Legal Insights
Be careful with credit card surcharges
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.
The Return of a King
LeBron to LABron – in the biggest off-season news in the NBA, the league’s pre-eminent player, ‘King James’, last week announced that he had agreed to a lucrative deal to play for its most famous franchise, the Los Angeles Lakers.
Corporate tax residency – who controls your foreign entities?
Foreign companies that may be controlled by an Australian entity should review their decision-making based on the Australian Taxation Office (ATO) Taxation Ruling, TR 2018/5 (TR 2018/5). It is timely for Australian groups with foreign-incorporated subsidiaries to consider whether they are appropriately managing tax residency risk by re-visiting and/or implementing tax residency protocols and ensuring that they can be applied practically.
Government To Consider Individual Tax Residency Rules
This week the government released the Board of Taxation report on a new tax residency model for individuals with a position that further analysis and consideration on the key recommendations is required before the Government takes a position.
Automated processes: When does the Commissioner of Taxation make a ‘decision'?
The recent Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 considered whether from the Australian Taxation Office (ATO) purportedly remitting the taxpayer’s amounted to a ‘decision’ by the Commissioner of Taxation (Commissioner).
Labour Hire Licencing Bill 2017 (Vic) passed in the Legislative Council
The Legislative Council have this week passed legislation to regulate labour hire in Victoria. The Labour Hire Licencing Bill 2017 (Vic) was passed by 21 votes to 19, with minor amendments to be returned to the Legislative Assembly for endorsement.
Which tax rate? Five things corporate beneficiaries should be doing
As 30 June rapidly approaches, taxpayers and their advisors face not knowing whether a 30% or 27.5% tax rate applies to certain companies for the 2018 income year.
ACCC Franchising Submission
The new Franchising Code of Conduct (FCC) regime commenced on 1 January 2015 with the aim of updating franchising laws in Australia, including assisting franchisees in positions of weaker bargaining power.
New Requirements for Land Sales and Developers
The new financial year will bring in a number of changes to the property industry. Developers need to plan for these changes to ensure compliance and avoid any delays or other adverse implications once the amendments take effect.
Minimum wage increase from 1 July 2018
The Fair Work Commission (Commission) have today determined that it is appropriate to increase modern award minimum wages by 3.5 per cent, raising the national minimum wage to $24.30 a week. The new changes come into effect from 1 July 2018.
Lessons From Stojic: It Is Better To Under Promise And Over Deliver When Negotiating Payment Arrangements With The ATO
The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation [2018] FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.
Standards shake-up for Financial Advisors
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.
GST Withholding: Draft ATO Guidance At Odds With Explanatory Memorandum
On 29 March 2018 the Treasury Laws Amendment (2018 Measures No. 1) Act amending the Taxation Administration Act 1953 (the Act) received Royal Assent.
Superannuation sector changes in the 2018 Budget
The Federal Government’s 2018 Budget contained much less change for the superannuation sector than previous years.
Key-Tax-Changes-in-the-Federal Budget
A key focus of the Federal Budget was on personal income tax cuts, and measures aimed at large companies and the black economy.
Thermo-nator – the rise (and fall) of the machines
Notable global intellects Elon Musk and the late Stephen Hawking both openly cautioned about the risks to humanity posed by AI technologies.
Unpaid family and domestic violence leave is coming
The Full Bench of the Fair Work Commission handed down an important decision on 26 March 2018, confirming that it will grant award covered employees an entitlement to unpaid family and domestic violence leave.
Access To CGT Concessions To Be Tightened For Ownership Interests In Companies And Trusts From 1 July 2017
On 8 February 2018, the Government released for public consultation exposure draft legislation to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.
School Ties Can Put Parents in a Bind
Parents must carefully consider their ongoing responsibility for school fees after divorce.
The cost of private secondary school fees – along with those at the primary schools that act as feeders for them – can cause complications even in intact relationships. When couples are separating or divorced, the question of who is responsible for what percentage of school fees can become significantly complex.
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).