In 1973 on arrival in Beijing Gough Whitlam became the first Australian Prime Minister to visit China while in office.
The personal, political and trade relations that followed are extraordinary.
In 1978 Deng Xiao Ping introduced China's Open Door Policy for foreign businesses.
By 1980 four Special Economic Zones were up and running - Shenzhen, Zhuhai and Shantou in Guangdong, and Xiamen in Fujian. China stands at the top in 2014, regarded by 31% of Australians as the nation's best friend in Asia, according to a Lowy Institute poll (see graphic at end of article).
Choosing the right business structure for trade in China depends on many factors, including the nature of the product and the market in which it will be sold. There are four basic models.
Yesterday, CEO of Facebook, Mark Zuckerberg spoke in Chinese to university students in China without any need for an interpreter.
The Australian Tax Office’s raids last month on 170 businesses in Chinatown were against suspected black market businesses. The Tax Office has the resources to check if raided businesses have been paying their share of tax.
Tax Office raids make it harder for dishonest operators to get away with tax evasion – making it fair for everyone. The Tax Office can catch black market practices with computer data matching for specific industries.
Tax Office work done in 2011 identified 1.9 million businesses and set benchmarks for 100 industries to check for tax law compliance. These are overviewed in the Tax Office publication “Small business, tax and the cash economy”.
Answering them involved introspection, and an opportunity to profile why we collectively love working for clients in our firm. Employees and interns in the firm poked and proded draft answers to ensure they reflected our reality.
To also keep it real for colleagues in the legal profession, some answers touched on practical challenges today in running a firm to both deliver and derive value with clients.
Backgrounder, guide and checklist for crowdfunding from an Australian perspective. It ends with a list of 14 crowdfunding sites worldwide. Our related articles are Australian crowdfunding law, current and proposed and Start-up funding framework in Australia.
In Australia there is no crowdfunding-specific law. This is probably a good thing at this time. It appears not to have been too great an obstacle over the last five years for the Australian Small Scale Offering Board (ASSOB) which raised $138 million for equity in about 300 small businesses.
The latest position on crowd sourced equity funding is set out in a 283 pages Crowd Sourced Equity Funding Report of May 2014, by Australia’s Corporations and Markets Advisory Committee (CAMAC). It proposes new rules to "overcome current legal impediments" for equity funding affecting issuers, platforms and investors.
Start-ups often find themselves in a David vs Goliath situation after an initial taste of success. Corporate giants often seize every opportunity to maximise and secure their competitive advantage and market monopoly or power. The years of legal dispute between Telstra Corporation Limited (“Telstra”) and Phone Directories Company Pty Ltd (“Phone Directories”, now Local Directories Pty Ltd), demonstrate how relentless corporate giants can be. Start-ups need to be prepared to respond in kind.
How can the fair use doctrine in U.S. copyright law be used for academic research? We recently and successfully advised an Australian academic on this subject.
Our client had prepared a major, lengthy and heavily illustrated scholarly article for publication in a U.S. academic journal.
Copyright law has been designed so that only some uses of copyright work require permissions or fees paid.
The law balances the rights of copyright work owners or rights holders with copyright users. The balance is like a scale that has operated internationally and for centuries.
On one side of the scale, copyright owners or rights holders have exclusive legal rights to their work.
Private companies need to be very careful about payments to their shareholders or associates.
This is especially so at the close of each financial year when getting it wrong can have disastrous future consequences.
In essence, if it is not properly arranged under an appropriate agreement, borrowing money or assets from your own company is a risk due to Division 7A of the Income Tax Assessment Act 1936 (Cth).
This is a brief technical guide to those risks under Australian tax law and how to avoid them.