Sladen Snippet - ATO update to the AXA Part IVA Decision Impact Statement and PS LA 2005/24

Sladen Snippet - ATO update to the AXA Part IVA Decision Impact Statement and PS LA 2005/24

The ATO has recently updated its Decision Impact Statement on FCT v AXA Asia Pacific Holdings Ltd 2010 ATC 20-224 to include amendments made in September 2016. 

 

Sladen Snippet - Proposed “aggregate scheme” amendments to the debt-equity tax rules

Sladen Snippet - Proposed “aggregate scheme” amendments to the debt-equity tax rules

On 10 October 2016, the Federal Government released an Exposure Draft to implement changes to the debt and equity tax rules in Division 974 of Income Tax Assessment Act 1997. The Exposure Draft is intended to effect recommendations made by the Board of Taxation in its April 2015 report Review of the Debt and Equity Tax Rules.

"The mere existence of a “service agreement” will not mean “service charges” are deductible".

"The mere existence of a “service agreement” will not mean “service charges” are deductible".

The Administrative Appeals Tribunal’s decision in Case 4/2016 illustrates the importance of observing the terms of a Services Agreement and ensuring that the actions of the parties to the agreement are consistent with the written agreement.

Control it or lose it: authorised use under trade mark licence agreements

Control it or lose it: authorised use under trade mark licence agreements

In the latest instalment of a long running international battle between the Wild Geese and Wild Turkey alcohol brands, the Full Federal Court has found that trade mark owners can lose their registrations if they do not exercise proper control over their licensees.

Tougher penalties have been introduced for the abuse of Enduring Power of Attorney

Tougher penalties have been introduced for the abuse of Enduring Power of Attorney

On 1 September 2015, the Powers of Attorney Act 2014 (The Act) introduced new civil and criminal penalties for misuse of an enduring power of attorney. The new penalties include a fine of up to $91,000 or up to five years imprisonment.

Victorian Powers of Attorneys to change from 1 September 2015

Victorian Powers of Attorneys to change from 1 September 2015

New powers of attorneys will come into effect in Victoria from 1 September 2015.

Sladen Snippet - ASIC’s expectations for directors

Sladen Snippet - ASIC’s expectations for directors

In a recent speech to the Australian Institute of Directors, Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft outlined ASIC’s expectations for directors. Previous speeches focused on the director’s role as a gatekeeper, and Mr Medcraft has said this will continue to be a focus for ASIC.

The chairman stated that directors should ensure their company has strong internal and audit compliance functions. He stated these functions are worthless unless the directors back it up with supervision and review, and that these processes are ingrained in the company’s culture. He considered culture a very important point and stressed directors should drive the right compliance culture in the workplace.

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.

Sladen Snippet - “Like the Titanic, it Sank Ignominiously” – Director jailed for breach of duties

Sladen Snippet - “Like the Titanic, it Sank Ignominiously” – Director jailed for breach of duties

A South Yarra accountant was today sentenced in the Melbourne County Court to five years and eight months jail on charges relating to the loss of at least $67 million dollars of investors’ money in property investment schemes controlled by him.

Entrepreneurs’ Infrastructure Programme announced by the Federal Government

Entrepreneurs’ Infrastructure Programme announced by the Federal Government

As previously reported, the Entrepreneurs’ Infrastructure Programme (EIP) was announced by the Federal Government, with funding of $484.2 million over 5 years. The EIP has an objective to improve the business capabilities of Australian small to medium enterprises, to make them more competitive on the global stage.

Comprehensive credit reforms

Comprehensive credit reforms

As part of the reforms to the Privacy Act 1988 Update on the Australian Privacy Principle Guidelines and Changes to the Privacy Act - Ensuring the fine print is not forgotten, credit reporting in Australia will be regulated by a new Part IIIA of the Privacy Act. This will be accompanied by a new Credit Reporting Code which will replace the existing Credit Reporting Code of Conduct.

This new regime comes into effect on 12 March 2014 with the aim to simplify, clarify and update the current credit reporting provisions.  The new regime will affect most industries.

Update on the Australian Privacy Principle Guidelines

Update on the Australian Privacy Principle Guidelines

The Office of the Australian Information Commissioner (Commissioner) is in the process of developing Australian Privacy Principle Guidelines (Guidelines) to accompany the new Australian Privacy Principles (APPs) due to commence on 12 March 2014.  

Changes to the Privacy Act - Ensuring the fine print is not forgotten

Changes to the Privacy Act - Ensuring the fine print is not forgotten

Most businesses will have standard form policies and procedures relating to privacy.  While these policies can be found on business websites and on documents handed out to customers and clients, they are too often left on the shelf collecting dust.  Invariably, business owners tick the regulatory box with the implementation of a privacy policy, and then continue to focus on the most important part of their business - doing business.

 

Australia's First PPSA Decision

Australia's First PPSA Decision

On 27 June 2013 the first major Personal Property Securities Act 2009 (Cth) (PPSA) judgment was handed down in Australia in the New South Wales Supreme Court. The decision in the case of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852 provides guidance on the operation of the PPSA and how to resolve priority disputes. 

Employee share scheme update

Employee share scheme update

Further to the Government’s release of Advancing Australia as a Digital Economy: Update to the National Economy Strategy on 12 June 2013 (refer to Employee share scheme announcement - 21 June 2013 for an overview), Treasury and the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education issued the discussion paper Employee Share Schemes and Start-up Companies: Administrative and Taxation Arrangements.

Employee Share Scheme announcement

Employee Share Scheme announcement

On 12 June 2013, the Government released Advancing Australia as a Digital Economy: Update to the National Digital Economy Strategy and announced a review of the regulatory environment for innovative information, communication and technology start-up companies (ICT companies).