Combating Illegal Phoenixing

To combat illegal phoenixing activities, make directors more accountable and to give ASIC powers to make certain orders, the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 was enacted on 17 February 2020. The legislation amended the Corporations Act and the GST Act.

COVID-19 ALERT – CONFIRMED EXTENSION TO INSOLVENT TRADING MORATORIUM

You may recall that earlier in the year we sent out an alert about the changes to insolvent trading laws that were introduced in response to COVID-19. These changes were introduced to help businesses manage the economic effects of the pandemic and were originally due to expire next week on 25 September 2020.

An update from our Estate Planning Team

Although NSW remains consistent with a low number of new case numbers, there is still a considerable amount of uncertainty surrounding the pandemic and its impact now and in the future. Given the current environment, we felt it important to touch base regarding some of the practical considerations we feel clients may need to consider during this time and moving forward.

Another Win For First Home Buyers!

From tomorrow, 1 August 2020, new changes to the stamp duty threshold will result in a wider range of properties being exempt from stamp duty.

Paid Pandemic Leave has been brought in for Aged Care Workers

The Fair Work Commission handed down a decision to bring in paid pandemic leave for workers in the Aged Care industry. On 29 July 2020 changes to three Modern Awards will be made to give paid pandemic leave to Aged Care Workers.

Update On Changes To Trusts Under Amendment Bill

The below is an important update around timing of proposed changes reported to you in our previous client alerts issued December 2019. The changes concern a Bill introduced into Parliament in late 2019 which would see a number of amendments impacting certain types of trusts which own an interest in residential land. Our original client alert can be found by clicking here.

Important New Disclosure Requirement for Businesses

Recent changes to the Fair Trading Act 1987 have seen the introduction of new disclosure obligations for operators of NSW businesses. NSW business operators must now, before supplying goods or services to consumers, take reasonable steps to ensure the consumer is aware of the substance and effect of any terms or conditions of contracts that substantially prejudice the consumer. This includes any terms that:

JobKeeper and reduction of employees’ hours of work

A recent decision by the Fair Work Commission (FWC) has clarified the circumstances where employers on JobKeeper can reduce their employees’ hours of work.  

National Minimum Wage Increase

The Fair Work Commission (‘FWC’) has set the National Minimum Wage increase to 1.75% and categorised the Modern Awards into three groups for a staged roll out. This means that not every industry will be required to increase wages by 1.75% come 1 July 2020. The staged roll out of the National Minimum Wage will occur over several months commencing on 1 July 2020 and ending on 1 February 2021.

Updated Arrangements for Execution of Documents during COVID-19

Further to last month’s alert on the execution of documents, yesterday a new regulation came into effect which facilitates execution of a wider variety of documents electronically.