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From 9 November 2023, major amendments apply to the unfair contract term (UCT) regime. The UCT regime applies to standard form contracts entered with consumers and small businesses, and attracts significant penalties.

Not-for-profit organisations and charities registered with the Australian Charities and Not-for-profits Commission (ACNC) often engage in agreements and arrangements with individuals or entities with whom they share pre-established connections or a common interest, particularly when starting out.

A recent VCAT decision has served as an important reminder for those undertaking capital raising for funds investing in real property, including for development.

Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.

What is an NFT?

A Non-Fungible Token (NFT) is a type of digital asset or token of a small piece of data linked to an object, such as a unique image, cartoon or animation.

Smart contracts are programs stored on a blockchain that self-execute when predetermined conditions are met.

The Australian Tax Office (ATO) has released a statement outlining their priorities ahead of the end of financial year 2021/22, with crypto-assets being one of these priorities due to its rising popularity.

The Australian Cyber Security Centre (ACSC) defines a cyber incident as an unwanted or unexpected cyber security event, or a series of such events, that have a significant probability of compromising business operations.

The Online Safety Act 2021 (Cth) (Act) came into effect on 23 January 2022. The Act aims to develop the existing regulatory framework and vest the eSafety Commissioner with greater investigative and enforcement powers.

On 15 February 2022, the Victorian State Revenue Office (SRO) published ruling LTA-009 (Draft Ruling) that replaced the previous rulings of LTA-004 and LTA-005.

The consultation process closed for comments and submissions on 15 March 2022. We will provide updates when the SRO releases their final ruling in due course.

The Australian Information Commissioner and Privacy Commissioner, Angelene Falk, has recently determined that the Australian Federal Police (AFP) has failed to comply with its privacy obligations in using the Clearview AI facial recognition tool (FRT).

On 8 December 2021, Treasurer Josh Frydenberg announced a digital economy roadmap (Roadmap), which applies to payments and crypto assets.

Australia’s much-admired winemaker, Penfolds, has recently announced its endeavours to partner with BlockBar, a leading non-fungible token (NFT) marketplace for luxury wine and spirit products. An NFT is a unique online token that exists on a blockchain and cannot be replicated.

Facial recognition technology (FRT) is now utilised across many industries and businesses. While FRT is becoming increasingly easier to implement, it is crucial that business’s adhere to privacy laws when using this technology.

From 1 November 2021, Director Identity Numbers (DINs) became mandatory for all company directors. Accordingly, all directors are now required to apply for a DIN and should begin preparing their applications.

Harwood Andrews is pleased to have advised the owners of the BIG4 Beacon Resort on the off-market sale of the business to Ingenia Communities group (ASX: INA) for $37m.

On 8 October 2021, the Federal Court of Australia determined its first instance decision in the second Australian business interruption insurance test case. The decision in Swiss Re International Se v LCA Marrickville Pty Limited [2021] FCA 1206 (Second Test Case) provided legal guidance in determining whether business interruption insurance policies provide cover to businesses for losses related to COVID-19.

Harwood Andrews is pleased to have advised FinCap Australia on the acquisition of SpotED, an online education business that sources and delivers high quality, industry-accredited online short courses for students and jobseekers, delivered via a digital portal.

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.