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 â particularly in light of …
Continue reading “Section 100A and professional practice profit distribution â 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 …
Continue reading “New Commercial Leasing Code of Conduct â have you considered GST treatment?”
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 â 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 yearâs top 10 âmust-dosâ”
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 …
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 creditorâs meetings”
As Scott Morrison implements strict social distancing measures and puts our Australian economy into hibernation, businesses in the financial services sector must remain extra vigilant of the increase in cyber-threats facing them, their suppliers and their customers from the digital space. Although we are all busily practising social distancing, it is crucial for businesses in …
In response to the COVID-19 pandemic, like many other Courts, the NSW Land and Environment Court (LEC) has released a new policy. The âCOVID-19 Pandemic Arrangements Policyâ (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 Full Court of the Federal Court of Australia in Kraft Foods Group Brands LLC v Bega Cheese Limited [2020] FCAFC 65 (Kraft v Bega) has upheld the decision that Kraftâs iconic peanut butter trade dress (Trade Dress) â consisting of a yellow lid, clear jar and red and blue labelling â now officially belongs …
Continue reading “Full Federal Court affirms Begaâs title to Kraft peanut butter trade dress”
The dramatic changes announced by Treasurer Josh Frydenberg on 29 March 2020 to Australiaâs foreign investment regime, in response to the economic upheaval caused by the COVIDâ19 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 …
In many jurisdictions around Australia including Queensland and New South Wales (NSW), property developers are prohibited from making political donations. In NSW, a ‘property developer’ is an individual or corporation that: carries on a business mainly concerned with the residential or commercial development of land, with the ultimate purpose of its sale or lease of …
Continue reading “Queensland Supreme Court clarifies property donor laws”
On 15 April 2020, the NSW Planning and Public Spaces Minister Rob Stokes (the Minister) announced that Productivity Commissioner Peter Achterstraat has been appointed to commence a review of the current developer contributions system and provide recommendations for an improved system by the end of 2020. In connection with this, a series of more immediate …
Continue reading “Review of local infrastructure contributions and associated improvements”
As the COVID-19 pandemic unfolds, we are becoming increasingly reliant on remote internet-connected workforces. With this shift to remote working, comes heightened data sensitivity risks, including an increase in the likelihood of cyber attacks and privacy breaches. Specifically, there has been an uptick in COVID-19 themed âphishingâ emails and SMS messages. Hackers are taking advantage …
Practical considerations Following the commencement of the COVID-19 Legislation Amendment (Emergency Measures) Act 2020 on 25 March, the Minister for Local Government who is responsible for administering the Local Government Act 1993 (the LG Act) has been granted significant powers to alter the functions and responsibilities of local councils in response to the ongoing Coronavirus …
Continue reading “Changes to local council operations in response to COVID-19”
The real estate market is rapidly changing as a result of the current COVID-19 pandemic. Consideration of potential disruptions that may be caused by the pandemic should be made for any new property contracts Councils may be considering entering into. For Councils that have entered into contracts for the sale and purchase of land, the …
Continue reading “COVID-19 – Property acquisition and disposal”
Building Industry Fairness (Security of Payment) Amendment Bill 2020 Focus: Charges over property WHO SHOULD READ THIS Any private sector principal (particularly property developers), financiers, contractors or subcontractors involved with construction work in Queensland. WHAT YOU NEED TO KNOW The Building Industry Fairness (Security of Payment) and Other Legislation Amendment Bill 2020 (Bill) will introduce …
We are pleased to bring you the April 2020 edition of Emerging Issues for the Australian Technology, media and telecommunications (TMT) sector. In this Emerging Issues, we discuss: how the challenge of mass-remote-working in the advent of COVID-19 raises both new and known cyber-security issues; the current regulation of digital advice providers and the challenges …
The Federal Government yesterday passed legislation to provide for its new $1,500 JobKeeper payment scheme. The Coronavirus Economic Response Package (Payments and Benefits) Act 2020, sets out the framework for the scheme, including requirements around record keeping by employers and liability for overpayments. The legislation imposes civil penalties of up to 600 penalty units ($126,000) …
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 …
[vc_row][vc_column][vc_column_text]As the COVID-19 virus continues to spread across the globe, attention in Australian workplaces has turned to standing down employees in circumstances where, due to the impact of COVID-19, there is no useful work which they can perform in their role. Unlike private sector employees, whose employment is chiefly regulated by the Fair Work Act …
Continue reading “COVID-19 â The industrial impact on NSW local government employees”
[vc_row][vc_column][vc_column_text]The Australian Government is offering wage subsidies to help employers retain their employees during the COVID-19 pandemic, and keep employees engaged until the inevitable rebound. Wage relief Eligible businesses (including not-for-profits) who elect to participate in the scheme can expect a wage subsidy of $1,500 per fortnight per eligible employee. The JobKeeper payment is a …
Continue reading “JobKeeper payments: wage relief and support for businesses”
On 29 March 2020 the Treasurer announced drastic changes to the Foreign Investment Review Board (FIRB) regime in response to the Covid-19 pandemic. While stressing that the changes do not change the fact that Australia is supportive of foreign investment, the Treasurerâs changes will have a significant impact across the whole of Australiaâs economy. …
The disruption of coronavirus Beyond the obvious health implications and concerns arising from the outbreak and spread of Coronavirus (COVID-19), the economic impacts of it are becoming increasingly apparent, and felt, as each day passes. An example of this is the Reserve Bank of Australia slashing interest rates to an unprecedented low of 0.5 percent, …
Continue reading “Coronavirus â will financiers catch a cold?”
WHO SHOULD READ THIS All employers, human resource managers and in-house lawyers who manage payroll and employee entitlements. WHAT YOU NEED TO KNOW Modern award changes came into effect from 1 March 2020, introducing annualised wage arrangements. WHAT YOU NEED TO DO Ensure that you understand your options and the benefits of paying employees an …
Continue reading “Modern award changes â annualised wage arrangements”
Following a recent review, the Takeovers Panel (Panel) has affirmed its decision in Smoke Alarms Holdings Limited [2020] ATP 2 (which can be read here), and maintained its firm stance on the disclosure requirements in relation to a section 611 item 7 (Item 7) meeting. Background The takeover provisions in Chapter 6 Corporations Act 2001 (Cth) (Act) apply to companies …
Continue reading “Smoke Alarms Holding Limited – Takeovers Panel sounds alarm on disclosure”
Following findings in the Coronial inquest arising from the Dreamworld tragedy that have criticised the operating companyâs safety systems and standards, the operating company has been referred to prosecuting authorities. However, the question remains, are Queenslandâs Work Health and Safety (WHS) laws capable of seeing officers of a large entity actually found liable and subject …
Continue reading “Dreamworld Inquest: could officers actually be imprisoned?”
The SG Amnesty bill has finally passed. Employers who voluntarily disclose during the Amnesty Period can access various concessions, including a deduction of the SGC liability and a remission of administration fees and Part 7 penalties.  If an employer suspects that they may have historic unpaid superannuation guarantee contributions, we recommend that they seek advice …
Continue reading “Superannuation Guarantee Amnesty has finally passed”
