Sladen Snippet - Illegal Phoenix Activity – Modernising Business Registers and the new Phoenix Hotline

Sladen Snippet - Illegal Phoenix Activity – Modernising Business Registers and the new Phoenix Hotline

On 9 May 2018 we reported to you new initiatives regarding proposed laws targeting illegal phoenix activity (https://sladen.com.au/news/2018/5/9/sladen-snippet-proposed-laws-targeting-illegal-phoenix-activity) announced by the Federal Government in the 2018/2019 Budget.  Consistent with the proposed measures announced under the budget, the Federal Government has now:

Sladen Snippet - What is “market value” for the purpose of the MNAV test

Sladen Snippet - What is “market value” for the purpose of the MNAV test

In Commissioner of Taxation v Miley, the Federal Court overturned decision of the Administrative Appeals Tribunal (AAT) concerning the share valuation method for the purposes of the maximum net asset value (MNAV) test in s 152-15 of the Income Tax Assessment Act 1997.

Private companies to benefit from extension of crowd-sourced equity funding legislation

Private companies to benefit from extension of crowd-sourced equity funding legislation

The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 was introduced into Parliament on 14 September 2017.  If passed, as is expected, the Bill will extend the reach of the Crowd-sourced Equity Funding (CSEF) legislation that will at this stage apply only to public companies from 29 September 2017.

Proposed laws targeting illegal phoenix activity

Proposed laws targeting illegal phoenix activity

The Federal Government has this week announced a number of proposed reforms aimed at those individuals, entities and advisors who undertake or facilitate illegal phoenix activity.

Sladen Snippet - Enforceability of vendor restraint clauses – How wide is too wide?

Sladen Snippet - Enforceability of vendor restraint clauses – How wide is too wide?

The enforceability of vendor restraint clauses contained in sale of business agreements is currently under review in the Supreme Court of Victoria in the case of Southern Cross Computer Systems P/L (ACN 005 770 598) and Ingenio Group P/L (ACN 610 396 748) v Palmer, Christopher Anthony; Faithfull, Jamie and Jakimoski, Zoran [2017] VSC 412.

Consolidations - ACA calculations and pre-CGT assets - High Court denies special leave in Financial Synergy Holdings case

Consolidations - ACA calculations and pre-CGT assets - High Court denies special leave in Financial Synergy Holdings case

Financial Synergy Holdings Pty Ltd v FC of T [2016] FCAFC 31 - High Court denies application for special leave to appeal

Creating the right environment for start-ups

Creating the right environment for start-ups

Proposed amendments to the employee share scheme provisions for start-ups.

On 14 October 2014, the Honourable Bruce Billson, the Honourable Tony Abbott and the Honourable Joe Hockey issued a media release titled "Encouraging employee share ownership and entrepreneurship".

The position of the Government in respect of the application of the employee share scheme (ESS) provisions to start ups has been long awaited, with it being seen as fundamental to the innovative nature of start-up companies, and the need to ensure that they retain a work environment that fosters new ideas.