Asia Pacific

The Aged Care Royal Commission – first shots fired

The largest 100 aged care service providers in Australia will have very recently received initial correspondence from the Royal Commission into Aged Care Quality and Safety (Commission) inviting early submissions.

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Financial Services in Focus – Issue 16

Funds and financial products

ASIC extends relief for non-cash payment facilities

On 16 November, ASIC has amended the ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211 to remove an expiry date that would have seen the instrument ceasing to operate in March 2019.

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Taken for a ride: Foodora rider found to be an employee

In a controversial decision, a single Commissioner of the Fair Work Commission has found that a delivery rider engaged as an independent contractor by food delivery company Foodora was, in fact, an employee.

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Baldacchino – The NSW Court of Appeal reviews the exceptions to Section 59A and defines the scope of what is an ‘artificial aid’

The NSW Court of Appeal recently dealt with the issue of whether a proposed knee replacement is an ‘artificial aid‘ within the meaning of section 59A of the Workers Compensation Act 1987 (1987 Act).

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Corporate Downsizing: Federal Government proposes changes to large proprietary company thresholds

On 16 November, the Federal Government released for public consultation exposure draft regulations, Corporations Amendment (Proprietary Company Thresholds) Regulations 2018 (Regulations). The Regulations propose to reduce the financial reporting burden for some proprietary companies by increasing the thresholds for determining what constitutes a large proprietary company under the Corporations Act.

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Talking Tax – Issue 143

Double the value – employee share schemes

The Federal Government has announced plans to double the employee share schemes (ESS) value limit for eligible financial products, from $5,000 to $10,000 per employee within a 12 month period. By doubling this cap, the Government intends to help employers attract, retain and motivate employees and grow their businesses.

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Cryptocurrency and tax – the ATO’s expectations in relation to record keeping

For many who are investing or trading in cryptocurrencies, one of the biggest headaches is recording and accounting for all of your transactions.

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AFCA membership: Notify ASIC by 30 November or face late fees

As of 1 November 2018, the Australian Financial Complaints Authority (AFCA) opened for business as the new national financial services dispute resolution scheme.

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Reflections on the proposed Design and Distribution Obligations and ASIC Product Intervention Powers

In this article, we briefly outline the proposed design and distribution obligations and ASIC’s product intervention powers and offer some reflections on the issues arising particularly for product issuers.

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Talking Tax – Issue 142

Case law

Supreme Court finds that the State Revenue Office made a payroll tax mistake

In Nationwide Towing & Transport Pty Ltd v Cmr of State Revenue (No 2) [2018] VSC 609, the Victorian Supreme Court determined that the taxpayer’s payroll tax assessments should be set aside, as an error of statutory interpretation had been made by the State Revenue Office, and the Commissioner of State Revenue (Commissioner) should reconsider whether the exemption for contractors who ordinarily perform services of that kind to the public generally had in fact been satisfied.

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