You are on notice – comply or run the risk of serious consequences well beyond back-pay!
“…if there is a major business in Australia who doesn’t consider itself on notice that they have to invest and improve their systems of payments, and their platforms, and their technology, and their auditing, then that system, that company would have rocks in its head… you’re on notice.” Industrial Relations Minister and Attorney-General Christian Porter […]
ReadmoreHow to gain a marketplace advantage by anticipating privacy law changes
1. Changes to privacy law are coming It seems almost certain that significant changes to privacy and spam law will happen in Australia within the next 1-2 years. There has been a tide of significant changes to privacy law in other jurisdictions. Most notably: The European Union’s General Data Protection Regulation (GDPR) took effect in […]
ReadmoreResponding to a subpoena – is it always necessary to lay everything bare?
In Harvard Nominees Pty Ltd v Tiller,[1] the Federal Court of Australia was tasked with considering the grounds on which a subpoena to produce may be set aside. Interestingly, the subpoenas in question were made for third parties (which were related to the respondents) to produce financial records and other documents to the Court in the context […]
ReadmoreEarth to the Mothership: a reminder to liquidators bringing group unfair preference claims to follow the rules
Recently, some liquidators appear to prefer to commence unfair preference claims against multiple defendants within a single proceeding, rather than multiple separate proceedings. Proceedings commenced in this way are often referred to as ‘mothership proceedings’. The appeal of ‘mothership proceedings’ from the liquidators’ point of view is obvious. Justice Brereton in Re Bias Boating Pty Ltd[1] […]
ReadmoreGadens Connect | 2020 Edition One
Welcome to Gadens Connect – a newsletter to share insights, trends and opportunities for our clients in the financial services industry. In this edition we share some key performance insights from 2019 and provide an overview of topics including updates to our GPSR platform (automation and integration solutions), MIP sale obligations and updates to the […]
ReadmoreTop 10 HR Issues of 2020
While 2019 saw a number of changes across the employment landscape that have had a significant impact on HR teams in all industries, that trend seems set to only continue. From annualised wage arrangements, employee classification and underpayments issues, through to modern slavery reporting and whistleblowing reforms and their practical implications, HR professionals will certainly […]
Readmore‘Black Summer’ Royal Commission could redefine Commonwealth, State and local government roles, responsibilities and powers around natural disasters
After close to four months of battling bushfires in New South Wales and Victoria and confronting devastating loss of life, property, livelihood and wildlife, as well as two months of speculation, a Royal Commission arising from the ‘Black Summer’ bushfires has been announced. The Royal Commission into National Natural Disaster Arrangements will, however, inquire more […]
ReadmoreAnnualised wage arrangements: Have you considered all of your options?
Effective 1 March 2020, new annualised wage provisions will be inserted into a number of modern awards. As an employer, you may have considered whether entering into an annualised wage arrangement is necessary or appropriate for your business. Importantly, the Fair Work Commission has confirmed that relying on a contractual off-set clause under an employment […]
ReadmoreResponsible lending – updated guidance and practical considerations
Lenders’ responsible lending obligations have been a fluid topic in the wake of the Hayne Royal Commission’s final report in February 2019. In that report, Commissioner Hayne said that he was ultimately not persuaded that the National Consumer Credit Protection Act 2009 (Cth) (NCCP) needed to change in that aspect. His view was that the […]
ReadmoreDiscretionary Trusts to be automatically deemed foreign trusts – Victoria and NSW
The Victorian State Revenue Office (SRO) has come out with an announcement that from 1 March 2020 it will no longer apply its practical approach in determining whether a discretionary trust is a foreign trust for stamp duty purposes. From 1 March 2020, any discretionary trust that does not specifically exclude foreign beneficiaries will automatically […]
ReadmoreMortgagees and verifying mortgagors’ identities – a time of change
On 18 December 2019, the Australian Registrars National Electronic Conveyancing Council (ARNECC) released a consultation draft of version 6 of its Model Participation Rules. It pertains to Mortgagees’ “Verification of Identity” (VOI Draft) requirements when registering mortgage securities, which are separate to AML / CTF KYC requirements. The VOI Draft – which contains one very […]
ReadmoreMortgage Brokers – You could be up for $1.05M in fines from 1 July 2020
On 6 February 2020, the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures) Bill 2019 (Bill) passed in Parliament. The Bill gives effect to recommendations 4.7 and 4.2 of the Hayne Royal Commission by amending the National Consumer Credit Protection Act 2009 (Cth) (NCCP) and the National Consumer Credit Protection (Transitional […]
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