Asia Pacific

The Financial Services Royal Commission – we digest Hayne’s Final Report

On 1 February 2019, following a whirlwind 12-month inquiry, Commissioner Hayne delivered his greatly anticipated Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. It was released to the public on 4 February 2019.

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Treasury Issues Paper: what opportunities and risks do ICOs pose for Australia?

What opportunities and risks International Coin Offerings (ICOs) pose for Australia and whether our regulatory framework is well placed to manage those opportunities and risks is the subject of an Issues Paper released by Treasury in the most recent regulatory response to the growing digital environment and structural changes in financial services markets. Interested parties can make submissions by 28 February 2019.

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Hip hip hooray, PPSR! But it may be time to renew your PPSR registration

The Personal Property Securities Register (PPSR), established on 30 January 2012, has celebrated its seventh birthday.

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Talking Tax – Issue 146

GST consequences for couriers as independent contractors

In Qian v FCT, the AAT has confirmed that couriers who supply their own vans may be ‘carrying on an enterprise’ as independent contractors and liable for GST. This case shows how the tax implications of labour hire arrangements will be largely determined by the relevant facts.

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Registrations Due to Expire

Background

The Personal Property Securities Register (PPSR) was established on January 30, 2012, with options to register security interests over personal property for a period of (i) seven years; (ii) between seven and twenty-five years; or indefinitely. With yesterday marking seven years of the PPSR, the first round of registrations (some 120,000) are set to expire soon.

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Expert insight: what to expect from the Haynes banking Royal Commission final report

The final report from the Haynes banking Royal Commission will be handed down on Friday.

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More Questions for Foreign NGOs/NPOs – FEMA Amendments

The Reserve Bank of India (RBI) on August 31, 2018 notified the Foreign Exchange Management (Establishment in India of a branch office or liaison office or a project office or any other place of business) (Amendment) Regulations, 2018 (Amendment Regulations).

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Royal Commission into Aged Care Update

Some important issues have been clarified at the Royal Commission into Aged Care Quality & Safety’s first hearing, held in Adelaide on 18 January. The Commission has confirmed that Approved Providers need to make themselves available and cannot prevent witnesses from attending the Commission. The Commission will be issuing notices to produce or provide information soon and Approved Providers need to start preparing now.

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What’s new? – Employment law in 2019

Several key changes in employment law have taken place over the period from the end of last year to now, particularly with regard to the rights and obligations associated with casual employment and NES entitlements. Employers need to be aware of these changes and how they impact on their current workplace practices and policies.

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Video Wills: valid or a virtual reality?

Further to our update last year, Wills: 20,000 reasons why not to DIY, a recent Queensland case has again highlighted the importance of having a properly drafted Will. The case illustrates the fact that while informal Wills can be accepted by the Court, the potential stress, delays and significant extra cost of getting a Court to accept an informal Will could otherwise have been avoided by ensuring there was a valid properly drafted Will in place.

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