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Buyers and sellers beware! Expenditure deductions denied and gains taxed as income
Recent decisions handed down by both the High Court and Federal Court in relation to the 'income/capital distinction' and 'blackhole expenditure' have produced a mix of predictable and unexpected, but generally unfavourable, outcomes for taxpayers. Most buyers have been denied deductions for the pur ...
Treasurer temporarily amends continuous disclosure laws during COVID-19 crisis
The Treasurer has used his emergency powers under the Corporations Act (the Act) to temporarily modify the operation of Australia's continuous disclosure laws. The Treasurer's release states that the changes are designed to enable listed companies to more confidently provide earnings guidance ...
NOPSEMA issues safety alert for COVID-19 roster changes
On 7 April 2020, the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA), issued a Safety Alert to all operators of offshore facilities who may be considering modified roster arrangements to reduce the spread of COVID-19 among members of the offshore workforce. ...
WFH during COVID-19 crisis leaves employers vulnerable to WHS liability
With an unprecedented number of employees now working from home due to the COVID-19 pandemic, employers must be increasingly alert to the work health and safety (WHS) implications arising out of these arrangements. ...
Even broad governmental powers have limitations - Brett Cattle Company Pty Ltd v Minister for Agriculture
The decision in Brett Cattle Company Pty Ltd v Minister for Agriculture serves as a timely reminder that there are limits on the exercise of seemingly broad governmental powers, and is especially relevant at a time where governmental powers are being used to respond rapidly to the COVID-19 crisis. ...
NSW turns up heat on developers of residential apartment buildings
The Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 (NSW) has passed. For developers of residential apartment buildings, we take a look at the key changes and outline the actions you should take next. ...
Allens advises Vicinity Centres on $1.4 billion capital raising
The capital raising comprises a fully underwritten $1.2 billion placement and a securities purchase plan targeting to raise up to $200 million, and the proceeds will be used to reduce debt and ...
Retail banking and responsible lending during COVID-19
The sudden and unknown nature of COVID-19 has triggered a global economic shock, and disrupted Australia's economy. As we enter a national state of economic 'hibernation', banks and lenders are grappling with a sudden influx of relief requests from consumer and business customers. ...