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New exemptions from financial service licensing for foreign financial service providers

On 7 August 2023, the Commonwealth Government released exposure draft legislation to introduce exemptions from the Australian financial service licence (AFSL) regime for foreign financial service...

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How to avoid greenwashing: ACCC issues draft guidance for environmental claims

The ACCC continues its focus on misleading environmental claims, or ‘greenwashing’, with much anticipated draft guidance for business and consumers.

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High Court of Australia flags bigger penalties for corporate misconduct

High Court of Australia expands concept of a “benefit” for civil penalty and criminal sentencing principles – larger corporate penalties are on the way!

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Significant unfair contract terms reforms commence shortly

Reforms to the unfair contract terms regime in the Australian Consumer Law, and under the ASIC Act, commence on 9 November 2023.

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ASIC files greenwashing case against Vanguard Investments

ASIC’s strategic focus on greenwashing conduct in the funds sector continued this week, with the regulator commencing Federal Court proceedings against one of the world’s biggest investment...

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Jubilee heads to the Federal Court over alleged climate reporting failures

Jubilee Australia Research Centre Ltd (Jubilee) have commenced proceedings against Export Finance Australia (EFA) and the Northern Australia Infrastructure Facility (NAIF) alleging contraventions...

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Key employment monetary changes from 1 July 2023

The start of the new financial year brought about a number of changes to employment law monetary requirements in Australia, including with respect to superannuation, civil penalties and minimum...

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Mandatory Gas Market Code of Conduct Released

As previously reported, the Commonwealth Government has been developing a Mandatory Code of Conduct for the East Coast gas market (Code). On 6 July 2023, the Commonwealth Government published the...

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Multinational tax integrity package – MNEs watch this space

The past few weeks have been exceptionally busy from an international tax perspective, with the Government making headway on a number of its tax integrity and enhanced tax transparency measures.

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Investment belts tightened under new thin capitalisation measures

Five weeks after Treasury’s release of exposure draft legislation to amend the thin capitalisation rules, as announced in 2023 Federal Budget (Exposure Draft), the Treasury Laws Amendment (Making...

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No more s 588FL vesting for security interests granted post appointment: Cubic Interiors NSW & Ors

A decision which insolvency practitioners will welcome in, Cathro, in the matter of Cubic Interiors NSW Pty Ltd (In Liq) [2023] FCA 694, the Federal Court clarified that s588FL of the Corporations...

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New anti-avoidance rule denying deductions for payments relating to intangible assets

On 23 June 2023, Treasury released further draft legislation to deny deductions for payments by Significant Global Entities (SGEs) relating to intangible assets connected with low corporate tax...

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Commissioner of Taxation charges with a Sabre to attack documents held offshore

Following the interlocutory decision of the Federal Court Mylan Australia Holding Pty Ltd v Commissioner of Taxation [2023] FCA 672 (Mylan) made on 21 June 2023, taxpayers facing information...

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Reforms to Australia’s Foreign Bribery Laws: Important Lessons for Australian Business

The Australian Government has finally re-enacted a Bill to reform important parts of Australia’s foreign bribery laws, many years after the Australian Senate and numerous parliamentary committees...

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High Court unanimously finds that GST payments are not unconstitutional

On 14 June 2023, the High Court held that payment of notional GST by a local government body, was not a tax on State property, and therefore did not contravene section 114 of the Commonwealth...

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Full Federal Court provides clarity on expert evidence preparation

On 10 May 2023, in the unanimous five-judge decision of New Aim Pty Ltd v Leung [2023] FCAFC 67, the Full Federal Court provided some long awaited guidance on the preparation of expert reports and...

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New ACCC super complaints proposal will require super compliance

From July 2024, small business and consumer advocacy groups will have the ability to ‘fast track’ competition and consumer law complaints for regulatory scrutiny, via a newly created dedicated...

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Do your international arrangements with intangible assets pass the test?

The current scrutiny of the Australian tax outcomes relating to the intangible assets of international groups continues. On 17 May 2023, the Australian Taxation Office (ATO) issued Practical...

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Recent Victorian tax announcements – what do you need to know?

The Victorian government recently announced a number of key state tax changes. The State Taxation Acts Amendment Bill 2023 (Bill) has passed the Legislative Assembly and has been read for a second...

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Climate-related shareholder activism: legal claim against Shell directors falls at first hurdle

On 12 May, the UK High Court refused permission for environmental group ClientEarth to continue its claim against the directors of Shell plc (Directors) for their alleged failure to manage climate...

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Are non-compete clauses for employees anti-competitive?

‘No-poach’ or ‘non-compete’ clauses are used widely by Australian companies to prevent the leakage and misuse of employer’s information and loss of key client and supplier relationships. Companies...

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Pressing Ahead - First Penalties Issued for Button Battery Standard Breaches

Two large Australian retailers, The Reject Shop and Dusk are the first suppliers to be penalised under the world-first mandatory standards for button batteries (BBs), enforceable since June 2022.

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A captain for the energy transition ship: the Federal Government announces a new Net Zero Authority

On 5 May 2023, the Federal Government announced that it will legislate a new national Net Zero Authority (NNZA) to reduce national emissions and help industry, communities and workers manage the...

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Exposure Draft of Mandatory Gas Market Code of Conduct Released

On 26 April 2023, the Commonwealth Government released its proposed Mandatory Code of Conduct for the East Coast Gas Market (the Draft Code) for consultation.

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