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Director’s identification numbers to become a reality
On 12 June 2020, the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 introduced the requirement for all Australian company directors to have a “Director Identification Number” (DIN). The DIN will become a single identifier for each director across all of their office holdings with the true identity of each director is verified…
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Top 11 legal tips for selling a technology business
These tips include asset sale or share sale, intellectual property ownership, legal and accounting due diligence, change of control issues, restraint of trade clauses, key personnel, and more.
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Division 7A ITTA 1936 (Cth) – compliance & consequences
This article provides an overview of Division 7 of the Income Tax Assessment Act 1936 (Cth), covering advances of moneys and loans between private companies and its shareholders/associates, exceptions to these, and requirements for a compliant Division 7A loan agreement. The implications of failing to have a compliant agreement are explained in this article.
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What exactly is a section 293 direction?
There are several reasons why a shareholder may require financial information, primarily they are denied access to the ‘accounts’ so as to make informed decision about the company. The Corporations Act 2001 (Cth) (Act) provides various mechanisms for shareholders to obtain financial and accounting information about a company, to allow them to access full and…
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Director’s misuse of funds held to be oppressive
This article explores shareholder oppression, examining Section 232 of the Corporations Act 2001 (Cth) and Martin v Australian Squash Club Pty Ltd (1996) 14 ACLC 452, to understand the cumulative effect of individual acts.
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Electronic document execution by directors
The Federal Government has issued a ruling allowing companies to sign documents electronically until 6 November 2020. Find out more about how this ruling affects your business.
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Arbitration clauses in building disputes
The QCAT decision of 4D Electrical Qld v Greyburn Pty Ltd [2020] QCAT 74 shows arbitration can be a more efficient alternative to Court/tribunal litigation. Courts uphold contractual obligations agreed to by parties, proving arbitration is a viable option.
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Standing down employees – when can it be done?
This article provides an overview of the legal framework around standing down employees without pay. It examines the Fair Work Act 2009 (Cth) and relevant case law, and emphasises the importance of consulting with employees and exploring alternative arrangements.
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What are sophisticated investors?
This article provides an overview of the requirements for a person to be a sophisticated investor under the Corporations Act 2001 (Cth) and the Corporations Regulations 2001 (Cth). It covers the definition of ‘person’, the Assets Test and Income Test, Australian Securities and Investments Commission (ASIC) guidance, and the complexities of self-managed super funds.
Commercial law
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