27 March 2014
In 2008, the Board of Taxation recommended that the existing GST-free exemptions for the sale of a "going concern" and for "farm land" should be replaced with a voluntary reverse charge mechanism.
The recommendation was accepted and endorsed by the Rudd Government.
The Abbott Government subsequently announced its support for the measures and will proceed with the proposal to introduce a new reverse charge.
To read more about the GST exemption and how this may affect your clients, please click here.
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Author: Jemal Zagami
27 March 2014
The first tranche of changes to the retirement villages legislation start on 1 April 2014.
The Retirement Villages Act 1992 (Act) and Retirement Villages Regulations 1992 (Regulations) are being amended in a number of ways that enhance the rights of residents.
In this article Jackson McDonald lawyers highlights some key points that need to be addressed in new residence contracts.
To read more, please click here.
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25 March 2014
The Personal Property Securities Amendment (Deregulatory Measures) Bill 2014 (Cth) (Bill) was introduced to the Parliament of the Commonwealth of Australia on 19 March 2014 as part of Prime Minister Tony Abbott’s “red tape bonfire”. The substantive amendments to the Personal Property Securities Act 2009 (Cth) (PPSA) appear minor - merely involving the repeal of two sub-sections. But, as a fitting reflection of the complexity of the PPSA, these repeals have warranted an extensive 25 page Explanatory Memorandum proving that any tinkering with the PPSA is fraught with difficulty despite bringing a welcome amendment.
To read more about the Bill please click here.
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Author: Hilary Hunt
5 March 2014
On 5 February 2014, the Federal Court of Australia handed down its much anticipated decision in Paciocco v Australia and New Zealand Banking Group Limited (ANZ)  FCA 35 ( Paciocco ). The decision in Paciocco - finding that certain late payment fees charged by ANZ to its customers were penalties and therefore unenforceable – is another important development in the law concerning penalties in the finance and banking industry.
The Federal Court in Paciocco reinforced the take home ‘penalty’ principles identified by the High Court in Andrews v Australia and New Zealand Banking Group Ltd (2012) 247 CLR 205 ( Andrews ), and the decision will have major repercussions for banks and other financial institutions who charge their customers with standard late payment fees of $20 or more.
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Author: Victoria Butler
26 February 2014
Late last year, the Full Federal Court handed down its decision in MBI Properties Pty Ltd v Commissioner of Taxation  FCAFC 112 (MBI Case). The decision was somewhat controversial and has caused confusion for vendors and purchasers alike who are involved in property development and leasing enterprises.
Pending the Commissioner’s application for special leave and the outcome of any High Court decision, the MBI Case marks a change in what has previously been understood as the GST treatment of commercial and residential properties sold subject to an existing lease arrangement.
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21 February 2014
The new Australian Privacy Principles (APPs) and a number of important amendments to the Privacy Act 1988 (Cth) (Privacy Act) come into effect on 12 March 2014. These changes will introduce more rigorous requirements for management of personal information obtained about individuals, as well as hefty penalties for non-compliance.
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19 February 2014
The Australian Taxation Office recently released a Decision Impact Statement regarding a decision of the Full Court of the Federal Court of Australia in Federal Commissioner of Taxation v Resource Capital Fund IV LP & Ors (2013) 215 FCR 1.
The case considered the interpretation of s.255 of the Income Tax Assessment Act 1936 (Cth) and, in particular, how the term ‘money’ in that section should be interpreted.
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12 February 2014
The Australian Taxation Office recently released a Decision Impact Statement regarding the decision of the High Court in Mills v Commissioner of Taxation  HCA 51.
The case concerned stapled securities which consisted of an unsecured subordinated note issued by the New Zealand branch of the Commonwealth Bank of Australia (CBA) and a preference share issued by CBA. The stapled securities were qualified as Tier 1 capital for regulatory purposes.
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23 January 2014
Construction contract step in rights - time is running out to take advantage of the transitional provisions under the PPSA (Do you have this or any other security interest that needs to be registered?)
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22 January 2014
Transitional period under the Personal Property Securities Act ends 31 January 2014 - implications for mining and resources operations and joint ventures
The enactment of the Personal Property Securities Act 2009 (Cth) (PPSA) on 30 January 2012 saw the replacement of various Commonwealth, State and Territory legislation and securities registers, with a new regime governing the creation, registration and enforcement of securities that affect personal property in Australia.
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