Corporations Amendment (Phoenixing and Other Measures) Bill introduced [A4]

The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 15.2.2012. It proposes to amend the Corporations Act 2001 to: introduce an administrative process for compulsory external administration to facilitate payment of employee entitlements where a company has been abandoned. The Bill provide ASIC with a discretionary…

Tax Bill (No 9) passes Reps [A2]

The House of Reps on Tue 14.2.2012, passed the Tax Laws Amendment (2011 Measures No 9) Bill 2011 without amendment and it now moves to the Senate. The Bill contains amendments concerning: CGT rollovers and business restructures; GST (financial supply provisions; new residential premises); consolidating super; DGRs; and miscellaneous amendments (eg deceased estates and CGT…

Personal Property Securities Register open for business on 30 January 2012 [O2]

The new Personal Property Securities Register (PPSR) opened for business on Mon 30.1.2012. The PPSR replaces the current maze of Commonwealth, State and Territory registers that regulate personal property used as security. The PPSR enables secured parties (eg financiers and other lenders) to register their security interests in personal property (ie any form of property…

Victoria celebrates 150 years of Torrens System land titles and conveyancing [O1]

During 2012 Victoria is celebrating 150 years of the Torrens title system. Following its successful implementation in 1858 in South Australia, in 1862 Victoria adopted the system, which was considered in its day to be the modern practice of registering a person’s interest in land. One-hundred-and-fifty years on, this ‘modern’ system continues to serve us…