The Full Federal Court has held that land which was used to store tools and equipment was an active asset, enabling the taxpayer to access the small business Capital Gains Tax (CGT) concessions.
Byline: James Donoghue
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On 22 June 2020, the Australian Federal Government passed legislation setting out a legal framework for the introduction of a Director Identification Number (DIN) regime for directors.
The Government has announced proposed changes to the foreign investment review framework to take effect 1 January 2021 following the temporary measures imposed in March 2020.
Due to the widespread economic impact of COVID-19 which has caused financial uncertainty for many businesses, contracts for the acquisition of goods or services may be cancelled in order to mitigate against further losses.
The worldwide impact of COVID-19, which has resulted in countries around the world shutting down their borders and international travel being banned, requires companies to operate online whenever possible.
In further recognition of the difficulties faced by companies in meeting strict corporate compliance requirements in a COVID-19 environment, the Treasurer released yesterday a ministerial determination permitting company general meetings to be held virtually and modifying the way companies can execute documents.
- ASIC has recently announced a one month extension for the lodgement of corporate reports
- Extension is available to unlisted entities.
From 10:30 pm, 29 March 2020, the monetary thresholds for substantial interests attracting the obligation to obtain Foreign Investment Review Board (FIRB) approval have been reduced to $0.
Meet Rigby Cooke’s Corporate & Commercial Partner James Donoghue, who has over 30 years of experience in managing large corporate and project development transactions both within Australia and overseas. James shares his career highlights and some thoughts for those just starting out in their legal career.
The Therapeutic Goods Administration (TGA), currently uses a standardised, risk-based international classification system (risk-based system) to assess and approve the use, consumption and implantation of medical devices in Australia. The same system is used in the United States, the European Union, the United Kingdom, Canada and Japan.