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.
There are several small business concessions in Australian tax law. They cover many types of tax - income tax, capital gains tax, GST, fringe benefit tax and payroll tax.
When business decisions are made many businesses lose the tax benefits of small business concessions without realising it at the time. They should have sought tax law advice.
I've learned a great deal from competition strategy specialists as a contract drafter for now 30 years. This is because the best contracts I draft apply business model innovation, or other elements that build or at least support a client's competition strategy.
This is the case even in drafting simple confidentiality agreements (aka non-disclosure agreements).
In drafting more sophisticated contracts I often blend concepts I draw from separate industries and then re-model into clauses and other contract language. This creates novel contracts, that solve problems in a new ways. This feeds my healthy addiction to learning about drivers for competition.