A repository of legal publications and information

ASIC releases draft guidance on the duty to prevent insolvent trading

admin — Thu, 03 Dec 2009 02:32:46 +0000

On 24 November 2009, ASIC released Consultation Paper 124 on its Draft Regulatory Guide - Duty to prevent insolvent trading: Guide for directors. For an overview of the Draft Guide click on the link: Business Services Update Dec 2009

Not-for-Profit Seminar Invitation December 2009

admin — Fri, 06 Nov 2009 02:07:44 +0000

A pdf of the invitation is available here: nfp-seminar-dec-2009-invitation.pdf

Brisbane Office Relocation

admin — Fri, 30 Oct 2009 07:15:18 +0000

We are excited to announce that Fox and Thomas has relocated its Brisbane office to Level 10, 15 Adelaide Street.Full details are available here: Brisbane Office Relocation Notice

Not-for-Profit Bulletin - October 2009

admin — Fri, 23 Oct 2009 02:44:57 +0000

This edition of the Not-for-Profit Bulletin covers:

Productivity Commission releases its draft research report
The ATO has a win in the C of T -v- Aid/Watch Incorporated appeal; and
Amendments to private ancillary funds commence and guidelines promulgated

The Bulletin is available as a pdf here: Not-for-Profit Bulletin October 2009

Government response to Word Investment case

admin — Tue, 12 May 2009 13:46:54 +0000

Government announces its interim response to the High Court’s decision in the Word Investment case in budget papers

The Hon Chris Bowen MP, Assistant Treasurer and Minister for Competition, Policy & Consumer Affairs announced last night the Government’s interim response to the High Court decision in the Word Investments case at the end of last year.

As the Minister’s media release (No. 043) points out in relation to the High Court decision, 2 issues were resolved in favour of the taxpayer and contrary to long standing ATO tax rulings; namely:

“commercial businesses with charitable objects that direct their profits to charities are eligible for endorsement by the ATO as tax concession charities and therefore have access to a number of tax concessions; and
charities are considered to be pursuing their objectives principally ‘in Australia’ if they merely pass funds within Australia to another charity that conducts its activities overseas“.

The key aspect of Word has of course been the commercial activities conducted by charities. In that respect the Minister notes the competitive neutrality issues around the case of charitable organisations being able to run businesses for a profit whilst enjoying the various tax concessions of a tax concession charity.

However, the Minister said that the Government intends to await the outcome of the Henry review into Australia’s future tax system and the Productivity Commission’s inquiry into the contribution of the not-for-profit sector before responding to the Court’s decision.

The Government has taken the view that it would be pre-emptive for it to determine the best reform for the charitable sector while specialised reviews are expected to examine the issue in detail and obtain community views.

In relation to the aspect of Word dealing with the passing of funds to overseas charities, the Minister’s media release states the following:

“The Government will amend the ‘in Australia’ requirements in Division 50 of the Income Tax Assessment Act 1997 to ensure that Parliament retains the ability to fully scrutinise those organisations seeking to pass money to overseas charities and other entities. This measure will have effect from the date of Royal assent of the amending legislation.”

The measure will reverse the decision that charities and other income tax exempt entities can direct funds to overseas projects outside current restrictions.

Apparently the proposed changes will be subject to public consultation in coming months.

Paul Paxton-Hall

Business Succession & Estate Planning Bulletin - March 2009

admin — Wed, 25 Mar 2009 13:41:27 +0000

In this Bulletin:

Update on borrowing through superannuation
The use of binding death benefit nominations within self-managed superannuation funds
Case update - enduring powers of attorney

For the full bulletin click Business Succession & Estate Planning Bulletin - March 2009

Are your standard business practices leaving you uninsured?

admin — Wed, 04 Mar 2009 13:36:52 +0000

For many businesses, insurance is the most important, if not the only, risk management tool utilised in the protection of the business. Knowing that policies of insurance have been put in place to protect your business from a wide array of potential losses and liabilities can bring great peace of mind and allows you to focus on the core aspects of your business.

However, unless you carefully note the terms of your policies, your standard business practices have the potential to render your insurance ineffective in many common situations.

For the full article click here. Business Services Bulletin Feb 2009

Fox and Thomas featured in Law Management Journal

admin — Sun, 22 Feb 2009 13:11:30 +0000

Fox and Thomas was recently featured in the 2008/09 Summer Edition of the Australasian Law Management Journal.

In an article focussed on the success of small to medium firms Fox and Thomas was one of four firms from around Australia described as exemplifying “how smallish firms, do big things.”

Key factors in the success of the firms discussed included:

· Knowing your market

· Striving to be the best

· Understanding specialisation

· Creating a clear vision

· Overcoming the war for talent

Fox and Thomas’ was singled out for its success in managing workload by making the Goondiwindi office the hub for accounting, word processing, document production and other support services across its three offices.

A copy of the full article can be found here. Law Management Journal Article

Fox and Thomas - Now Recruiting

admin — Sun, 22 Feb 2009 12:12:26 +0000

Fox and Thomas is currently recruiting for a 3 to 5 year post admission lawyer. Read more about the position here - 3 to 5 year PAE position ad

New Water Allocation System

admin — Tue, 26 Aug 2008 23:37:19 +0000

Fox and Thomas recently hosted around 30 local real estate agents, bankers and accountants for a seminar on the new water allocation system.

Fox and Thomas St George Director Michael Cowley provided the briefing which outlined the practical implications of the new allocation system for those that regularly deal with water entitlement issues.

Michael Cowley said, “Of particular significance is the ability to trade water allocations with or without also holding property.”

“The opportunity now exists for irrigation properties to increase or decrease their allocations more easily in line with their requirements.”

Property owners who don’t plan to irrigate in a particular season can easily lease or temporarily transfer their water.”

“Others may decide to simplify their operation by selling their allocation and remaining a dryland operation.”

“The new system treats water allocations in a similar way to property, with a register of the allocations being retained by the Land Titles Office.”

“With water no longer tied to the land many opportunities and risks arise in the areas of wills and succession planning and asset structuring and protection.

“In particular a gift of land will no longer automatically include a gift of a water entitlement being used on the land.

“While the ability to trade water is a great step forward the system is still complex and owners and prospective purchasers should contact their solicitor or the Department before dealing with an allocation to ensure they do not jeopardise their entitlement.”

Click here to view photo.