201804.01
1

Sophisticated and Professional Investors – What are they?

The Corporations Act 2001 (Cth) (“The Act”) in s708(8) states that an offer of shares does not need a disclosure statement if the investor is a sophisticated investor. The Corporations Regulations 2001 (“The Regs”), Reg 6D.2.03 goes on to advise that a sophisticated investor is one with assets of $2.5m, gross income of $250,000 and…

201804.01
0

VBA Show Cause process

From 1 September 2016, the VBA introduced a show cause process to replace the existing Building Practitioner Board (BPB) disciplinary process. The new process allows the VBA to take disciplinary action against a registered building practitioner (a practitioner) where it “reasonably believes” that one or more of the grounds set out under section 179 (1)…

201804.01
0

Is it a Penalty Clause?

Is it a Penalty Clause? Is someone trying to hold you liable for breaching a clause which you believe may be a penalty? Many commercial contracts have clauses that stipulate compensation in the event that a contractual term or an obligation is breached. The general rule is that if the clause is a liquidated damages…

201511.06
1

Your Payment Claim and Schedule Must Match Your Adjudication Documents

In the case of Leighton v Arogen [2012] NSWSC 1323, Arogen was subcontracted by Leighton to supply horizontal directional drilling services. Arogen delivered a payment claim to Leighton in excess of $6.2 million. Leighton disputed this amount and therefore Arogen filed an adjudication application seeking to obtain a determination that Leighton owed it $6.2million. Pursuant…

201511.06
1

You are liable for third party content on your social media outlets

Many companies now have their own Facebook page or Twitter account and use the same for marketing, branding and advertising its product and services. Nevertheless, these social media outlets can become a legal liability if they are not properly monitored. The Advertising Standards Board has held that the Advertiser Code of Ethics and Australian Consumer…

201511.06
1

The Tax Benefits of Venture Capital Fund Limited Partnerships

The Federal Government provides generous tax relief for funds registered as Early Stage Venture Capital Limited Partnerships (ESVCLPs) and Venture Capital Limited Partnerships (VCLPs). These are governed by the Venture Capital Act 2002 and Income Tax Assessment Act 1997. Who should apply? For VCLPs: fund managers seeking to raise a new venture capital fund of…

201511.06
1

Removal of Trade Marks for Non-Use: Applying and Responding

Trade Mark registration does not provide boundless and unconditional protection for its owner. An owner of a registered mark must use the mark to prevent it from losing its protection. The Trade Marks Act 1995 (Cth) (the “Act”) contains provisions that allows a party, who wishes to register a similar mark, to apply to have…

201511.06
2

R&D Tax Incentives for Innovators

The Federal Government’s R&D Tax Incentive program is targeted at Australian companies, particularly small to medium enterprises (SMEs) carrying out R&D in Australia and overseas. Early stage high-tech companies investing heavily in R&D stand to gain significantly because there is no upper limit on the amount of R&D expenditure per year under the scheme. SMEs…

201511.06
1

Privacy Concerns and Cloud Computing

For many businesses, cloud computing has become an essential tool to minimise ongoing computing costs. It also provides companies with a facility to access information remotely and globally. Notwithstanding the benefits of cloud computing, companies should be aware of their legal responsibilities whilst storing personal information onto cloud servers. For example, pursuant to the National…

201511.06
1

Privacy Act –The 2014 Reforms

On 12 March 2014,the Privacy Amendment (Enhancing Privacy Protection) Act 2012 (Cth) will come into effect. This will amend the Privacy Act 1988 (Cth) by introducing: a new definition of Personal Information; the Australian Privacy Principles (APP); a more comprehensive credit reporting system and new powers for the Privacy Commissioner; and new penalties. New Definition…