On 29 March 2022, the Treasurer handed down the Federal Budget for 2022-23.
Category: Corporate & Commercial
Our latest news and insights
A collection of case studies and articles highlighting the latest in legal news.
Have you ever read something and thought, “I’m not sure what that means” or ‘is that really correct”? Welcome to our series of quickfire interviews that attempt to unravel those interesting words and phrases.
- Temporary measures to allow for virtual meetings, electronic signing and distribution of corporate documents by corporations have been permanently enacted.
- Additional changes have been introduced to modernise and update the Corporations Act 2001 (Corporations Act).
Under changes to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) introduced in June 2021, all directors will be required to verify their identity as part of a new Director Identification Number (director ID) requirement.
The Victorian government has continued the Commercial Tenancy Rent Relief Scheme Regulations 2021 (the Regulations) by enacting new regulations to account for the extended lockdown experienced by commercial tenants in Victoria.
On 28 July 2021, the Commonwealth and Victorian Governments presented new recovery packages for small businesses. The new support packages will offer $400 million in support to small businesses to be funded equally between the Commonwealth and Victorian Governments.
In a high-profile reminder that claims made in advertising need to be properly substantiated and supported by evidence, the Federal Court has ordered Lorna Jane to pay $5 million in penalties for making false and misleading representations to consumers, and engaging in conduct liable to mislead the public, in connection with its “LJ Shield Activewear”.
Amendments to the Corporations Act 2001 (Cth): Changes to director-resignation laws from 18 February 2021
To prevent illegal phoenix activity, the Commonwealth Parliament has passed the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) (Act) which came into effect on 18 February 2021.
The Federal Budget 2020 saw a $795.5 million investment in the Government’s Digital Business Plan as part of the JobMaker Plan. It’s objective is to improve productivity, income growth and jobs by supporting the adoption of digital technologies by Australian businesses and to see Australia become a leading digital economy by 2030.
Following the announcement made by Treasurer Tim Pallas on 20 August 2020, the Commercial Landlord Hardship Fund (Fund) has been created in recognition of small, private landlords who may not have the capacity to provide rent reductions to their tenants under the requirements of the Commercial Tenancy Relief Scheme (CTRS).
Since 1 April 2020, in a significant extension to the director penalty regime, company directors are now personally liable for unpaid Goods and Services Tax (GST) (including luxury car tax and wine equalisation tax). The expansion of the regime was introduced as part of the Government’s broader reform of Australia’s corporate insolvency regime.
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.
Julia Cameron is a Partner in Rigby Cooke’s Corporate & Commercial group and Practice Lead for the Privacy & Data Protection team with over 10 years of legal experience. Julia specialises in corporate and commercial advice, commercial agreements, transactions, intellectual property and information technology.
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.
Ian Rosenfeld is a Partner in our Corporate & Commercial team. Ian’s expertise also covers intellectual property, branding, information technology, e-commerce, commercial agreements, commercial disputes & negotiation, mergers & acquisitions, transport & logistics agreements, publishing, tenders and contracting.
- ASIC has recently announced a one month extension for the lodgement of corporate reports
- Extension is available to unlisted entities.
From 1 April 2020, in a significant extension to the director penalty regime, company directors will be personally liable for unpaid GST (including luxury car tax and wine equalisation tax).
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.
There are new signs that the Australian property market is on the rebound. As the property market recovers, so does the credit market and companies will increasingly seek financing for their business. Financing may take many forms: revolving credit loans, loans to finance the acquisition of a target company, or construction loans, to name a few.
Meet Julia Cameron, who is one of the partners leading the strategy around our South East Business Hub in Dandenong South.
Chapter 11 of the Parliamentary Joint Committee on Corporations and Financial Services ‘Fairness in Franchising Report’ – published in March 2019 – covered the termination of franchise agreements.
Last month, the Parliamentary Joint Committee on Corporations and Financial Services published its ‘Fairness in Franchising report’ (Report). The terms of reference for the Report were released over 12 months ago and more than 400 submissions were received, mostly from franchisees.
Contracts to provide transport or logistics services are vital to business success, but if not well negotiated, can have serious or even fatal consequences for the transport or logistics provider.
Since the launch of Bitcoin in 2009, more and more people have become aware of blockchain technology, and its potential to revolutionise payments systems. However, blockchain has many applications beyond cryptocurrency. ‘Smart contracts’ – computer code which execute the terms of an agreement have the potential to revolutionise commercial transactions.
Mandatory data breach reporting requirements commenced on 22 February 2018. Organisations that are bound by the Privacy Act 1988 (Cth) (Privacy Act) need to report certain data breaches to the affected individual(s) and the Australian Information Commissioner.
How to prepare to comply
From 1 July 2018 food businesses must comply with labelling requirements set out by the Australian Government which aim to provide consumers with greater transparency on the origin of their food.
St Kilda’s Royce Hotel has changed hands, with Melbourne pub owner Mazen Tabet and the Tabet Investment Group purchasing the freehold and business for a $55 million purchase price.
In a recent case involving Telstra, the Full Federal Court has confirmed that personal information must be information about an individual before it will be protected and regulated by the Privacy Act and the Australian Privacy Principles.
Many of our clients trade with customers on credit. When doing so, there is a risk that customers might be unable to pay.
Prudent business owners will go to great lengths to protect their intellectual property and confidential information from their employees and competitors.
Ashley Madison breached a number of its obligations under Australian privacy law in the months leading up to a cyber-attack on its customer database in July 2015, a joint report by the Canadian and Australian privacy commissioners found recently.
We are pleased to have co-hosted our first Victorian Manufacturers breakfast with Klugo.
Many businesses are familiar with engaging a software developer to create a product or application, however the devil is in the detail when it comes to ownership of the end product.
If you are a health service provider, all personal information that you collect about an individual to provide, or in providing a health service to that individual is classified as health information for the purposes of the Privacy Act.
Can Australian businesses send information overseas?
If your business discloses personal information to an overseas recipient, it may be accountable for any actions of the overseas recipient that would breach the APPs. This leaves your business with a significant exposure – your business could be found liable based solely on the actions of the overseas recipient.
Spanline Weatherstrong Building Systems Pty Ltd, a franchisor engaged in designing, manufacturing and selling home extensions (eg patios, roof awnings, covered verandas, and carports) gave permission to one of its franchisees (Marmax Investments Pty Ltd) to conduct business within the territory of another franchisee (RPR Maintenance Pty Ltd).
In structuring 30 June transactions it is often desirable to sign a contract before 30 June, but defer payment of capital gains tax (CGT) or the CGT event until a subsequent income year; particularly where settlement is deferred to a subsequent income year so there are no sale proceeds for the vendor to pay the tax or it is desired to set-off losses in the subsequent income year.
On 3 February 2016 the Full Federal Court handed down its decision in Assarapin v. Australian Community Pharmacy Authority. 1
- A recent court decision highlights the need for companies to review deeds of indemnity given to the company’s directors
- The decision illustrates the importance for officers and employees of having effective and extensive directors and officers insurance from the outset
The European Court of Justice has ruled that a 15-year-old agreement allowing companies to transfer personal information from servers within the European Union to servers in the United States is invalid.