Recent publications

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Feb 10

Taxation Law Update: Division 7A of Part III of the Income Tax Assessment Act 1936 (Cth)
Arthur Athanasiou, Partner and Anja Schneider, Lawyer

In recent years, there has been rigorous debate and uncertainty amongst taxation practitioners regarding the application of Division 7A of Part III of the Income Tax Assessment Act 1936 (Cth) to unpaid present entitlements of corporate beneficiaries. The long awaited Draft Taxation Ruling TR 2009/D8 attempts to quell such uncertainty and outlines the Commissioner of Taxation’s position in this regard. The draft ruling is ultimately at odds with previously accepted practice and controversially treats almost all unpaid present entitlements as Division 7A loans. The consequences for discretionary trusts with corporate beneficiaries are significant to say the least, and should not be viewed lightly.

30 Nov 09

Employment Update: Summary of changes and solutions for you to be ready for the 1 January 2010 National Employment Standards
By the Rigby Cooke Employment Law and Workplace Relations team

With the commencement of the National Employment Standards on 1 January 2010, some of the new provisions will have a significant impact on employers’ businesses unless consideration and planning prior to the New Year occurs.

11 Nov 09

Commercial Law Update: Standard form contracts - major reform in Australian consumer law
Ian Rosenfeld, Partner

Does your business use non-negotiable, standard form “business to consumer” contracts?

If the answer is “yes”, then it is timely to have them reviewed to ensure that they will comply with new legislation scheduled to commence on 1 January 2010. We can assist you with this task.

21 Oct 09

Building and Construction Update: Proportionate liability & arbitration - it's a goer
(at least for now)
Theo Kalyvas, Partner

On 2 October 2009 the Supreme Court of Tasmania in Aquagenics Pty Ltd v Break O’Day Council (No 2) [2009] decided that the proportionate liability legislation applies in an arbitration between the parties to the arbitration in the same way as it would have applied to those parties in any Court proceeding between them.

21 Oct 09

Commercial Law Update: Trustee companies, margin lending and debentures – the Feds take control
Ian Rosenfeld, Partner & Suzanne Harmer, Special Counsel

Are you or your clients in the financial services sector? Do you deal in or advise on margin loans or margin lending facilities or debentures? Do you have involvement in estate management functions or prepare trust instruments or wills? If the answer is “yes” to any of the above questions, you will need to be across proposed new law contained in the Corporations Legislation Amendment (Financial Services) Modernisation Bill 2009 currently being considered by the Federal Parliament.

4 Sept 09

Friday Facts: Proposed changes to bankruptcy laws announced by Federal Government
Mary Nemeth, Partner & Elizabeth Mukherji, Lawyer

The Attorney-General’s department has announced proposed changes to the Bankruptcy Act which will give greater protection to debtors including more time to negotiate their debts.

14 Aug 09

Estate Planning Update: Common misconceptions about superannuation death benefits
Robin Parsons, Accredited Wills & Estate Specialist and Special Counsel & Ross Higgins, Partner

People in many cases appear to be under serious misconceptions as to how their superannuation benefits will be dealt with on their death.

10 July 09

Friday Facts: Contracts to negotiate in good faith - are they enforceable?
Mary Nemeth, Partner & Toniel Paton, Lawyer

In the recent case of United Rail Services Limited v Rail Corporation New South Wales, the New South Wales Court of Appeal held that a contractual clause which required the parties to negotiate in good faith was valid and enforceable. The decision brings more certainty to an area of law which has been subject to substantial debate and judicial uncertainty.

9 July 09

Commercial Law Update: Directors in "denial"
Suzanne Harmer, Special Counsel

Overdrawn facility and the bank “squeezing”? Managers departing? Hopeful that the next big “account” will be your company’s salvation?

These are just some of the early warning signs of corporate insolvency. Failure to proactively engage on these issues could mean that you are a director in “denial”.

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