The Business Law Committee actively monitors all matters relating to or associated with business law.
Contract for Sale of Business 2015
A new Contract for Sale of Business 2015 will be released shortly.
A summary of main changes in the new edition of the contract can be found here.
The Law Society is a Recognised Tax Agent Association (RTAA)
The Tax Practitioners Board has advised that after consideration of the Law Society’s application it has decided to recognise the Law Society as a Recognised Tax Agent Association (RTAA). The opportunity to become a RTAA first arose in March 2010 when the majority of the provisions of the Tax Agent Services Act 2009 ('Act') came into force. The new Act abolished the State taxation boards and created a central Federal Tax Practitioners Board. It also clarified the obligation of a legal practitioner to register as a tax agent by stating that the work of preparing tax returns (and statements in the nature of returns) for a fee can only be done by registered tax agents.
Under one of the options for registration, applicants who have practised in tax for eight of the ten years prior to applying for tax agent status will be automatically registered as tax agents if they can also show that they are a voting member of an RTAA. Given that the Law Society is now an RTAA, experienced tax practitioners, who are also voting members of the Law Society, will benefit from the streamlined application process.
New National Business Names Register
From 28 May 2012, ASIC has taken over the maintenance (registration and information provision) of Australian business names. For more information see the ASIC business names webpage.
An article in the February 2013 edition of the Law Society Journal draws attention to some issues that have arisen with the migration of the Business Names registry to ASIC.
Personal Property Securities reform
The Committee has established a separate PPS webpage with a number of resources for practitioners.