In the media
Multinationals and wealthy on ATO hit-list
Multinationals and big businesses that shift profit offshore to slash tax bills will receive more scrutiny than ever before. The ATO has more than 150 companies will face risk reviews and audits as part of the federal government’s crackdown on tax-avoiding multinationals and the broader global movement against the activity (16 July 2013)
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ASIC crackdown ‘won’t stop corporate leaks’, warn experts
Governance experts say a move by the Australian Securities and Investments Commission to crack down on the selective leaking of information by companies will not bring an end to market manipulation, as ASIC moves to sit in on stock analysts’ meetings with business leaders (08 July 2013)
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ACCC proposed new guidelines for review of mergers
ACCC has proposed to review its processes for assessing mergers. The process guidelines, which were last reviewed in 2006, provide guidance to businesses and legal practitioners with on the ACCC’s approach to informal reviews of mergers and acquisitions pursuant to s 50 of the Competition and Consumer Act 2010 (05 July 2013)
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ASIC charges anti-coal hoaxer
The corporate regulator has charged anti-coal campaigner over his release of a fake announcement from ANZ Bank about funding for Whitehaven Coal, that briefly wiped more than $314 million from the value of the mining company. ASIC confirmed last night Mr Moylan had been charged with one breach of section 1041E of the Corporations Act, covering the making of false or misleading statements (03 July 2013)
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Cases
Westpac Banking Corporation v Newey [2013] NSWSC 847
CONTRACT – construction – identification of ambiguity – known objective fact – textual anomaly
RECTIFICATION – best evidence of concurrent intention – contemporaneous prior consensus – more reliable than oral evidence at hearing
CONTRACT – commercial object – unresolved subjective evidence of divergent commercial purposes – no assistance – no need to resolve – Corporations Act 2001 (Cth); Trade Practices Act 1974 (Cth)
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Specsavers Pty Ltd v Luxottica Retail Australia Pty Ltd [2013] FCA 648
TRADE PRACTICES – misleading and deceptive conduct – whether advertising was comparative advertising or mere puffery – whether advertising was misleading or deceptive or likely to mislead or deceive – Competition and Consumer Act 2010 (Cth) Sch 2 ss 18, 29; Trade Practices Act 1974 (Cth) s 52
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