Australia is recognised for its reputation as an open, stable, globally connected economy. With its close connections across the Tasman, it’s no surprise that New Zealand businesses often making the move to expand their operations within Australia.

Australia is recognised for its reputation as an open, stable, globally connected economy. It’s no surprise that foreign businesses are making the move to expand their operations within Australia.

Australia is recognised for its reputation as an open, stable, globally connected economy. It’s no surprise that foreign businesses are making the move to expand their operations within Australia.

Transfer of property due to a change of trustee

From 1 July 2024, a new state taxes regime commences for certain commercial and industrial properties. Upfront land transfer (stamp) duty will be phased out in lieu of a new annualised Commercial and Industrial Property Tax (New Tax).

Farmland is often the single most valuable asset for a farming family. The farm provides a base from which to operate the farming business and the capital value of the farmland typically increases in value over the long term.

A recent decision handed down by the Full Federal Court in Advanced Holdings Pty Limited as Trustee for the Demian Trust v FCT [2021] FCAFC 135 emphasises the important principles of trust deed interpretation and the limitations of statutory provisions concerning the evidentiary force of company records. The decision also serves as a valuable reminder for directors of small companies and corporate trustees to maintain good records.

The Horticulture Code of Conduct is a mandatory industry code prescribed under the Competition and Consumer Act 2010, and we’re expecting increased enforcement activity from the Australian Competition and Consumer Commission (ACCC) in 2021 in line with ACCC’s continued concerns about the supply of perishable agriculture products and agricultural supply chain arrangements generally.

The Dairy Industry Code of Conduct (the Code) aims to improve the clarity and transparency of trading arrangements between dairy farmers and those buying their milk.

For some time, the Australian Taxation Office (ATO) has been issuing notices for a compliance program focussed on the “Next 5000” private groups in Australia (Next 5000 Tax Performance Program).

State and federal tax provisions often result in different tax outcomes for trustees depending on what type of trust is involved.

For some time, the Government has been concerned about Australia’s inability to deal with phoenix activity, which creates an unfair advantage for companies which engage in wrongful activity and costs the economy billions of dollars each year.

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’.

The case of Annat v Commissioner of State Revenue [2020] VSC 108 (Annat) serves as a timely reminder for those operating a farm about difficulties faced by farming land owners in continuing to qualify for a primary production land tax exemption and the importance of ensuring that their structuring and record keeping practices are up to scratch.

A recent Court of Appeal (Court) decision has clarified the application of section 35(1)(a) of the Duties Act 2000 (Vic). This section provides an exemption from transfer duty that applies when property is transferred to a trustee to be held solely as trustee of the transferor without any change in the beneficial ownership of the property.

On 2 December, the Australian Law Reform Commission (ALRC) released its report. ‘The Future of Law Reform: A Suggested Program of Work 2020-25’. The report highlights five areas of law they suggest for ALRC inquiry over the next five years, with one such topic being the legal structure for social enterprises.

You have made the decision to sell your company or business. But ask yourself, what is it that you are selling? Is it the shares in the company or is it the underlying assets and/or business? Where is the underlying value in the business that will attract potential buyers?

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.

A range of factors affect whether or not an individual engaged to perform work is actually an employee or an independent contractor.

In the most recent chapter of the battle between the Victorian State Revenue Office and The Optical Superstore Pty Ltd, the Commissioner of State Revenue has claimed victory, with the Court of Appeal finding on 12 September 2019 that transfers of funds made to optometrists by Optical Superstore were subject to payroll tax under Victorian law.