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