The Victorian Government launches the Regional Tourism Investment Fund 2024, aiding tourism projects in rural and regional Victoria. Grants up to $5M available. Eligibility open to various entities. Apply by July 19, 2024.

In the decisions of Greensill (Thawley J) and Martin (Steward J), the Federal Court found in favour of the Australian Taxation Office (ATO) that section 855-10 of the Income Tax Assessment Act 1997 (ITAA 1997) did not disregard a non-taxable Australian property capital gain distributed to a foreign beneficiary of an Australian discretionary trust.

This week Cruisin Motorhomes paid a $12,600 penalty following an infringement notice from the ACCC alleging a breach of the excessive payment surcharge laws as outlined in the Competition and Consumer Act 2010. The ban on excessive surcharge payments has been in place since September 2017.

Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.  

Each year the Fair Work Commission reviews minimum award pay rates for each classification in an award.  The new rates apply from 1 July 2016.

From today, 1 October 2015, the Personal Property Securities Act will no longer operate to automatically give rise to a security interest in serialised goods (e.g. motor vehicles, motorhomes, aircrafts etc.) that are leased or bailed for a term of less than 12 months.

This is in contrast to the now outdated law which provided that leases or bailments of serialised goods for a period of more than 90 days, automatically created a security interest in the goods in favour of the lessor or the bailor. This meant that a lessor or bailor had to register a security interest on the Personal Property Securities Register (Register) to protect their interest in the goods. 

From 1 January 2015 the standards imposed by the government regulator on deposit taking institutions are being tightened.  The measure is part of a global initiative to improve the liquidity of the finance industry.

The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 (the Bill) has now been passed by both Houses of Parliament and is expected to receive assent shortly.