Legal Insights
Who are a Charity’s “Responsible Persons”?
If your organisation is a registered charity with the Australian Charities and Not-for-profits Commission (ACNC), you are required to notify the ACNC of the appointment of people responsible for governing the charity. These are known as “Responsible Persons”. Essentially, they are entrusted with making decisions on behalf of the charity and determining how the organisation should be run.
Shareholder oppression claims and start-up investment – ‘Get your Ducks in a Row’
The case of BBHF Pty Ltd v Sleeping Duck Pty Ltd [2024] provides useful guidance regarding shareholder oppression claims in the context of investment in start-ups. The decision highlights the need for clear, written shareholder agreements and the objective test applied when assessing whether oppressive conduct has occurred.
Ongoing requirements for NZ companies registered in Australia
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.
Ongoing requirements for a foreign company registered in 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.
Registering a Foreign Company in 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.
Recent VCAT ruling heightens stamp duty risk in capital raisings
A recent VCAT decision has served as an important reminder for those undertaking capital raising for funds investing in real property, including for development.
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.
Clarification regarding electronic execution and convening of company meetings
In welcome news for company directors, the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021 (Amendment Bill) to temporarily permit electronic execution and convening of company meetings has finally been enacted.
Federal Court stresses the Importance of Trust Deed Interpretation
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.
Cryptocurrency still under the watchful eye of the ATO
With bitcoin prices skyrocketing, investors becoming aware of the instability of fiat currencies (AUD, GBP, USD etc), and low interest rates stemming from the economic downturn of COVID-19, the world of cryptocurrency is once again filling up social media feeds.
Unfair contract terms to become unlawful
The unfair contracts regime in the Australian Competition and Consumer Act has had a long and troubled history.
New regulations for Boarding School Accommodation
From 28 June 2021, school boarding premises will need to be registered with the Victorian Registration and Qualifications Authority (VRQA), and meet certain minimum standards.
All DGRs to be registered charities
The Commonwealth Treasury has released exposure draft legislation amending the Income Tax Assessment Act 1997 (Cth) (ITAA).
Government Introduces New DGR Category for Community Sheds
Following a previous announcement in the 2019-20 Budget, the Federal Government has recently introduced a new category of deductible gift recipient (DGR) to enable community sheds (such as Men’s Sheds and Women’s Sheds) to access the DGR concession.
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.
Permanent Director Identification Numbers
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.
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’.
Australia’s FinTech Regulatory Sandbox Now Open – Introduction of new Bill puts measures in place to begin easing regulatory burden on FinTech start-ups.
On 15 October 2019, the Treasury Laws Amendment (2018 Measures No 2) Bill 2019 (Bill) passed the House of Representatives and has now been introduced to the Senate.