Significant Investor Visa – New Investment Classes
The categories of eligible managed fund investments for significant investor visa holders have recently been expanded. The new categories are: annuities, derivatives, mortgages and interests in...
View ArticleCorporate & Commercial Fortnightly Update – 11 September 2013
In the media ASIC surveillance targets illegal phoenix activity ASIC are targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix...
View ArticlePrivacy, Prevention and Penalties: A new regime
Late last year significant changes to privacy law were enacted by the Commonwealth parliament. They are to come into effect in March 2014. This beneficially gives all holders of the private information...
View ArticleWill set aside due to undue influence and lack of testamentary capacity
The recent Supreme Court of NSW decision in the case of Dickman v Holley, Re; Estate of Simpson1 demonstrates the Court’s willingness to set aside a will on the grounds of undue influence and lack of...
View ArticleIt’s OK. The new CEO will fix it
For those of you who attended the first 2013 Mills Oakley Not-for-Profit breakfast seminar in April, you will have met Shirley. Shirley is a not so hypothetical incoming not for profit CEO facing a...
View ArticleSection 150 Licence: Think you have a Section 150 licence allowing you to...
Section 150 licences that were issued after 1998 now have no legal basis. The Australian Securities and Investments Commission (ASIC) is unable to provide any advice on what to do with them, so our...
View ArticleGovernance Standards and Constitutions… a marriage of (in)convenience
The governance standards, which are not yet operative, set out basic standards that all charities except basic religious charities (referred to hereafter as Charities) must comply with. If a charity...
View ArticleCompleting the 2013 Annual Information Statement – FAQs!
The ACNC has released a sample of the 2013 Annual Information Statement (AIS) that all charities will need to complete in due course. A copy of the sample AIS and the ACNC’s guidelines are available on...
View ArticleNSWCA Absolves Stratas of Section 62 Statutory Duty Damages Claims
An aspect of the decision in The Owners – Strata Plan No. 50276 v Thoo [2013] NSWCA 270 which requires an article all of its own, is its finding that a breach of section 62 of the Strata Schemes...
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Does your Not-for-Profit entity have to pay income tax?
We have included the simple flow-chart below to help you identify your entity’s tax status. With any luck a few of our readers will discover that they do not need to be paying income tax or, at the...
View ArticleComplying with the ACNC Governance Standards – what do charities need to do?
The Australian Charities and Not-for-Profits Commission (ACNC) has implemented its new Governance Standards, effective from 1 July 2013. All charities (except basic religious charities) must comply...
View ArticleDue Diligence Checklist for new Directors of not-for-profit boards
Before becoming a director of a not-for-profit board, you should do your homework. You should understand what the organisation is about, and whether or not you will be able to work with the...
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Risky (Not-for-Profit) Business
What is the risk associated with being a director of a not-for-profit organisation? There are over 500 pieces of legislation in Australia which impose personal liability on directors and officers of...
View ArticleCorporate & Commercial Fortnightly Update – 24 October 2013
In the media Fast food, fitness firms to be audited In the ACCC’s next round of audits we will be looking at franchises from the takeaway food and health and fitness industries, however our audits will...
View ArticleChanges on the way for the Security of Payments regime in New South Wales (SOPA)
Building and Construction Industry Security of Payment Amendment Bill 2013. As outlined in our March 2013 advisory note, legislative changes are now being proposed as a result of the Collins inquiry...
View ArticleSecurity of payments claim after contract termination
McConnell Dowell Constructors (Aust) Pty Ltd v Heavy Plant Leasing Pty Ltd [2013] QSC 269 Can a contractor submit a claim under a State security of payment act, after the contract under which the work...
View ArticleThe Property Mill – Queensland – 1 November 2013
In the media Barrier Reef conflict claims Members of the Marine Park Authority with ties to resource companies are accused of a conflict of interest. The board of the agency charged with protecting the...
View ArticleThe Property Mill – New South Wales – 1 November 2013
In the media ABS: rises in council rates and utility bills contribute to inflation The quarterly figures released by the Australian Bureau of Statistics this week have revealed Price rises in bills to...
View ArticleThe Property Mill – Victoria – 1 November 2013
In the media Property developers need to factor law into climate change A developer of a large resort and residential community was dealt a blow when its development application was overturned in the...
View ArticleCorporate & Commercial Fortnightly Update – 22 November 2013
In the media Rural Funds Management accused of takeover A proposal to merge and list three agricultural property funds by Rural Funds Management (RFM) contravenes regulatory guidelines and is more...
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