure requirements for parties investing or holding superannuation monies

Fri, 10 May 2013 04:57:02 GMT

As part of the federal government's 'Stronger Super' package of reforms, new portfolio holdings disclosure obligations will be imposed on trustees of registrable superannuation entities (RSEs). The federal government has now released draft regulations which set out the manner in which portfolio holdings will need to be disclosed.

HR&IR Update | "Keeping the Fair Work Framework and improving it": The Coalition announces its IR Policy

Fri, 10 May 2013 01:47:31 GMT

Yesterday, the Federal Opposition Leader, Tony Abbott, announced the Coalition Industrial Relations Policy – releasing a formal policy document entitled The Coalition's Policy to Improve the Fair Work Laws.

Higher Education Focus

Tue, 07 May 2013 23:18:11 GMT

In this edition of Higher Education Focus we look at:

Minter Ellison Alert | Repeal of the Queensland Gas Electricity Certificate Scheme

Mon, 06 May 2013 14:00:00 GMT

On 1 May 2013 the Queensland government announced the details for the repeal of the gas electricity certificate (GEC) scheme, and published draft legislation to make 2013 the last liability year of the scheme. Any GECs must be created prior to 30 April 2014.

Minter Ellison Alert – Potential developments for compensation and compliance regulations

Fri, 03 May 2013 05:51:59 GMT

On 26 April 2013 Treasury released the Government response to the Parliamentary Joint Committee on Corporations and Financial Services report on the collapse of Trio Capital and to the Richard St. John report on Compensation arrangements for consumers of financial services. Although preliminary, the response gives a clear signal to industry regarding the shape of future developments in financial services regulation.

Minter Ellison Alert | Levy rates set for new Victorian Fire Services Property Levy

Fri, 03 May 2013 01:29:55 GMT

Yesterday the Victorian government set the levy rates for the new Fire Services Property Levy which is payable from 1 July 2013. The new Fire Services Property Levy, created by the Fire Services Property Levy Act 2012 (VIC), replaces the current levy imposed upon insurers. The new levy will be payable by Victorian landowners, tenants of crown land, and licensees of crown land who have an option to purchase.

Privacy Update

Mon, 29 Apr 2013 06:38:46 GMT

In this edition of the Privacy Update we look at:

Minter Ellison Alert | NSW standard form of retirement village contract released today

Fri, 26 Apr 2013 01:50:42 GMT

The New South Wales Government released today a regulation which prescribes the use of a standard form of retirement village contract, a general inquiry document and a revised disclosure statement. Use of these new documents is mandatory from 1 October 2013.

Minter Ellison Alert | Legislation proposed to provide a tax loss incentive for nationally significant designated infrastructure projects

Fri, 26 Apr 2013 01:09:17 GMT

On 18 April 2013, Treasury issued exposure draft legislation, an explanatory memorandum and draft designation rules to provide a tax loss incentive for nationally significant designated infrastructure projects. To access the tax loss incentive the project vehicle must meet certain requirements to be a designated infrastructure project entity, and the project must be determined a designated infrastructure project by the Infrastructure Coordinator.

Minter Ellison Alert | Draft legislation proposing definitions of 'charity' and 'charitable purpose' may impact organisations endorsed as charities

Tue, 23 Apr 2013 06:06:10 GMT

The proposed statutory codification of the definition of 'charity' and the inclusion of a statutory 'public benefit' test may impact professional organisations currently endorsed as charities. Clients within these entities should consider their current constitutional documents in light of the proposed changes.