Asia Pacific

Further updates to the 457 Visa

Further updates have been announced by the Department of Immigration and Border Protection (DIBP) on 18 November 2017 which we have summarised here.

Regional Boundaries update

Perth is longer classified as a regional area for the purposes of a Regional Sponsored Migration Scheme (RSMS) Subclass 187 visa which means employers within this area no longer have access to this program. This will not apply retrospectively.

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NEW RBI NORMS ON PREPAID PAYMENT INSTRUMENTS

The Reserve Bank of India (“RBI”) has issued various guidelines from time to time on issuance and operations of Prepaid Payment Instruments (“PPIs”) in India. PPIs are defined as payment instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments, and can be classified under three types viz. (i) Closed System PPIs, (ii) Semi-closed System PPIs, and (iii) Open System PPIs.

In view of the numerous technological innovations, progress in fintech and the use of PPIs growing at an exponential rate, RBI with the aim to foster innovation and competition, safety, security, and customer protection, has issued a fresh set of directions relating to issuance and operations of PPIs on October 11, 2017, in the form of RBI (Issuance and Operation of Prepaid Payment Instruments) Directions, 2017 (“Master Directions”). These Master Directions are applicable to PPI Issuers, System Providers, and System Participants, and are effective immediately. Existing authorised PPI issuers have, however, been allowed till December 31, 2017 to comply with the revised requirements (except where otherwise specified in the Directions).

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Talking Tax – Issue 103

Cases

Beneficiaries beware! Option to purchase property of an estate may attract duty

On 6 November 2017, in Watts v Chief Commissioner of State Revenue [2017] NSWCATAD 320, the NSW Civil and Administrative Tribunal (Tribunal) determined that the Taxpayer failed to satisfy the Tribunal that nominal duty of $50, rather than duty at normal rates, should be imposed on a transfer of land made pursuant to an option contained in the Will of a deceased person. Broadly, nominal duty is available for transfers of dutiable property made under or in conformity with a Will of a deceased person, or where the property is the subject of a trust for sale contained in a Will, and the transferee is a beneficiary under the Will.

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Multiple listings for Hall & Wilcox Insurance team in Doyle’s Guide

Congratulations to our Insurance team who has been listed as a Leading Insurance law practice in Doyle’s Guide and to the following partners who have been ranked in their respective areas:

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Update to proposed Victorian assisted dying legislation

Victoria is now one step closer to legalising assisted dying.

The Victorian State Government has agreed to a number of amendments to its Voluntary Assisted Dying Bill, in order to ensure that the bill passes the Senate.

Under the current bill, adults suffering from a terminal illness who are expected to live less than 12 months would be able to access lethal drugs.

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Clarity on the Employer Nomination Scheme (Subclass 186) program

The Department of Immigration and Border Protection (DIBP), has provided further updates on the Employer Nomination Scheme (ENS). These updates target 457 visa holders and those who had their 457’s being processed as of 18 April 2017.

The update confirms that such 457 visa holders and applicants will be able to apply for the ENS visa under the Temporary Residence Transition (TRT) stream two years after working with the sponsoring employer on their 457.

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Informal wills – don’t risk it

A recent trend in Victorian Supreme Court decisions has highlighted the importance of seeking legal assistance when preparing a Will.

In order for a Will to be valid in Victoria, it must meet certain formal requirements. These requirements exist to ensure that the Will expresses the testator’s true testamentary wishes and are not the result of fraud, undue influence or the testator’s impaired capacity.

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Talking Tax – Issue 102

ATO Updates

GST on Property – Buyer beware – you might have to pay GST to the ATO

The Government has released a draft of the Treasury Laws Amendment (2017 Measures No. 9) Bill 2017: Real property transactions (Cth) (Bill) which, from 1 July 2018, will make purchasers of certain residential premises liable to pay the GST directly to the ATO.

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Hall & Wilcox pro bono partner, RACS named Finalist at Human Rights Awards

Congratulations to Hall & Wilcox’s pro bono partner, The Refugee Advice and Casework Service (RACS) who has been listed as a Finalist at the 2017 Human Rights Awards.

The RACS Fast Track Response team has assisted in the completion of urgent applications for protection of more than 5,200 people before the 1 October deadline.

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ASEAN Today – Regional Legal and Business News – October 2017

 ASEAN TODAY – REGIONAL LEGAL AND BUSINESS NEWS – OCTOBER 2017

In Memoriam – H.M. King Bhumibol Adulyadej
December 5, 1927 – October 13, 2016

The cremation and ceremonies for our beloved departed King have now concluded. We sincerely thank everyone for all the kind words of support and thoughtful sharing with us during our difficult times.

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