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International Law

Australian Regulatory Compliance Review

information about Australian laws, regulations and legal compliance particulartly in the financial services industry

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Last Entry: June 15, 2014 at 16:41:06

GST and representatives of incapacitated entities

Posted on July 13, 2009
Treasury has released exposure draft legislation to restore the position before the Federal Court decision in Deputy Commissioner of Taxation v PM Developments Pty Ltd [2008] that the representative of an incapacitated entity (such as a liquidator of a company...

Document retention table update

Posted on July 11, 2009
Our general business document retention table has been updated to take into account AML/CTF requirements and the Fair Work Act. Every business should have a document retention (and destruction) policy to suit its own circumstances. Our table can be used...

Simplified superannuation advice guidelines

Posted on July 09, 2009
The Australian Securities and Investments Commission (ASIC) has released class order relief for superannuation fund trustees (and their authorised representatives) who provide personal advice to fund members about their existing super fund. ASIC?s Regulatory Guide 200 and Class Order [CO...

SMSF borrowing: risks in member giving guarantee for loan

Posted on July 08, 2009
The ATO's Taxpayer Alert TA 2008/05 "Certain borrowings by self managed superannuation funds ", discussed arrangements under which the trustee of a self managed superannuation fund (SMSF) enters into certain limited-recourse borrowings, which may not meet the conditions in subsection...

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Reminder: National Credit Code seminars

Posted on July 08, 2009
We will be holding a series of half day seminars on the new credit licensing and consumer credit regime as follows: Brisbane: Tuesday 11 August (Cliftons) Sydney: Wednesday 12 August (Grace Hotel) Melbourne: Thursday 13 August (venue to be advised)...

Reasons for tax bonus decision (Pape v Commissioner of Taxation)

Posted on July 07, 2009
The High Court has published its reasons for its decision in April in Pape v Commissioner of Taxation [2009] HCA 23 that the tax bonus was constitutional. It is a long decision (614 paragraphs) split 6-1 in favour in 4...

COAG Communique 2 July 2009

Posted on July 05, 2009
The Council of Australian Governments (COAG) meeting on 2 July 2009 focussed on further measures to overcome Indigenous disadvantage and the importance against the background of the global economic and financial crises of bolstering education, training and re-training efforts and...

Revised ACCC immunity policy for cartel conduct

Posted on July 05, 2009
Following the introduction of criminal penalties for cartels, the ACCC has released its revised policy for the application of immunity in relation to cartel conduct. The immunity policy applies to civil proceedings instituted by the ACCC. Immunity from criminal prosecution...

ASIC consults on securities lending

Posted on July 05, 2009
ASIC has released a consultation paper on disclosure of substantial holdings arising from securities lending or prime broking. The consultation paper, Securities lending and substantial holding disclosure, seeks to improve disclosure of substantial holdings in practice and makes it clear...

Superannuation industry overview

Posted on July 04, 2009
APRA's latest Insight magazine contains an overview of the superannuation industry since 2007. It is a useful summary of the impact of the economy on superannuation funds as well as regulatory developments.

Final decision on taxation of employee share schemes

Posted on July 01, 2009
The Assistant Treasurer, Senator Nick Sherry, has released a Policy Statement setting out the final taxation treatment of shares and rights acquired under employee share schemes, effective from 1 July 2009. Under the arrangements outlined on Budget night in May,...

Austrac enforceable undertakings

Posted on July 01, 2009
AUSTRAC has commenced a new enforceable undertakings regime. An enforceable undertaking is a written undertaking that is enforceable in a court, given to and accepted by the AUSTRAC CEO. They are generally an alternative to civil or administrative action where...

ASIC identifies financial report focus areas

Posted on June 30, 2009
ASIC has highlighted a number of areas on which company Boards and those responsible for the preparation of financial reports should focus in the upcoming reporting period. It has identified going concern (solvency), valuation of assets and off-balance sheet arrangements...

New legislation review

Posted on June 28, 2009
Parliament is on a winter break and will next sit from 11 to 20 August 2009. It's left us with some significant new Bills to review: Australian Consumer Law and Trade Practices Amendments National Consumer Credit Reform Package Personal Property...

AUSTRAC Typologies and Case Studies Report 2009

Posted on June 25, 2009
AUSTRAC has issued a new typologies report which outlines some of the latest money laundering methods and other financial crimes in Australia. The AUSTRAC Typologies and Case Studies Report 2009 presents a range of case studies that highlight illicit activities...

Financial services regulation: margin loans, trustee companies and debentures

Posted on June 25, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP,has introduced the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 into Parliament. The Bill addresses three key areas of financial services regulation: Margin lending Trustee companies Debentures and...

Director, managerial and executive termination benefits

Posted on June 24, 2009
The Government has introduced the Corporations Amendment (Improving Accountability on Termination Payments) Bill into Parliament. It inserts new sections 200AA and 200AB in the Corporations Act and amends sections 200A-G and J relating to the payment of termination benefits to...

Australian Consumer Law introduced

Posted on June 24, 2009
The Government has introduced the Trade Practices Amendment (Australian Consumer Law) Bill 2009 into Parliament. If passed, the Bill will amend the Trade Practices Act 1974 by adding the Australian Consumer Law dealing with unfair contract terms as a schedule...

National Consumer Credit Protection Reform Package introduced

Posted on June 24, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has introduced the Government's national consumer credit laws into Parliament. The regime will establish a single, standard, national law for the regulation of consumer credit...

Private Ancillary Funds: new tax guidelines for private philanthropy

Posted on June 24, 2009
The Assistant Treasurer, Senator Nick Sherry, has introduced into Parliament the Tax Laws Amendment (Measures No 4) Bill 2009, which establishes a new legal framework for prescribed private funds from 1 October 2009. Prescribed private funds, which are now to...

Personal Property Securities Bill 2009 introduced

Posted on June 23, 2009
The Attorney-General, Robert McClelland,has introduced the Personal Property Securities Bill 2009 into Parliament. Its object is to create a comprehensive national system of personal property securities (PPS) law. PPS law governs how personal property may be used as security for...

Responding to sexual harassment claims

Posted on June 23, 2009
In Poniatowska v Hickinbotham [2009] FCA 680 the Federal Court found an employer discriminated against Ms Poniatowska on the ground of her sex, and contravened s 14(2)(c) of the Sexual Discrimination Act by so discriminating against her by dismissing her...

National Credit Code seminars

Posted on June 23, 2009
We will be holding a series of half day seminars on the new credit licensing and consumer credit regime as follows (venues to be advised): Brisbane: Tuesday 11 August Sydney: Wednesday 12 August (Grace Hotel) Melbourne: Thursday 13 August Adelaide:...

New Langes partner appointed: Patrick Dwyer

Posted on June 23, 2009
We're delighted to announce that Patrick Dwyer will be joining Langes as a partner from 1 July. He will be based in our Sydney office. Patrick was previously General Counsel Home Lending with GE Money. He's been with GE for...

Draft regulations for the Carbon Pollution Reduction Scheme

Posted on June 20, 2009
The Commonwealth Government has released draft regulations for the Carbon Pollution Reduction Scheme, including the first tranche of activities that will be eligible for assistance under the emissions intensive, trade exposed (EITE) assistance program...

New rules for credit providers lending to Victorians: unfair contract terms and EDR scheme for credit

Posted on June 20, 2009
If you provide credit to Victorian residents (even if your business is based outside Victoria) you are affected by the Victorian Fair Trading and Other Acts Amendment Act 2009 which commenced operation on 11 June 2009. The 2 main requirements...

Anti- cartel law passed

Posted on June 18, 2009
The Trade Practices Amendment (Cartel Conduct and Other Measures) Bill 2009 has been passed by Parliament. The Bill establishes criminal penalties for serious cartel conduct that was already prohibited under existing civil prohibitions of the Trade Practices Act...

New ASIC disclosure rules

Posted on June 18, 2009
ASIC has released new measures for market disclosure in capital raisings and unlisted disclosing entities. Disclosure in capital raising by ASX-listed companies The policies allow listed companies and managed investment schemes engaging in equity raisings increased scope to update the...

1 July tax changes

Posted on June 18, 2009
The Assistant Treasurer has reminded us of the following tax changes effective 1 Juy 2009: The 30 per cent marginal tax threshold will rise from $34,001 to $35,001 and the 40 per cent marginal tax rate will be reduced to...

Anti-cartel law passed

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