Key reform in the NFP space regarding DGR status
The Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 (Bill) has introduced a key reform in the Not-For-Profit (NFP) space in relation to Deductable Gift Recipient (DGR) status.
Global Citizen in the AAT – a change in the interpretation of PBI?
The Administrative Appeals Tribunal (AAT) recently rejected the Australian Charities and Not-for-profits Commission’s (ACNC) decision to deny a charity known as Global Citizen Limited (Global Citizen) access to Public Benevolent Institution (PBI) status because its activities included advocacy.
Digital piracy and the potential for new directors’ duties
The impacts of COVID-19 have sped up Australia’s transition to a digital economy and accelerated virtual means of conducting business.
ASIC commences landmark proceedings against RI Advice Group Pty Ltd for inadequate cyber security
Following multiple cyber-attacks to financial service adviser RI Advice Group Pty Ltd (RI), the Australian Securities and Investments Commission commenced proceedings against RI alleging contravention of its obligations under the Corporations Act 2001 (Cth) (Corporations Act) for failure to have adequate cyber security systems as an Australian Financial Services licence holder.
COVID-19 Company Admin Update
Further to our article here where we wrote about the Australian Securities and Investments Commission’s (ASIC) guidance regarding annual general meetings and the COVID-19 pandemic, the Treasurer has released the Corporations (Coronavirus Economic Response) Determination (No 1) 2020 (Cth) (Determination), which commences on 6 May 2020 and will be automatically repealed on 5 September 2020.
ASIC v King – Are you an “officer” of a company?
In this case, the High Court reiterated that a person can be deemed to be an “officer” of a company even if that person does not hold a position as a named ‘Director’ or ‘Secretary’.
Holding Annual General Meetings (AGMs) during COVID-19 restrictions
On the weekend ASIC released guidelines for upcoming AGM requirements as companies are impacted by social distancing requirements in response to COVID-19.
Planning Your Business Sale: 3 ways a lawyer can add value
Lawyers are often the butt of jokes when it comes to how expensive we are. We get it. But if you are engaging a lawyer to sell (or buy) a business, the right lawyer can add value to your bottom line.
Regional growth - private company access to equity crowd funding
The long awaited extension of the Corporations Act Crowd-sourced Equity Funding (CSF) regime to private companies is now in place.
Directors should consider climate change risks
‘Climate-related risks’ have moved from a corporate buzzword to an actionable obligation for company directors, who should consider these risks in the context of their organisation and understand that a failure to act with regards to a climate-related risk can result in a contravention of the Corporations Act 2001 (Cth) (Act).
The weakness of a connected business
All businesses increasingly rely on other service providers to deliver their products and services, and even a small business will have a surprisingly large supply chain made of many large and small suppliers (who of course have many of their own suppliers).
Conflict of Interest for Company Directors - The Information You Need to Know
As a director of a company, you have a duty to act in its best interests.
In undertaking your role as a director, you may face a situation where the interests of the company come in to conflict with your own personal interests.
What duties do you owe to the company in relation to conflicts of interests?
Lifting the veil of a shadow director
Do you ever provide advice to company directors, and they act on that advice? Do you ever give instructions to company directors and they act on those instructions?
People have a general awareness of the implications of personal liability as a director. For example, directors can find themselves personally liable for debts to employees, tax debts and penalties owed to the Australian Tax Office or for breaches of The Corporations Act 2001 (“the Act”).
Will Australia implement mandatory gender quota legislation?
I recently represented Harwood Andrews at an International Corporate Governance Forum focusing on mandatory gender quota legislation. The forum featured overseas representatives from The Netherlands, South Africa, Germany and Norway, as well as corporate representatives from Australia.