Bills of lading – Who might you mislead?

In October this year the District Court of New South Wales handed down a judgment in the matter of Australian Capital Financial Management Pty Limited (ACFM) v Freight Solutions (VIC) Pty Limited (Freight Solutions) [2017] NSWDC 279 that provides a clear warning to freight forwarders and all those issuing bills of lading. Freight Solutions (an … Read more

Tax Insight: Draft legislation released on withholding GST on property transactions

On 6 November 2017, Treasury released for public consultation Exposure Draft legislation on a new GST withholding regime. These changes are to implement the announcement in the 2017-18 Federal Budget that purchasers of new residential premises or new residential subdivisions would pay the GST on the purchase price directly to the ATO as part of … Read more

Competition law changes come into force TODAY

Last month two Acts implementing the biggest changes in Australia’s competition laws in over 20 years were passed into law. On Thursday last week a commencement date of 6 November 2017 was proclaimed for these changes.  Most changes are therefore in force TODAY – earlier than was generally expected. From today: The controversial ‘effects test’ … Read more

Australian Government Agencies Privacy Code: your one-page cheat sheet

The Australian Government Agencies Privacy Code was registered on 27 October 2017 and will come into effect next year. It requires agencies to take a range of specific steps to move towards a best practice approach to privacy governance. Click here for a handy one-page summary on what you need to do to prepare.

Internal or external investigation?

The difficult decision of whether to undertake an internal or external investigation Employers regularly deal with allegations of inappropriate or unlawful conduct. Although not all allegations will amount to a breach of the law or be substantiated, it is still important for employers to actively manage any allegations to limit the risk of claims (e.g. … Read more

Federal Treasury’s new proposals: reforms to corporate misconduct penalties, the regulatory sandbox and whistleblower protection

The Australian Government Treasury department (Treasury) has commenced consultation on a number of new proposals which will have significant implications for financial institutions and other corporations. Treasury has last week released draft legislation and position papers in respect of the following: ASIC Enforcement Review (Enforcement Paper) – which proposes to strengthen corporate and financial misconduct … Read more

Tax Insight: Foreign equity distributions to Australian companies via partnerships & trusts

The Australian Taxation Office (ATO) has recently issued Taxation Determinations TD 2017/21 and TD 2017/22 (the ATO Determinations) which are relevant to Australian companies that receive foreign equity distributions (eg dividends) via an Australian partnership or trust. Broadly, an Australian company is not subject to tax in Australia on foreign equity distributions where certain conditions … Read more

Crowd-sourced funding legislation

On 29 September 2017 new legislation came into effect for equity crowd-sourced funding (CSF) allowing small unlisted public companies to obtain funding in an innovative way by raising small amounts of capital from a large number of investors. This is a key alternative to the current fundraising options permitted under the Corporations Act 2001 (Cth) … Read more

ACCC successfully enforces the B2B UCT law in court action against waste management provider, JJ Richards

The ACCC has been successful in its first court action enforcing the business to business unfair contract terms regime. The action was taken against JJ Richards & Sons Pty Ltd (JJ Richards), one of the largest privately-owned waste management companies in Australia and concerned JJ Richard’s service agreement. Background From 12 November 2016, the business … Read more

Competition Law in Australia enters uncharted waters

The Federal Government last week passed the Competition and Consumer Amendment (Competition Policy Review) Act. This and the linked Competition and Consumer Amendment (Misuse of Market Power) Act amend the Competition and Consumer Act 2010 (CCA) to implement recommendations from the ‘Harper Review’ of competition law that commenced in 2014. Together, the two Acts implement … Read more