Asia Pacific

Finance Minister announces major reduction in Corporate Tax Rates

Finance Minister Smt. Nirmala Sitharaman at the 37th GST Council Meet held today i.e. September 20th 2019 has announced to reduce the corporate taxes for domestic companies and new local manufacturing companies through an ordinance.

The highlights of the Taxation Laws (Amendment) Ordinance of 2019 (“Ordinance”) are enumerated below:

Read full article

IBC proceedings maintainable against a company whose name has been struck off by the Registrar of Companies

 

The Hon’ble National Company Law Appellate Tribunal (“NCLAT”) has held that the Corporate Insolvency Resolution Process (“CIRP”) can be initiated against a company whose name has been struck off by the Registrar of Companies (“ROC”) on an application filed under section 7 or section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by any creditor or workman of such company.

Read more

Read full article

Financial Services in Focus – Issue 30

Funds and financial products

Treasury releases draft Design and Distribution Obligations Regulations

On 12 September, Treasury released for public consultation exposure draft regulations to support the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (‘Act’) and an exposure draft explanatory statement.

Read more

Read full article

Hall & Wilcox advises Sto Group on acquisition of Unitex

Leading Australian law firm Hall & Wilcox is pleased to have advised German company Sto Group on its acquisition of Unitex, an Australian manufacturer and distributor of building products for residential and commercial architectural products.

Read more

Read full article

No negligence in tragic accident

The District Court has recently dismissed a claim arising from serious injuries sustained in a fall from a roof, finding that the occupier had no duty of care to warn of an obvious risk of harm.
Keven Gors attended at a house with his brother to remove a hot water system unit from the roof. The intention was to transfer the hot water system to a house in which he was living. Mr Gors and the defendants were neighbouring farmers.

Read more

Read full article

Fair Work Commission finds dismissal following Facebook tirade to be harsh

The Fair Work Commission (FWC) has once again considered the persistent challenges raised by an employee’s use of social media outside work.

Read more

Read full article

Regulations for WA Work Health and Safety

The public consultation phase for the Work Health and Safety Act for Western Australia (WHS Act (WA)) ended on 31 August 2018.

On Tuesday 27 August 2019, Western Australian Industrial Relations Minister Bill Johnston announced that they are now seeking submissions on the introduction of three sets of Work Health and Safety (WHS) regulations to support the WHS Act (WA). The proposed regulations are:

Read more

Read full article

Talking Tax – Issue 170

Meeting the personal services business tests

The Administrative Appeals Tribunal (Tribunal) in the case of Ariss v Commissioner of Taxation [2019] AATA 2958 has held that money generated by the Taxpayer’s activities as an IT consultant, and split between the Taxpayer and his wife via a third-party trust arrangement, was in fact personal services income (PSI) and directly assessable to the Taxpayer.

Read more

Read full article

Employees’ Provident Fund – Aftermath of Vidyamandir Case EPFO’S Caution

On February 28, 2019, the Hon’ble Supreme Court, vide its judgement in the case of The Regional Provident Fund Commissioner (II) West Bengal vs. Vivekananda Vidyamandir and Others (clubbed with other civil appeals) (“Vidyamandir Case”), re-affirmed the position concerning inclusion of certain allowances for determining the provident fund contribution.

Read more

Read full article

A timely reminder: extensions of time for registration under PPSA

The decisions of In the matter of Assta Labels Pty Ltd [2018] NSWSC 1094 (Assta), In the matter of Psyche Holdings Pty Limited [2018] NSWSC 1254 (Psyche and, In the matter of Highlake Resources Pty Ltd [2018] FCA 1292 (Highlake) have added clarity to the factors courts will consider in assessing whether to grant an extension of time for registration on the ‘Personal Property Securities Act 2009 (Cth) (PPSA).[1]

Read more

Read full article