Discretionary 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 […]

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BEAR (now FAR) – the extension of the Banking Executive Accountability Regime

On 4 February 2019, the Morrison Government announced it would implement recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission to extend the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities e.g. banks, insurance and superannuation firms and provide joint administration to ASIC as the conduct regulator. On 22 January […]

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Victoria to introduce offence of Industrial Manslaughter: What does it mean for employers?

The Victorian Parliament recently passed the Workplace Safety Legislation Amendment (Workplace Manslaughter and Other Matters) Bill 2019 (Bill), to introduce a new offence of ‘industrial manslaughter’ under section 39G of the Occupational Health and Safety Act 2004 (Vic) (OHS Act). The Bill comes just months after the national “Review of the model WHS laws: Final report” […]

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Culture-related Regulatory Enforcement: Where might the Australian ‘BEAR’ go hunting?

This two-part briefing has been prepared for in-house legal, risk and compliance professionals in financial services firms, including insurance and superannuation entities. Part one of this briefing covers the following matters: Introduction to the “Banking Executive Accountability Regime” (BEAR) What is required under the regime and penalties for individuals and companies BEAR’s imminent expansion to […]

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ASIC appeals Westpac’s success in the responsible consumer lending test case

In Australian Securities and Investments Commission v Westpac Banking Corporation (Liability Trial) [2019] FCA 1244, the Australian Securities and Investments Commission (ASIC) has brought a ‘test case’ considering alleged breaches of responsible lending obligations against Westpac Banking Corporation (Westpac). In particular, ASIC alleged Westpac breached the National Consumer Credit Protection Act 2009 (Cth) (the Act) through the use of its […]

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Lender’s minor omissions have major impact in summary judgment application

In Secure Funding v West [2017] QDC 169, the District Court of Queensland provides a helpful reminder of the importance of complying with contractual and legislative notice requirements.  As this case demonstrates, it is important for lenders to be able to demonstrate service of default notices so as to avoid minor omissions which can be costly.   […]

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Marshalling – what is it and how can it help a second registered mortgagee?

Marshalling is an equitable doctrine designed to protect second registered mortgagees from not being paid because of the arbitrary or capricious realisation of a security property by a prior mortgagee. In certain circumstances, a second registered mortgagee may be able to access surplus proceeds of sale from a property which it did not hold a mortgage […]

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FMCG Express | September Edition

Gadens has brought together a selection of articles from our top lawyers operating across the FMCG sector, to bring you the September edition of the FMCG Express. Covering recent stories such as the Kraft vs Bega dispute, the advertising campaign by Ad Standards and Hells Angels Motorcycle Corporation (Australia) Pty Limited v Redbubble Limited [2019] […]

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Potential reform of Australia’s federal discrimination laws

The Australian Human Rights Commission is currently reviewing Australia’s federal discrimination laws and considering what reforms should be made to those laws. To that end, the Commission recently released a discussion paper, “Free and Equal: An Australian Conversation on Human Rights“, setting out its preliminary views on the priorities for reform. The paper notes that […]

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New whistleblower laws: ASIC consults on whistleblower policy requirements

We recently published a comprehensive guide to the new obligations for employers and the expanded protections for whistleblowers, under Australia’s revised corporate whistleblowing regime. That regime commenced operation on 1 July 2019 and creates a significant compliance burden for all companies, including the requirement for some companies to have a whistleblower policy.   Who must […]

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Doing Business in Australia

The Australian Government welcomes foreign investment. With well-developed infrastructure, a stable political environment, robust economy and easy access to Asia Pacific, Australia is an ideal investment location for foreign companies looking to grow internationally. There are important considerations for foreign investors to make when deciding on how to enter the Australian market. Whether it’s the […]

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Proprietary company changes – are you still “large”?

From 1 July 2019, changes to the regime governing reporting obligations of Australian proprietary companies will come into effect with the thresholds that determine when a company is a “large” proprietary company to be doubled. For Australian proprietary companies, the Corporations Act 2001 (Cth) (Corporations Act) generally imposes less onerous financial reporting obligations than those […]

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