Recent Articles

Australian contract law reform

David Jacobson
March 22, 2012 00:39

The Australian Government has released a discussion paper to seek views on possible reforms to contract law. The paper considers whether Australian contact law could be reformed to: enhance accessibility, certainty and simplicity set standards of conduct better support innovation and participation...

Flood insurance and Home Insurance Key Facts Sheet update

David Jacobson
March 22, 2012 00:29

The Insurance Contracts Amendments Bill 2012 (the Bill) has been passed by both Houses of Parliament. The Bill introduces a legislative framework to establish regulations for: a standard definition of “flood” for riverine flooding in insurance contracts of home building and home...

Do Not Call registrations to be extended

David Jacobson
March 21, 2012 18:35

The Do Not Call Register (Duration of Registration) Specification (No. 1) 2010 (Amendment No. 1 of 2012) extends the current registration period for domestic telephone numbers from 5 years to 6 years. The Register commenced on 31 May 2007 and the Do Not Call Register Act initially prescribed...

Taxation ruling on split loans

David Jacobson
March 21, 2012 18:34

The ATO has issued Taxation Determination TD 2012/1 in relation to ‘investment loan interest payment’ arrangements (commonly called split loans). The Determination states that Part IVA of the Income Tax Assessment Act 1936 can apply to deny a deduction for some, or all, of the interest...

FOFA Bills amendments

David Jacobson
March 20, 2012 00:20

Although the Government has not yet responded to the Committee Reports on the Bills it has proposed limited amendments to the FOFA Bills including: to the Corporations Amendment (Future of Financial Advice) Bill 2011 (Tranche 1): changing the fee disclosure statement requirement by omitting...

ASIC consults on regulatory approach to platforms

David Jacobson
March 19, 2012 23:20

ASIC has released Consultation Paper 176 Review of ASIC policy on platforms: Update to RG 148 (CP 176) which proposes changes to Regulatory Guide 148 Investor Directed Portfolio Services (RG 148). ASIC proposes additional requirements for platform operators to protect investor rights associated...

FOFA articles

David Jacobson
March 19, 2012 23:03

We have set up a dedicated category for information about Australia’s Future of Financial Advice reforms which are due to commence on 1 July 2012 and become mandatory on 1 July 2013. For background, have a look at our previous posts here. The key Bills are the Corporations Amendment (Future of...

Minerals Resource Rent Tax package passed

David Jacobson
March 19, 2012 22:46

The Minerals Resource Rent Tax Bill 2011 and associated Bills have been been passed by both Houses ofr Parliament and are awaiting Royal Assent before commencement on 1 July 2012.The Minerals Resource Rent Tax Bill 2011 and associated Bills have been been passed by both Houses ofr Parliament and...

Australian Parliament website updated

David Jacobson
March 19, 2012 22:33

The Australian Parliament’s website at www.aph.gov.au has been updated with particular improvements to information about Bills, including a Bill tracking service. Worth a look.The Australian Parliament’s website at www.aph.gov.au has been updated with particular improvements to...

Work Health and Safety (WHS) laws update

David Jacobson
March 19, 2012 22:24

Safe Work Australia has issued an update on its progress on the national system: The WHS laws commenced in the Commonwealth, ACT, NSW, NT and QLD on 1 January 2012. The WHS laws have passed in Tasmania with a commencement date of 1 January 2013. Six further Codes of Practice have been endorsed as...