Can a disclaimer retrospectively reduce a trust beneficiary’s taxation liabilities?
The beneficiaries of a trust estate executed disclaimers of income more than two years after the end of the relevant income year (2014). The Full Court of the Federal Court agreed that the disclaimers were effective to reduce the beneficiaries’ taxation liabilities in the 2014 income year, despite being executed after the year ended. The […]
ReadmoreCorruption and Integrity Update | Fitzgerald Report 2.0: Key findings and recommendations
The much-awaited report by the Honourable Tony Fitzgerald AC QC and the Honourable Alan Wilson QC of the Commission of Inquiry relating to the Crime and Corruption Commission (CCC) has just been released. In our opinion, the most significant recommendation requires the Crime and Corruption Commission to seek the opinion of the Office of the […]
ReadmoreCorruption and Integrity Update – Updates on the Coaldrake Report and corrupt conduct in the Queensland public sector
This month’s edition of the Corruption and Integrity Update provides an update on the implementation of the recommendations arising out of the Coaldrake Report and considers recent developments in publicly-released integrity investigations. We also recap the progress towards a federal anti-corruption commission. Coaldrake Report – Updates from the 26 July 2022 Estimates Committee Hearing At […]
ReadmoreEmbedded networks live on as Victorian reform for residential embedded networks slowly takes shape
New embedded networks in residential apartment buildings will be banned from January 2023 unless 100% of electricity is sourced from renewable energy, with at least 5% being sourced from on-site generation. Existing embedded networks in residential sites, including apartment buildings, retirement villages, social housing and residential/caravan parks, will transition to a new regulatory regime, moving through […]
ReadmoreDirectors beware – personal recovery orders made where director’s duties breached
In the matter of Bryve Resources Pty Ltd [2022] NSWSC 647, the Court accepted the liquidator’s evidence of alleged breaches and found the company’s sole director breached his director’s duties, including failing to act with due care and skill, or in the best interest of the company and its creditors, when allowing the company to […]
ReadmoreYou’ve been served! Federal Court of Australia affirms recent amendments to modernise the Corporations Act
In Bioaction Pty Ltd -v- Ogborne, in the matter of Bioaction Pty Ltd [2022] FCA 436 (Bioaction), her Honour Justice Cheeseman considered whether an application to set aside a statutory demand was served within the 21-day period as provided for in Section 459G of the Corporations Act 2001 (Cth) (the Act). In deciding this matter, […]
ReadmorePower to sell – Federal Court exercises discretion to allow company to realise trust assets
In Brooks, in the matter of Tease Hair & Spa Pty Ltd (in liquidation),[1] the Federal Court made orders in favour of the Liquidator, pursuant to section 90-15 of Schedule 2 to the Corporations Act 2001 (Cth) (Insolvency Practice Schedule (Corporations)) and section 47 of the Trustee Act 1989 (Tas) allowing the Liquidator to realise […]
ReadmoreNew psychological health regulations for Victorian employers
The Occupational Health and Safety Amendment (Psychological Health) Regulations (Vic) (proposed Regulations) are expected to commence in mid-2022, subject to approval by the Minister, which is anticipated to occur shortly. Under Victorian OHS laws, an employer must, so far as is reasonably practicable, provide and maintain a working environment that is safe and without risks […]
ReadmoreProposed amendments to the Betting and Racing Regulation and the definition of an inducement
The Betting and Racing Regulation 2012 (NSW) (Betting and Racing Regulation) and Totalizator Regulation 2012 (NSW) will be repealed on 1 September 2022. In anticipation of the expiration of these regulations, Liquor and Gaming NSW (L&GNSW) have released the following draft regulations for consideration and feedback: Draft Betting and Racing Regulation 2022; and Draft Totalizator […]
ReadmoreReligious discrimination in employment in Victorian schools: The exceptions narrow
The purpose of changes to the Equal Opportunity Act 2010 (Vic) (the Act) from 14 June 2022, which apply to the employment practices of schools, are said to better balance the right to equality with the right to religious freedom, so that both can be appropriately recognised and enjoyed. The Act makes discrimination against the […]
ReadmoreCorruption and Integrity Update | Updates from the CCC, and the release of the final report from the Coaldrake Review
This month’s edition of the Corruption and Integrity Update considers new corruption prevention resources released by the Crime and Corruption Commission (CCC); the CCC’s call for submissions on influencing practices in Queensland; and the CCC’s release of its investigation into allegations of disclosure of confidential information at the Integrity Commissioner. We also dive into the […]
ReadmoreConsidering Conflicts: Queensland Supreme Court rejects application to restrain liquidators’ choice of representation
This matter involved the former director and former accountant of CGS Constructions (QLD) Pty Ltd filing proceedings seeking an injunction to restrain the Liquidators from engaging Cornwalls Lawyers to act on the basis that: Cornwalls also acted for a substantial creditor, Union Share Pty Ltd; and the Liquidators, by engaging Cornwalls, had manifested a tendency […]
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