Month: January 2025 AWST
Breach of Directors’ Duties: Legal Consequences
From LegalVision: Directors in Australia must adhere to strict legal responsibilities under the Corporations Act 2001, including acting in good faith and avoiding conflicts of interest, with severe consequences for breaches such as fines, imprisonment, and personal liability for debts.… read more
PWC: 2 years on
From www.themandarin.com.au: Two years after the PwC tax leaks scandal, Treasury is still navigating reform issues stemming from the incident, as highlighted by a recent media release from the Tax Practitioners Board regarding disciplinary actions taken against former partner Peter Collins.… read more
QLD sexual harassment prevention plan
From www.tglaw.com.au: From 1 March 2025, employers and other persons conducting a business or undertaking in Queensland must prepare and implement a written sexual harassment prevention plan if they identify psychosocial risks related to sexual or gender-based harassment at work.… read more
Transport industry liquidations
From worrells.net.au: Worrells has noted a rise in liquidations within the Australian transport industry due to factors such as competitive pricing, the mining downturn, and poor management.… read more
Super bill on Senate schedule next week
From www.smsfadviser.com: The government plans to bring the controversial Better Targeted Superannuation Concessions Bill before the Senate on February 4.
The SMSF Association expressed concerns about the lack of necessary Senate crossbench support for the bill and highlighted the potential for unintended consequences with the proposed tax reforms.… read more
Curious aspects to shake-up of accounting, auditing
From www.themandarin.com.au: The Albanese government proposes a restructuring of accounting, auditing, and sustainability reporting rules, emphasising transparency in the standard-setting process.
The new model aims to ensure that the oversight body, which will include a board and technical committees, conducts its meetings publicly to avoid secrecy.… read more
Digital advice and affordability
From www.ifa.com.au: Industry consultants suggest that despite the introduction of digital advice initiatives by five superannuation funds to enhance affordability, the low uptake indicates a need for reassessment.… read more
Foreign bribery and corruption
From www.aicd.com.au: New laws in Australia, effective September 2024, introduce strict liability for corporations failing to prevent foreign bribery, modeled after the UK’s Bribery Act 2010, with potential penalties exceeding $31.3 million.… read more
Boardroom negotiations
From www.aicd.com.au: Glin Bayley outlines five essential tactics for successful boardroom negotiation, emphasising the importance of understanding mutual value, utilizing data, and recognizing power dynamics.… read more
Directors guide to dual listings
From www.aicd.com.au: A secondary stock exchange listing can provide companies with enhanced access to capital and greater investor visibility but also brings increased complexity and costs.… read more
Christine Holgate – surviving a storm
From www.aicd.com.au: Christine Holgate, CEO of Team Global Express, discusses her leadership journey and resilience after navigating challenges at Australia Post, where she resigned amid controversy.… read more
Super funds back ASIC over ACCC
From financialnewswire.com.au: The Association of Superannuation Funds of Australia has expressed support for the ASIC to oversee the Scams Prevention Framework in financial services, rather than the ACCC.… read more
Defamation Claims Resulting from a Workplace Investigation
From www.hallpayne.com.au: Employees can indeed be defamed during workplace investigations, particularly with allegations that lead to reputational harm.
Defamation claims require proving that a communication damaged an individual’s reputation and that it lacks defense, such as truth or qualified privilege, which is significant in workplace contexts.… read more
Practice Succession planning
From www.icaew.com: (UK context) Peter Hollis, founder of Hollis and Co Chartered Accountants, chose an Employee Share Ownership Trust for succession planning to ensure continuity for clients and employees when he eventually retires.… read more