24 November 2014
Narrowing the Net – Limiting Access to State Concessions and Exemptions for Some Charities
On 26 June 2014, the State Government of Western Australia introduced the Tax Legislation Amendment Bill 2014 (WA) (Bill).
Broadly, the amendments contained in the Bill seek to narrow the scope of the existing payroll tax, transfer duty and land tax exemptions as they apply to “fourth limb charities” (i.e. organisations that promote other purposes considered beneficial to the community).
Author: David Murphy
20 November 2014
On 28 October 2014, Jackson McDonald was honoured to host a presentation on the recent ANZ banking fees cases by keynote speaker, William Edwards, who is a barrister and one of the counsel on the Paciocco v ANZ case.
Discussion was focused on the changes to the law against penalties that came from the banking fees cases. A number of key issues were canvassed in the subsequent panel discussion, including the implications of the cases on other types of commercial contracts in the energy, mining and construction industries.
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12 November 2014
ASIC has recently expanded its regulatory relief to a wider range of employee incentive schemes. ASIC has released two new class orders on employee incentive schemes – one for listed bodies and the other for unlisted bodies. These class orders expand the types of financial products that can be offered under employee incentive schemes, broaden the categories of persons that can participate in a scheme and allow greater flexibility to structure schemes.
Author: Will Moncrieff
12 November 2014
A vital element to registering financing statements correctly on the PPSR is inputting the correct grantor details. Searchers of the register will search for financing statements using those details. If the searcher searches on the correct grantor details, but a registrant registered the incorrect details, the search will not disclose the registration. Section 165(b) of the PPSA states that such a defect causes the registration to be ineffective.
Author: Hilary Hunt
24 October 2014
Government’s position on RET released ahead of bipartisan negotiations
On 28 August 2014, the Expert Panel chaired by Dick Warburton (“Panel”) released its report on the Renewable Energy Target (“RET”) Review, (“report”). The Panel concluded in its report that the RET should not continue in its current form because the costs outweigh the benefits of emissions reduction.
The Panel made separate recommendations for the Large-scale RET (“LRET”) and the Small-scale Renewable Energy Scheme (“SRES”) in its report.
On 22 October 2014, Federal Industry Minister Ian Macfarlane outlined the government's position on the Renewable Energy Target in response to the Panel’s report and ahead of negotiations with the Labor Party.
20 October 2014
Did you know that the super-priority of a purchase money security interest (PMSI) in accounts can be easily lost?
A supplier of inventory to a retailer on title retention terms has a PMSI in the inventory giving it a super-priority over other security interests. Under the PPSA, this PMSI automatically extends to proceeds such as the account arising from the sale of inventory. This gives the supplier the same super-priority over that account. This is a favourable security position for the supplier.
But! Under s 64, if another secured party subsequently takes a direct security interest in that account, the supplier's super-priority is jeopardised merely by the subsequent secured party giving 15 business days notice of its interest. A supply contract should be drafted to contemplate this situation. The supplier would also need to take steps to protect its security position from the operation of s 64 during the 15 business day window. If it does not, its super priority will be trumped by the subsequent security interest.
Author: Hilary Hunt
19 October 2014
High Court reinforces test of vulnerability for pure economic loss claims in tort
On 8 October 2014, in Brookfield Multiplex Ltd v Owners Corporation Strata Plan 61288 & Anor  HCA 36 the High Court unanimously allowed an appeal from a decision of the Court of Appeal of New South Wales by holding that Brookfield, which was the builder of a strata titled apartment complex, did not owe a duty of care to the Owners Corporation to avoid causing economic loss resulting from defects in the common property.
Author: Stefan Sudweeks
13 October 2014
Terms sheets, offer letters and letters of intent are commonly used to set out the principal terms of a deal, form a basis for further negotiations and are the platform for the parties’ due diligence. They are a fundamental part of private M&A, but come with some risks and traps, which we examine here
6 October 2014
Stage 2 of the proposed changes to the retirement villages legislation has been delayed.
The draft amendments to the Retirement Villages Regulations 1992 (Regulations) and the draft Fair Trading (Retirement Villages Code) Regulations 2014 (Revised Code) issued in July 2014 were planned to commence from October 2014. We have been advised that this has been deferred because the Consumer Protection Division of the Department of Commerce did not have adequate time to address the complex matters that came out of the submissions made on the consultation drafts of the Regulations and the Revised Code.
30 September 2014
Swooping in to confirm our discussion in our last PPSA Frontline, is a new PPSA case from the Federal Court of Australia. In Pozzebon (Trustee) v Australian Gaming and Entertainment Ltd, in the matter of Australian Gaming and Entertainment Ltd (in liq)  FCA 1034 (Pozzebon), the Court addressed section 588FL of the Corporations Act 2001 (Cth) and whether a security interest was “perfected by registration, and by no other means”.
Author: Hilary Hunt