Asia Pacific

Organ donation: Victorian government introduces automatic assessment system

Victorian Minister for Health Jill Hennessy recently announced a new ‘automatic assessment’ system which will determine whether a patient is suitable for organ donation. While Victoria has the highest number of deceased organ donations in Australia, many people are still waiting up to four years for an organ transplant. The automatic assessment has been trialled at the Royal Melbourne Hospital over the past four years and resulted in an increase in the donation rates.

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What do rocket engines and contraceptives have in common? Frank Lab starts with a bang

A crowdfunding platform for the agriculture and energy sectors, a social enterprise connecting busy parents with ‘moncierges’, an online bank, sugar-free ice-cream, a digital finance assistant, rocket engines, cutting-edge contraceptive technology and an online wine retailer that donates half its profit to charities are some of the innovative start-up projects that have won a spot in Frank Lab, Hall & Wilcox’s accelerator program for emerging businesses.

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Cryptocurrency and tax – cryptocurrency to cryptocurrency transactions

Most cryptocurrency transactions will involve the exchange of one cryptocurrency for another cryptocurrency (‘crypto-to-crypto’). Put another way, the majority of transactions that are undertaken will not involve a conversion to a fiat currency, such as US or Australian dollars.

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Financial Services in Focus – Issue 15

Funds and financial products

Australian Financial Complaints Authority (AFCA) opens for business

On 1 November, AFCA opened for business and started accepting new complaints as a one-stop external dispute resolution (EDR) scheme.

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Health and Community: Law Alert

Appointment of Alison Choy Flannigan

Leading independent business law firm Hall & Wilcox has bolstered its health, aged care, life sciences and community practices by appointing a respected leader in the field Alison Choy Flannigan as a new partner and leader of the firm’s national industry team.

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Talking Tax – Issue 141

ATO updates

ATO extends data matching program to eliminate incorrect reporting for share owners

On 30 October 2018, the ATO announced it is extending its data matching program, focussing on share data. The latest data matching protocol will see the ATO continue to receive data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014. The ATO will use sophisticated technology to match the data against information reported in tax returns and other ATO records.

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Ever-Greening of Loans and Bad Debts – RBI’S Stand and its Implications

The Reserve Bank of India (“RBI”) has time and again, in its directions, reports and Master Circulars, reiterated that banks should not indulge in ever-greening of its loans. RBI strongly frowns upon the practice of ever-greening of bad debts where banks so as to avoid classifying their accounts as non-performing assets (NPAs) (which requires higher provisioning and ultimately affects the profitability of banks), extend more loans to debt-ridden companies to repay their old loans with such banks, much to the detriment of the interest of the stakeholders and general public interest.

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Hall & Wilcox advises LandMark White on acquisition of private valuer

Leading independent business law firm Hall & Wilcox has acted on behalf of ASX-listed property valuer LandMark White in its acquisition of private NSW and Queensland valuer Taylor Byrne.

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Talking Tax – Issue 140

Case law

Are you taking ‘reasonable steps’ to ensure your company is compliant?

In Deputy Commissioner of Taxation v Thomas Wilson [2018] NSWDC 302, the New South Wales District Court rejected a director’s (Director) defences to a Director Penalty Notice (DPN) for $111,798, comprising the Pay-As-You-Go withholding (PAYGW) debts of the corporate taxpayer.

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Royal Commissioner Kenneth Hayne’s interim report

Royal Commissioner Kenneth Hayne’s interim report contains no specific recommendations, and no draft recommendations, but rather postulates two main questions for further consideration:

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