In a significant decision, the Federal Court has determined that Qantas Airways does not need to allow its stood down workers access to paid personal/carer’s leave or compassionate leave during the period of stand down. The decision by Justice Flick clarifies the obligations of employers and the rights of thousands of other stood down workers …
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Although COVID-19 stimulus measures have consumed so much time and attention for virtually all tax advisers, the financial year is rapidly drawing to a close, and many tax agents are finalising returns for the 2019 financial year. One issue that continues to vex tax practitioners is that of trust distributions – particularly in light of …
Continue reading “Section 100A and professional practice profit distribution – a timely reminder”
When finalising agreements with tenants pursuant to the new Commercial Leasing Code of Conduct (Code), landlords should properly consider the potential GST treatment of the agreement and ensure that any deferral of reduction of rent will operate as intended from a GST perspective. Under the Code, landlords of tenants whose business has been significantly affected …
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The JobKeeper scheme is not only unprecedented in its size and application, but also unique in the speed in which it was rolled out. Treasury and the ATO must be praised for the incredible amount of work they undertook in such a short time to release this material. There is no doubt that a great …
Continue reading “Practical applications of the JobKeeper stimulus measures”
In a relatively short period of time, COVID-19 has changed many things – from the way we interact with each other to the way we do business. Whilst year end tax planning is always an important focus, a number of COVID-19 induced factors means that your year end tax planning for this financial year will …
Continue reading “Year end tax planning in a pandemic: this year’s top 10 “must-dos””
Despite some tentative and positive steps recently, the impact of COVID-19 will continue to be felt widely with new legal and regulatory measures impacting the way in which all businesses operate. As our previous updates have described, this impact is also being felt by courts across Australia with many adopting temporary changes to their operations in …
In addition to its overall negative impact on the Australian economy, the COVID-19 crisis has also seen opportunistic individuals disingenuously attempting to rely on the current environment to avoid their legal obligations in circumstances which do not genuinely warrant them doing so. This type of conduct has in part been facilitated by the unprecedented …
Temporary changes for electronic execution of documents, and further updates for virtual and hybrid meetings The high level What has changed? Documents can temporarily be signed under the Corporations Act electronically. Who does it apply to? Companies only. When does it apply? Now, until 5 November 2020. The detail On Tuesday, 5 May 2020, the …
It has been a big few weeks in the foreign investment space, particularly in light of the drastic changes to the Foreign Investment Review Board (FIRB) regime announced by the Treasurer on 29 March 2020. As set out in our previous alerts on this issue (which you can find here and here), the changes imposed …
On Friday, 8 May 2020, the Commonwealth Government announced a three-step plan for the easing of COVID-19 related restrictions. Each of these stages will, subject to the ongoing application of social distancing restrictions and State and Territory requirements, permit businesses in different industries to resume operations, with some of the first businesses to open being …
Continue reading “COVID-19: Managing liability in planning a resumption of business operations”
Corporations (Coronavirus Economic Response Determination) No. 1 2020 On 5 May 2020, Treasurer Josh Frydenberg announced changes to the Corporations Act 2001 (Cth) (Corporations Act) and related legislation that allows for companies to have entirely virtual meetings and to issue electronic notice of meetings. The changes have been made to give companies, responsible entities, external …
Continue reading “Changes to convening and holding creditor’s meetings”
In response to the current COVID-19 pandemic and its impact on businesses operating in Australia, IP Australia has introduced a streamlined extension of time request process to assist customers who have been adversely impacted by COVID-19. Up until at least 31 May 2020 rights holders and applicants can apply for extensions of time for up …
WHO SHOULD READ THIS Landlords and tenants of residential properties in Queensland. Particularly where a tenant is suffering financial hardship because of COVID-19. WHAT YOU NEED TO KNOW Queensland Parliament have passed the COVID-19 Emergency Response Act 2020, which amends the Residential Tenancies and Rooming Accommodation Act 2008 (Act) and allows regulations to be made …
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In response to the COVID-19 pandemic, like many other Courts, the NSW Land and Environment Court (LEC) has released a new policy. The ‘COVID-19 Pandemic Arrangements Policy’ (COVID-19 Policy), which commenced on 23 March 2020, provides alternative arrangements that seek to address some of the challenges presented by the new social distancing restrictions, whilst still …
The dramatic changes announced by Treasurer Josh Frydenberg on 29 March 2020 to Australia’s foreign investment regime, in response to the economic upheaval caused by the COVID‑19 pandemic, have become law. As set out in our previous alert on these issues (which you can find here, the announced changes reduce all of the relevant monetary screening …
The Federal Government has introduced the JobKeeper scheme to assist employers to keep their employees on during the COVID-19 outbreak despite its economic consequences. In short, the scheme entitles eligible entities who have suffered a specified substantial decline in turnover to a payment of $1,500 per fortnight (before tax) for salary or wages paid to …
It is axiomatic that the risk of fraud increases in challenging economic times. Approximately 75% of all frauds perpetuated within a business are committed by its own employees or officers. Fraud Employees or officers may be inflating or falsifying a company’s financial results or their own productivity in order to appease shareholders, secure financing …
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Summary In response to the unfolding COVID-19 pandemic, the Copyright Agency has announced $375,000 in additional funding to support writers, artists and to move arts projects, festivals and events online. The Copyright Agency will also bring forward to the first quarter of the next financial year $1.8 million worth of grants under the Copyright Agency …
The social isolation and social distancing policies implemented by various levels of Australian governments have had direct impacts on the ability of both customers and suppliers to perform under their contracts. For instance, venues are now unable to open at all, or are unable to accommodate large crowds, and equally, customers are unable to travel. …
Continue reading “COVID-19, demands for payment and the Australian Consumer Law”
We recommend that consideration is given to urgently reviewing your current insurance arrangements as it is essential that cover is updated in conjunction with changes in risk profile. Immediate considerations: ISR policy wording review to determine if there is potential for making a Business Interruption claim. Review of policy coverage and/or sub-limits on the ISR …
The impact of COVID-19 continues to be felt across the construction industry with new legal and regulatory measures impacting contractual obligations, the availability of labour, project financing and supply chain reliability. This article addresses the key changes around State border closures and how this impacts upon FIFO and DIDO workers in particular. Border closures in …
Do you need to review your will in this COVID-19 climate? It is not surprising that the financial uncertainty and personal anxiety caused by COVID-19 have resulted in many people undertaking a review of their estate planning arrangements. Generally, lawyers recommend that clients should review their wills when there is a significant change to their …
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Businesses finally have clarity for the JobKeeper payment scheme, with the Federal Government prescribing new rules for the $1,500 JobKeeper payment. The Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 (Rules) helpfully detail eligibility requirements and conditions of the scheme. The scheme took effect on 9 April 2020 under the Coronavirus Economic Response Package …
Courts are making fast, adaptive changes to civil litigation processes to accommodate social distancing restrictions and protect the health of public workers and the public at large. Notwithstanding the temporary measures in place that allow court processes to continue, parties are being increasingly encouraged to resolve their disputes between themselves where possible. In this climate, …
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Introduction In the context of the COVID-19 pandemic, many organisations are trying to implement policies and practices that involve the collection of health information of their staff and visitors to their sites to ensure the ongoing monitoring and maintenance of healthy workplaces. This is an important approach to a public health crisis. However, there are …
Both ASIC and the ASX have introduced a range of temporary measures to assist listed companies in response to COVID-19. Some of the key measures are summarised here. Continuous disclosure ASX does not expect listed entities to make disclosures seeking to predict the impact of COVID-19, noting that entities can continue to rely on the …
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Public concern over coronavirus ‘price gouging’ has continued to grow, with the pandemic creating shortages of essential groceries and medical supplies. Generally, the law allows prices to be set based on market forces of supply and demand, and normally competitive pressure would keep prices down. But even though price gouging is not specifically dealt with …
Continue reading “Pandemic price gouging a prime consumer concern”
The Australian Competition and Consumer Commission (ACCC) has granted a number of interim authorisations to organisations in particular industries, which allow them to cooperate during the coronavirus pandemic. Ordinarily, competitors cooperating to make decisions is illegal and the antithesis of competition. Authorisations provide statutory permission for organisations to engage in conduct that would ordinarily breach …
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In a Compliance Update released on 31 March 2020, ASX has sought to outline its response to COVID-19 and a number of temporary measures aimed at assisting listed entities. These measures, to a certain degree, support measures previously announced by ASIC. Continuous disclosure obligations ASX has confirmed they do not expect listed entities to make …
WHO SHOULD READ THIS Landlords and tenants of commercial or retail properties in Australia. Particularly those who are about to negotiate upcoming rental payments or take action for a lease default. THINGS YOU NEED TO KNOW The National Cabinet have agreed on a national code of conduct to regulate commercial leases during the COVID-19 pandemic …
Continue reading “COVID-19 changes to commercial and retail leases”
