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- Buying and Selling Real Estate in Australia (Updated)
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER AUSTRALIAN LAW - The majority of land in Australia consists of freehold title. Registration of ownership of freehold title is recorded using the Torrens system. The Torrens system is a system of title by registration. This means that an interest will only be a legal interest if it is registered on title. Once the interest is registered, that interest is indefeasible and takes priority over all other interests. Both the vendor selling the land and the purchaser purchasing the land execute a legal document transferring ownership. Once settlement of the property has occurred, the transfer document is registered. Each State and Territory in Australia has its own register. The purchaser becomes the registered proprietor of the land, which is recorded on the Torrens title register. The registered proprietor is issued with a specific certificate of title for the property which contains a unique volume and folio number and a plan identifying the land, details of any restrictions (e.g., a covenant) affecting the land and details of any encumbrances (e.g. mortgage). Titles may comprise of land or spaces defined by a plan. Please see full Chapter below for more information.
- Establishing a Business Entity in Australia (Updated)
TYPES OF BUSINESS ENTITIES - There are a number of business structures to choose from when starting a new business venture in Australia. Investors need to determine which form of business organisation is the most appropriate for their requirements. The main types of business structures used by investors in Australia are: - companies, including branch offices of foreign companies; - partnerships; - joint ventures; and - trusts. Please see full Chapter below for more information.
- Bankruptcy, Insolvency & Rehabilitation Proceedings in Australia (Update)
This guide offers an overview of legal aspects of bankruptcy, insolvency, and rehabilitation in the requisite jurisdictions. It is meant as an introduction to these marketplaces and does not offer specific legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney client relationship, or its equivalent in the requisite jurisdiction.
- Snapshot of Australia’s renewable energy market
After many years of limited action on climate change, a change in federal government has seen Australia set a target to reduce emissions by 43% below 2005 levels by 2030 and achieve net zero by 2050. In its first budget the new federal government announced close to AUD25 billion of commitments to clean energy, which has been well received as a demonstration of its commitment to fast-track the decarbonisation of the economy. Please see Publication below for more information.
- Horizon scanning – regulatory developments in Australia
With the election outcome signalling a ‘climate mandate’ of some description, it’s likely that we will see renewed efforts to introduce enhanced climate disclosure and standardised reporting obligations to bring Australia in line with many other jurisdictions. Please see Publication below for more information.
- An Update on Insolvency in the Australian Construction Industry
The construction sector in Australia has long been affected by insolvency and broader liquidity issues. In the last year, construction companies accounted for 26% of businesses that entered into insolvency, and insolvencies in the construction sector more than doubled. This year, contractors have been further squeezed by inflation, supply chain issues and labour market shortages. As the federal government has wound back its COVID-19 economic stimulus packages, further collapses seem inevitable. Please see full Publication below for more information.
- Greater Penalties for Competition Breaches & Unfair Terms, Responsiveness to Super Complaints: The Labor Government's Approach to Competition & Consumer Laws
As the new Parliament prepares to sit, it is useful to consider the new Labor Government’s key focus areas for competition policy. These changes are intended to further strengthen consumer and small business rights and deter competition law breaches. Labor’s appointment of an economics professor, Dr Andrew Leigh, to Assistant Treasurer (with responsibilities for competition policy) signals its resolve to implement significant reforms to competition and consumer laws. The Labor Government has not yet commented specifically on its appetite for merger reforms. However, in line with its view that Australia has a “competition problem”, it may well support a stricter, mandatory merger clearance regime as was advocated by former ACCC Chair, Rod Sims. Only time will tell whether this is indeed the case. Please see full Publication below for more information.
- Greenwashing, Digital Advertising & Platform Issues, Financial Services & Consumer Guarantees: What the ACCC's 2022/23 Priorities Mean for Your Business
The Australian Competition and Consumer Commission (ACCC) has just published its compliance and enforcement priorities for FY 2022/23. For the first time, the ACCC has aligned its annual priorities to the financial year. It promises to be a significant year with the ACCC's leadership changing, with the baton soon to be passed from the outgoing Chair, Rod Sims (who has been at the ACCC's helm for over a decade), to the incoming and first female Chair, Gina Cass-Gottlieb, in late March 2022. To help businesses digest the implication of the ACCC's priorities quickly and efficiently in this unique paradigm, we have prepared a one page summary that highlights the ACCC's most pressing consumer and competition law priorities and key 'to do's' for businesses. The ACCC also continues to focus on enduring issues including cartel enforcement. Please see full Summary below for more information.
- Vaccine Requirements – Australia
Australia has a high uptake of vaccination to COVID-19, partly due to enforceable public health orders at State level which require classes of workers to be vaccinated if they are to work outside of their home. As at the date of writing, the position is summarised below. Commonwealth - The Federal Government has not mandated vaccination but has endorsed state mandates for vaccination of workers in aged care settings. Please see full Chapter below for more information.
- Foreign Investment in Australia: what you need to know
What you need to know Under Australia’s foreign investment regime, certain types of investments by foreign private investors or foreign government investors need to be notified to, and reviewed and a statement of no objection is issued by the Australian Treasurer (“Treasurer”). This process is referred to as “obtaining FIRB approval”. The Foreign Investment Review Board (“FIRB”) reviews foreign investment proposals on a case by -case basis and advises the Treasurer on the national interest implications of the proposed transaction. The decision to grant or refuse FIRB approval is made by the Treasurer. Please see Publication below for more information.
- Intellectual Property Laws Amendment (Raising the Bar) Bill
On 22 June 2011, a Notice of Motion was given by the Minister for Innovation, Industry, Science and Research , Senator Carr to introduce the Intellectual Property Laws Amendment (Raising the Bar) Bill (Bill) into the Senate. The overall purpose of the Bill is to improve Australia’s Intellectual...
- Benefits to first home buyers purchasing a newly constructed home
With a focus on boosting new housing construction, the NSW Government recently released its Budget for 2011-2012. From 1 January 2012, First Home Plus exemptions and concessions will be replaced by the First Home - New Home Scheme. Currently, eligible purchasers will pay no stamp...
- The Ashes and Australian Anti-Bribery Enforcement Efforts, with an assist from ethiXbase
Transitioning from the Ashes, we expand our UK theme week to include the Commonwealth of Nations country of Australia, which has an anti-bribery law on the books, entitled “The Criminal Code Amendment (Bribery of Foreign Public Officials) Act 1999”, which was viewed by the Australian...
- Myriad Posts Gene Patenting Victory in Australia
In a companion case to the “gene patenting” dispute presently before the U.S. Supreme Court, Myriad Genetics, Inc. successfully defended the patent-eligibility of “gene patents” in Australia. In Cancer Voices et al. v. Myriad Genetics Inc. et al. [Myriad] the Federal Court of Australia held that a...
- Insolvency in the Building and Construction Industry: Proposed Amendments to the Building and Construction Industry Security of Payment Act 1999 (NSW)
The Industry and Current Legislation - The NSW building and construction industry (the Industry) is plagued by a high level of insolvencies. In the 2012 financial year, almost 25% of the external administrations reported in NSW to the Australian Securities and Investments Commission (ASIC)...
- Workplace Changes Applicable From 1 July 2013
There are a number of workplace changes which come into effect on Monday 1 July 2013. Businesses should be aware of these changes and review current practices, policies and procedures to ensure that they are compliant....
- The Australian Regulatory Landscape for the Advertising and Promotion of Gambling in Sports
The sports betting market continues to expand in Australia with strong competition between domestic and international betting agencies. The Australian market recently saw the entrance of bet365 in 2012 and subsequently of William Hill, through its acquisitions of Sportingbet and Thomas Waterhouse...
- Australia's Carbon Repeal – Unveiled
Draft legislation, published on 15 October 2013, sets out the Australian Government's plans to repeal the Clean Energy Act 2011 (Cth) and associated legislation (Carbon Acts) with effect from 1 July 2014. The impact, if passed, would be that the obligations of liable entities' to pay a price for...
- Federal Court Cracks Down on Fowl Play
Recent pecuniary penalties imposed by the Federal Court of Australia (Court) over misleading credence (premium attribute) claims made in the food industry serve as a timely reminder to businesses to carefully review their advertising and promotional material to avoid potential breaches of the...
- Changes to Hedge Fund Disclosure and Reporting Obligations
In October 2013, the Australian Investment and Securities Commission (ASIC) announced new reporting and disclosure obligations for hedge funds and funds of hedge funds registered in Australia. By 1 February 2014, fund trustees (responsible entities) will need to make sure their disclosure...