Sladen Snippet - Illegal Phoenix Activity – Modernising Business Registers and the new Phoenix Hotline
On 9 May 2018 we reported to you new initiatives regarding proposed laws targeting illegal phoenix activity (https://sladen.com.au/news/2018/5/9/sladen-snippet-proposed-laws-targeting-illegal-phoenix-activity) announced by the Federal Government in the 2018/2019 Budget. Consistent with the proposed measures announced under the budget, the Federal Government has now:
Sladen Snippet - Consumer protection laws set to be strengthened
The Federal Government has released draft versions of legislation and regulations to strengthen consumer protection laws. The changes would give effect to proposals contained in the 2017 Australian Consumer Law (ACL) Review Final Report agreed to by Commonwealth, State and Territory Consumer Affairs Ministers last year. The public has until the end of February to submit views on the draft changes.
Unfair contract terms – is your business compliant?
In the space of a fortnight, the Australian Competition and Consumer Commission (ACCC) has commenced two sets of proceedings in the Federal Court against large Australian businesses, claiming breaches of the unfair contract provisions applicable to standard form small business contracts contained in the Australian Consumer Law.
Private companies to benefit from extension of crowd-sourced equity funding legislation
The Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 was introduced into Parliament on 14 September 2017. If passed, as is expected, the Bill will extend the reach of the Crowd-sourced Equity Funding (CSEF) legislation that will at this stage apply only to public companies from 29 September 2017.
Sladen Snippet - Enforceability of vendor restraint clauses – How wide is too wide?
The enforceability of vendor restraint clauses contained in sale of business agreements is currently under review in the Supreme Court of Victoria in the case of Southern Cross Computer Systems P/L (ACN 005 770 598) and Ingenio Group P/L (ACN 610 396 748) v Palmer, Christopher Anthony; Faithfull, Jamie and Jakimoski, Zoran [2017] VSC 412.
Sladen Snippet - Release of Consultation Paper on the proposed Foreign Investment Framework changes
Sladen Snippet - Charities: the importance of complying with regulatory obligations
Charities have a number of ongoing reporting obligations, including the requirement to submit an Annual Information Statement (AIS) and annual financial report to the Australian Charities and Not-for-profits Commission (ACNC).
The reporting requirements depend on the size of the charity:
- A small charity (which has annual revenue of less than $250,000) must submit an AIS and can choose to submit a financial report.
- A medium charity (which has annual revenue of $250,000 or more, but less than $1 million) must submit an AIS and a financial report that is either reviewed or audited.
- A large charity (which has annual revenue of $1 million or more) must submit an AIS and an audited financial report.
Sladen Snippet - “Like the Titanic, it Sank Ignominiously” – Director jailed for breach of duties
Comprehensive credit reforms
As part of the reforms to the Privacy Act 1988 Update on the Australian Privacy Principle Guidelines and Changes to the Privacy Act - Ensuring the fine print is not forgotten, credit reporting in Australia will be regulated by a new Part IIIA of the Privacy Act. This will be accompanied by a new Credit Reporting Code which will replace the existing Credit Reporting Code of Conduct.
This new regime comes into effect on 12 March 2014 with the aim to simplify, clarify and update the current credit reporting provisions. The new regime will affect most industries.
Update on the Australian Privacy Principle Guidelines
Changes to the Privacy Act - Ensuring the fine print is not forgotten
Most businesses will have standard form policies and procedures relating to privacy. While these policies can be found on business websites and on documents handed out to customers and clients, they are too often left on the shelf collecting dust. Invariably, business owners tick the regulatory box with the implementation of a privacy policy, and then continue to focus on the most important part of their business - doing business.
Australia's First PPSA Decision
On 27 June 2013 the first major Personal Property Securities Act 2009 (Cth) (PPSA) judgment was handed down in Australia in the New South Wales Supreme Court. The decision in the case of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852 provides guidance on the operation of the PPSA and how to resolve priority disputes.
Employee share scheme update
Further to the Government’s release of Advancing Australia as a Digital Economy: Update to the National Economy Strategy on 12 June 2013 (refer to Employee share scheme announcement - 21 June 2013 for an overview), Treasury and the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education issued the discussion paper Employee Share Schemes and Start-up Companies: Administrative and Taxation Arrangements.
