Commercial Law

Amendments to unfair contract terms

The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) (Amending Act) received royal assent on 9 November 2022, introducing significant amendments to the Australian Consumer Law (ACL). These amendments target the Unfair Contract Terms (UCT) provisions of the ACL, strengthening the rights of consumers while imposing stricter requirements on businesses using Standard Form Contracts (SFC). [Read more…]

What are retained earnings?

Retained Earnings (Retained Earnings) are a financial metric that offers a valuable insight into a company’s financial health, extended stability and potential for future growth.  They represent the profit a company has retained overtime after accounting for all liabilities including the payment (if any) of dividends. [Read more…]

What is an ‘earnout’ clause in a business acquisition?

The term ‘earnout arrangement’ (Earnout) has been defined by the Australian Taxation Office (ATO) as “any transaction in which an income-earning asset is sold for consideration that includes the creation of an ‘earnout right’ (Earnout Right) for the seller of the asset, according to TR 2007/D10.   An Earnout Right is further defined as:

“a right to an amount calculated by reference to the earnings generated by the asset for a defined period following the sale (generally a period of between one and five years) as defined at paragraph 3 of TR 2007/D10.” [Read more…]

Paid family and domestic violence leave for small business owners

Legislation providing for paid family and domestic violence leave was passed by the Commonwealth Government in 2022.  The Fair Work Amendment (Paid Family and Domestic Violence Leave) Act 2022 (Cth) (Amending Act) amended the Fair Work Act 2009 (Cth) (Fair Work Act) to provide Australian workers with access to ten (10) days ofpaid family and domestic violence leave’ (Domestic Violence Leave) within a period of twelve (12) months.  This article sets out an update for employers to consider in relation to the Domestic Violence Leave. [Read more…]

ACCC seeks input on environmental and sustainability guidance

On 14 July 2023, the Australian Competition and Consumer Commission (ACCC) published the Environmental and sustainability claims – Draft guidance for business (Draft Guidance).  The Draft Guidance aims to assist businesses in making of environmental and sustainability claims to avoid the risk or misleading or deceptive behaviour. [Read more…]

What are the ACCC’s 2023/2024 enforcement priorities?

The Australian Competition and Consumer Commission’s (ACCC) enforcement priorities for 2023/2024 include environmental and sustainability claims, scam detection and disruption, consumer law issues in the digital economy, unfair contract terms, essential services, energy and telecommunications and wholesale gas markets.

[Read more…]

ASIC commences legal proceedings alleged greenwasher

The Australian Securities and Investment Commission (ASIC) announced it has commenced legal proceedings in the Federal Court of Australia against Mercer Superannuation (Australia) Limited ACN 004 717 533 (Mercer) alleging ‘greenwashing’.  ASIC alleges Mercer made misleading statements of the sustainable nature of some of their investment options.  The proceedings commenced in the Victorian Registry of the Federal Court of Australia on 27 February 2023. [Read more…]

Consumer law changes – what business owners need to know

Recent changes to the Competition and Consumer Act 2010 (Cth)(CCA) made by the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) (Act) amends various pieces of legislation to provide stronger competition and consumer protections.  In particular the Act bolsters the penalties that apply for offences relating to unfair practices and unfair contract terms under as contained within the Competition and Consumer Act 2010 (Cth) (CCA) and the Australian Consumer Law (ACL), contained within Schedule 2 of the CCA. [Read more…]

Australian legislation addresses loot boxes in video games

The Classification (Publications, Films and Computer Games) Amendment (Loot Boxes) Bill 2022 (Bill)  has been tabled in the House of Representatives on the 28 November 2022.  The private member’s Bill acts in response to growing support for the regulation of features and elements within video games which appear to simulate gambling. [Read more…]

High Court asset protection 101 – buy property in the name of spouse

The decision of the High Court of Australia in Bosanac v Commissioner of Taxation [2022] HCA 34 (Bosanac) reaffirms the viability of protecting real property assets by registering them in the name of a spouse. [Read more…]

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