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Guidelines for strengthening intellectual property protection

23/01/2020

A series of guidelines on strengthening intellectual property protection was recently issued by the Chinese government, which all localities and departments are expected to implement. An evolving intellectual property regime has long been an aspect of China’s development that concerns foreign investors and foreign firms operating in China. Recently, the General Office of the Central Committee […]

AFSL entities with leases under AASB 16

20/01/2020

ASIC’s media release in December 2019 advised AFSL holders that the right-of-use asset resulting from adoption of the new accounting standard on leases (AASB 16) will be intangible, which may impact AFSL holders’ compliance with licensing conditions. On 6 December 2019 ASIC issued a press release which included the following statement: “Many Australian Financial Services […]

Income tax - When are deductions allowed for employees’ transport expenses?

20/12/2019

On 13 December 2019 the Commissioner issued Draft Taxation Ruling TR 2019/D7 to replace one half of the existing Draft Taxation Ruling TR 2017/D6. The Draft Taxation Ruling confirms that generally travel from work to home will be considered private in nature and consequently cannot be deducted.  For transport to be deductible it must be […]

Change to CGT implications for foreign residents – now law

16/12/2019

Foreign tax residents impacted by new changes to the main resident capital gains tax exemption are encouraged to review the impact immediately and formulate a tax strategy. Despite best efforts of professionals and expat groups, the reintroduced Bill to deny the main residence capital gains tax (CGT) exemption where the owner is a foreign tax […]

Car parking fringe benefit - draft tax ruling

11/12/2019

The Australian Taxation Office has released a draft taxation ruling which impacts businesses who provide car parking spaces to their employees. Background Businesses who provide car parking spaces for their employees, but do not currently pay fringe benefits tax (FBT) on this benefit, should assess the impact of the Australian Taxation Office’s (ATO) views set […]

Looming deadline for NSW property surcharges for discretionary trusts

02/12/2019

Time is about to expire to amend discretionary trust deeds so as to avoid unintended duties and taxes Little time is left to take action to amend trust deeds of family and other discretionary trusts so as not to inadvertently subject the trust to increased transfer duties on property acquisitions and in turn increased land […]

Enforcement of China’s new Foreign Investment Law

27/11/2019

Due to the rapidly evolving regulatory regime for foreign investment in China, foreign investors need to keep abreast of changes and the impact these changes may have on their investments. As covered in our previous explainer, earlier this year China passed a new Foreign Investment Law (FIL) to further attract investment, address international criticism about […]

China’s new Foreign Investment Law

20/11/2019

Earlier this year, the Chinese government approved a new Foreign Investment Law (FIL or 中华人民共和国外商投资法) which aims to level the playing field for foreign and domestic investors & increase the ease of doing business in China. While details regarding the new FIL have been available for several months, the Ministry of Justice only recently released […]

Property development update

19/11/2019

Recent changes to tax and duty legislation put Victorian property developers at risk of paying double duty. Experienced property developers have been patiently waiting to capitalise on an anticipated property market downturn after being priced out of many opportunities over recent years. With a number of these developers preparing to act now that property prices […]

Is your venue compliant?

28/10/2019

The hospitality sector continues to be under intense scrutiny as more and more businesses face hefty fines due to major wage and salary underpayments. In the majority of recent cases, businesses were unable to provide accurate and readily available payroll records leaving Fair Work Australia often with no choice but to pass over the matter […]