The NSW Government recently released a public paper as a way to provide better regulation of the use of accommodation services like Airbnb and Stayz, which can be viewed here.
The NSW Government recently announced a number of measures in an attempt to improve housing affordability for first home buyers across the state. At present, first home buyers receive a stamp duty exemption on new homes valued up to $550,000 and vacant land up to $350,000 and concessions for new properties valued between $550,000 and $650,000 and vacant land costing between $350,000 and $450,000.
Esplins Law Report in July 2016 contained an article by Stephen Rush regarding the new non-resident withholding tax regime. The regime, in short, provided that whenever a purchaser buys property in Australia for a price of $2 million or more the purchaser must withhold 10% of the purchase price on settlement and immediately pay it to the Australian Taxation Office unless the vendor produces a clearance certificate. The amount of $2 million was set in place by the Australian Government so that the majority of transactions would be excluded from the regime (i.e. everyday Australians buying property in Australia). However, from 1 July 2017 the amount of $2 million will reduce to $750,000 which means that the majority transactions, especially in New South Wales, will be subject to the regime. Additionally, the percentage to be withheld by a purchaser has increased from 10% to 12.5%.
In November 2016 the Federal Circuit Court handed down a decision in Skene v Workpac Pty Ltd  FCCA 3035. The Court found that an employer must compensate its casual employee for annual leave to which, the employee was entitled despite his casual status and additional hourly payments made in lieu of that leave.
The Corporations Act 2001 (Cth) (“the Act”) imposes strict statutory and fiduciary duties on directors and officers of companies. The majority of the director’s duties create civil obligations and when breached a civil penalty is imposed. It is often overlooked that section 184 of the Act creates a criminal offence id a director recklessly or intentionally fails to exercise their directorial powers in good faith or for a proper purpose. The maximum penalty for contravening section 184 of the Act is 5 years imprisonment or a fine of $360,000 or both. Criminal proceedings against directors are not as uncommon as people believe, the ASIC’s six-monthly report covering July to December 2016 discloses that as at 1 January 2017 there are 9 criminal actions (and 22 civil actions) against directors and officers which are pending before the court.
Under new Personal Property Security Act (PPSA) amendments hirers or bailors are only required to register a security interest if the initial period, or the equipment is held, for two years or more.
The Personal Property Securities Amendment (PPS Lease) Act 2017 came into effect on 20 May 2017 and is aimed at reducing technicalities associated with short-term and indefinite period loans.
The Australian Government reduced the taxation impost on small taxpayers. However, the NSW Government has increased the land tax and stamp duty imposts on land own by some family trusts.