In the recent case of Imagebuild Group Pty Ltd v Fokust Pty Ltd [2017] VSCA 131, the Court of Appeal considered whether a ‘supporting affidavit’ had been sworn, served and filed within the time limit prescribed by section 459G of the Corporations Act 2001 (Cth) (“Act”). On 10 February 2017, [...]
With many companies now moving their data storage to the cloud, or considering the cost-saving benefit of doing so, it is important to be aware of the risks associated with contracting a company which uses overseas servers. Concerns about ‘data sovereignty’ have increased in recent years, with many Australians feeling [...]
The Federal Government has introduced changes to the Personal Property Securities Act (PPSA) with the enactment of the Personal Property Securities Amendment (PPS Leases) Act 2017. The amendments came into effect on 20 May 2017, and extend the minimum duration of the term of a lease or bailment before the [...]
Business owners who undertake arrangements to separate their business and personal assets may be able to avail themselves of CGT roll-overs to disregard or defer the capital gains tax that would otherwise arise. Previously, CGT relief was available if the business owner transferred their business assets to a company. Under [...]
The Federal Government pursuant to its 2017 Budget intends to extend the legislative framework for crowd-sourced funding (CSF) by introducing a new Crowd-Sourced Equity Framework regime for proprietary companies.[1] Currently, the Corporations Amendment (Crowd-sourced Funding) Act 2017 (the CAA)[2], which comes into force on 29 September 2017, only creates a [...]
Sham Loans The Commissioner of Taxation in two recent tax cases (Millar[1] and Normandy Finance[2]) and Liquidators in BCI Finances[3] (supported by the Commissioner of Taxation), have had success in alleging certain loans were shams. This had the effect that in the tax cases, that the taxpayer failed to discharge [...]
Operating a business presents numerous challenges, whether this be at the inception of the business, during its regular lifecycle, or upon winding down or ownership transition. One of the many important considerations for a business owner is planning for the long-term future of the business and, in particular, ensuring that [...]
