Monthly Archives: December 2011

ILN Today Post

Governing charities and not for profits could get harder: Treasury releases consultation on not-for-profit governance arrangements

On 8 December 2011, the Treasury released a consultation paper on current governance arrangements for the not for profit (NFP) sector. The Government is consulting on what the core organisational governance principles applying to a registered NFP should be. The consultation will form an important component of the Australian Charities and Not-for-profits Commission (ACNC) legislation commencing 1 July 2012.  Charities and NFPs should consider their governance arrangements in the context of the five governance principles identified in the consultation paper and take the opportunity to make a submission to Treasury.  read more…

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ILN Today Post

Breaking News: VPAs (voluntary planning agreements) become less risky, less complex, and more effective

The NSW Court of Appeal has this week unanimously reversed a July decision by the Land and Environment Court (regarding the 7,200 home Huntlee New Town development) which had thrown many pending negotiations for voluntary planning agreements into disarray, and had cast doubt on the validity of many planning agreements already entered into over the past five years.  read more 

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ILN Today Post

Complete Review of the NSW Planning System – First Report Released

The NSW Government last week released an issues paper for public comment, as part of its 18 month review of the state’s planning system.  This document is the first tangible output from the review process, following a lengthy state-wide program of meetings undertaken by the review chairpersons, Tim Moore and Ron Dyer. Read on for our summary and critique of the Issues Paper and what lies ahead.  read more

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"Tax Tips – IRS program offers relief to firms that may have misclassified employees," by Carl Grassi published in Crain’s Cleveland Business

By CARL GRASSI
Published in Crain’s Cleveland Business
December 12, 2011

The IRS has unveiled a new voluntary compliance program to offer relief from exposure to federal employment taxes to businesses that have improperly classified their workers as independent contractors.

Under this program, employers who voluntarily change the classification of their workers from independent contractors to employees essentially will not be penalized and will not be subject to audits for prior years.

The terms of this new program are extremely favorable and should be considered by any business using independent contractors whose status as such is questionable. 

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NLRB begins streamlining of NLRB election process

By Brendan Fitzgerald and Miriam Rosen

The National Labor Relations Board made its commitment to “streamlining” the union representation election process clear in June 2011 with its controversial, pro-labor Proposed Rule for overhauling the union election system.  So, it wasn’t too surprising when the Board recently voted for a resolution streamlining parts of the union election process.   What was less expected, however, was that the Board took a piecemeal approach to the overhaul process by adopting a resolution focused only on limiting the litigation that frequently surrounds—and often delays–union elections.

Union elections frequently involve litigation over various aspects of the process, including whether to have an election, the appropriate bargaining unit, campaign behavior, election procedures and election results.  Unions have long claimed that such litigation is used by employers as a tactic to delay elections and possible bargaining obligations.

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California Employment Laws: What’s on the Horizon

By Dena L. Narbaitz and Marisa S. Ratinoff 

While everyone awaits the California Supreme Court’s ruling in Brinker Restaurant Corp. v. Superior Court (Hohnbaum) – which is expected sometime in early 2012 and will determine the scope of an employer’s meal and rest period obligations – employers must not lose sight of other important developments in California employment law. Below are brief summaries of some of the legislative enactments in California that will affect employers. Unless otherwise noted, these laws will take effect on January 1, 2012.

Read the full advisory online

 

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ILN Today Post

IRDA notifies the Issuance of Capital by Life Insurance Companies Regulations, 2011

The Insurance Regulatory and Development Authority (“IRDA”) on December 1, 2011 notified the IRDA (Issuance of Capital by Life Insurance Companies) Regulations, 2011 (the “Regulations”) for life insurance companies/firms to raise capital from the capital market via public offerings. The Regulations have been formulated in consultation with the Securities and Exchange Board of India (“SEBI”).It would appear that the Regulations were implemented to give effect to section 6AA of the Insurance Act, 1938 (“Insurance Act”) which requires promoters of Indian life insurance companies, holding more than 26% (twenty six percent) to divest the share capital in excess of 26% (twenty six percent), in a phased manner after a period of 10 (ten) years from the date of commencement of the business.
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Simplifying control over foreign investments in Russian strategic enterprises

The Federal Law on amendments to the article 6 of the Federal Law “On Foreign Investments in Russian Federation” and the Federal Law “On the Procedure of Foreign Investments in Companies Having Strategic Significance for the Preservation of National Defense and State Security” (hereinafter – the “Law”) was passed in the second reading by the State Duma on 1 November 2011. The Law simplifies the control procedure over foreign investments into the Russian strategic enterprises.

Introduced amendments change several criteria, used for identification of either foreign investor’s or group of persons’ control over company, having strategic significance. Thus the minimum interest of foreign investor in such Russian companies, defined as an interest granting corporate control, was increased from 10 to 25 percent. The minimum interest of foreign investor in oil-and-gas and mining companies (which transactions are subject to preliminary consent) was increased equally as well.

For the full article, please click here.

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