Parliament has now passed the much anticipated changes to competition and consumer laws which means businesses will now face higher penalties for beach of competition and consumer laws and new penalties for unfair contract terms.
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A common asset protection strategy for professionals and "at risk" individuals is to put the family home in the sole name of their "non-at-risk" spouse to protect the property from creditors.
This relies on an ancient principle known as the 'presumption of advancement'. In a bygone era, any amount paid by a husband to or for the benefit of his wife, was presumed to be a gift (unless there was evidence of a contrary intention).
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Employee Share Schemes are about to be simpler to administer as regulations announced in the Federal Budget for 2022-23 come into effect. These changes include changes to disclosure requirements and removal of a taxing point for leaving employees.
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Does your business provide goods or services to consumers? Or do you receive a commission when you refer a customer to a third party?
Suppliers and intermediaries need to be aware of disclosure obligations aimed at improving transparency for consumers.
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In the NSW Budget handed down on 21 June 2022, the State Government has announced plans to make some transfer duty optional from January 2023. Although these changes could be the beginning of the most significant reform to stamp duty law in NSW in over 150 years, media reports about the imminent abolition of stamp duty in favour of a broad based property tax are greatly exaggerated. In reality, a complex web of duty traps remains to ensnare the unwary for the foreseeable future.
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Can the Court claw your Superannuation back notwithstanding a Binding Death Nomination under the Succession Act?
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Do you need to pay duty on transactions that were not previously dutiable in NSW? From 20 May 2022, the answer could be yes.
From 20 May 2022, the New South Wales duties net has been considerably widened. While the scope of the changes is not yet fully known, it is clear that duty is now imposed on transactions that were not previously dutiable in New South Wales:
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The Australasian Food Group (trading as Peters Ice Cream) (Peters Ice Cream) has been ordered to pay a $12 million penalty after engaging in exclusive dealing practices. The Federal Court has also ordered the ice cream giant to establish a compliance program for a period of three years and pay contribution to the ACCC's legal costs.
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Have you ever thought about buying something and then immediately find a raft of online advertisements coming up on your phone for that exact same thing?
The ACCC is now focused on taking enforcement action against businesses participating in "manipulative techniques to exploit or pressure [consumers], and other practices that seek to distort or disregard their consumer choice in the digital economy" says ACCC Chair Rod Sims.
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