Allens Arthur Robinson

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The Sustainable Planning Bill 2009 was recently introduced into the Queensland Parliament. The Bill will attempt to address the issues facing planning and development assessment in the State by standardising planning scheme provisions, addressing shortcomings in the development assessment process, introducing deemed approvals for certain types of development applications and giving the court increased powers to deal with development applications notwithstanding procedural errors that have occurred during the development assessment process

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In the wake of the financial crisis, the European Union is moving towards tighter regulation of alternative investment funds, in particular hedge funds and private equity funds, through a proposed Directive on Alterative Investment Fund Managers. The proposed directive would have considerable extra-territorial reach and may result in additional regulatory burdens for managers of alternative investment funds based outside Europe. Partner Tim Manefield, Senior Associates Marc Kemp and Charlie Harrison, and Lawyer John Henderson report

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A recent judgment of the Federal Court gives some very useful insights into how advertising material for the sale of residential product can be misleading and deceptive. Partner Tony Davies and Lawyer Donna Burnett report

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There have been a number of regulatory and policy changes recently introduced in the PRC real estate sector. Partners Nigel Papi and Tim Manefield and Senior Associates Maggie Ma and Campbell Izzard look at four of these changes and summarise how they may affect you

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The Senate Standing Committee on Economics has tabled a report which recommends that the Senate pass the Australian Business Investment Partnership bills. Partner Nicholas Cowie and Lawyer Andrew Selim take a closer look at the committee's findings

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The Northern Territory Government recently released its budget for 2009-10, which announced a number of changes to stamp duty in the NT, including the imposition of landholder duty on the acquisition of listed companies and trusts. Taxpayers are also reminded that, with effect from 1 July 2009, NSW will be introducing new and broader landholder provisions, and South Australia will be abolishing mortgage and rental business duty. Partner Adrian Chek, Senior Associate Katrina Parkyn and Law Graduate Gobind Kalsi look at the proposed NT changes and at how they will affect taxpayers

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A recent decision of the NSW Supreme Court provides important guidance on amending constitutions of registered managed investment schemes. Partner Matthew McLennan and Senior Associate Georgina Perry report

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Media releases indicate that China's first listed Real Estate Investment Trust may be sponsored by Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd, a major real estate developer in Shanghai. Partners Nigel Papi and Tim Manefield and Senior Associate Troy Zhang report

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In our February Focus, we outlined recent key amendments to the Aged Care Act 1997 (Cth) and related legislation. Partner Tony Davies and Senior Associate Rebecca Barr present a case study on the legal implications of the amendments to link approved provider status to places, or 'bed licences', held.

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In a recent decision, the High Court of Australia has found that in determining the appropriate amount of damages for breach of a lease, the cost of rectification is to be preferred over the diminution in value. The court stated that cost of rectification will only be considered an unreasonable basis for the calculation of damages in fairly exceptional circumstances. Partner Leighton O'Brien and Lawyer Alicia Moody look at the decision

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We look at the legal regime for mergers, recent regulatory developments in the banking industry, key issues under the current mining regime and the National Social Security Fund scheme

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A recent decision of the Queensland Court of Appeal highlights how easily parties can bind themselves to an agreement for the sale of land, and the extent to which a court will read terms into the agreement to give effect to the parties' intentions. Partner Tony Davies looks at the decision that provides a timely reminder of why caution must be exercised when negotiating the commercial terms of a sale, particularly where it is intended that negotiations are non-binding or subject to legal documentation being finalised

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In our quarterly Focus on safety at work, we look at the second report on harmonisation of occupational health and safety laws in Australia, the dangers for employers even if an occupational health and safety risk is not located on work premises, risk assessment and the Beaconsfield Gold Mine disaster, the s28(a) defence in NSW, and the high penalties attracted by a failure to manage well-known risks to safety at work.

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A recent court decision in Hong Kong has allowed a purchaser to avoid a purchase agreement relying on a relatively minor title defect. Partner Tim Manefield reports on the decision

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Following the Commonwealth Government's announcement in December 2008 that the FIRB regulations in regard to acquisition of real estate by foreigners was to be amended, the relevant legislation and policy documents have now been issued. Partner Tony Davies looks the changes that are generally effective from 18 December 2008

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ASIC has put forward proposals to remove certain regulatory restrictions to rights issues, dividend reinvestment plans and placements. As Partner Anna Lenahan and Senior Associate Zoe Green report, ASIC has sought comments on the measures by the end of this month

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The Federal Government has tabled draft legislation intended to establish the eagerly awaited commercial property funding vehicle, the Australian Business Investment Partnership, affectionately known as 'RuddBank'. Partner Nicholas Cowie and Lawyer Andrew Selim report on the Bill tabled on 12 March 2009 and several aspects of the scheme that are yet to be clarified

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The controversial proposed changes to Victoria's stamp duty regime have failed to become law, for now. However, the period of uncertainty for taxpayers continues. Partner Tony Sheehan and Senior Associate Jennee Chan consider the current status of dealings in dutiable property in Victoria

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There has been a change to the legislative regime governing planning certificates in New South Wales. Partner Victoria Holthouse and Lawyer Andrew Selim report on the new regulation and how it could pose a risk to vendors who have issued contracts for sale, by increasing the possibility of rescission by a purchaser

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The New South Wales Supreme Court has found that representations by real estate agents as to the future value of an off-the-plan property must have a reasonable basis. If those representations are relied on, even in 'an imprudent gamble', the purchaser may be entitled to an order for rescission. Partner Victoria Holthouse and Lawyer Usha Joyrama report on a recent NSW Supreme Court decision

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New US legislation, if enacted, could place Asian fund managers under greater disclosure regulation and make the US investor market a less attractive arena for their products. Some of these issues may also have relevance for Australian fund managers. Partner Robert Clarke and Tim Manefield look at the impact of the new legislation

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We look at legislative changes in NSW and at a federal level affecting the running of retirement villages and aged care facilities; exit fees under Queensland legislation; and the meaning of 'general services' in the Queensland context

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In the past fortnight, the Singapore Parliament has passed two Bills that introduce a suite of amendments to the principal legislation governing the securities industry in Singapore. This heralds the imminent introduction of a requirement to obtain the approval of the Monetary Authority of Singapore before entering into any arrangement to obtain effective control of an entity licensed under this legislation. Allens looks at this impending change

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In response to the current turmoil in global equity markets, the Singapore Exchange Limited, in consultation with the Monetary Authority of Singapore has introduced initiatives to facilitate rights issues by listed issuers. Partners Robert Clarke and Tim Manefield look at these initiatives, with a particular focus on the listed property sector

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In the current climate of financial instability, it is timely to consider issues arising from the insolvency of real estate fund managers (or 'sponsors') and how such an insolvency can affect a fund and its investors. Partners Tim Manefield and Robert Clarke and Senior Associate Charlie Harrison look at this issue in an Asian context

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A draft consultation paper released by the Queensland Government indicates that the prohibition on recovering land tax from tenants of leased commercial premises will be removed from the Land Tax Act 1915. Special Counsel Christine Adamson and Partner Grant Higgins look at how this change will affect both landlords and tenants, particularly those currently negotiating new leases that may not be finalised before 30 June 2009

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A Bill to amend Queensland compulsory acquisition laws will go some way to creating certainty for people who hold contractual rights to land. As Consultant Ian Hodgetts and Lawyer Nicholas Ng report, the Bill introduced in December 2008 follows uncertainty about the entitlement to compensation, flowing from a recent Queensland Court of Appeal case

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30 June 2008, we reported on the introduction of the Retirement Villages Amendment Bill 2008 into the NSW Parliament and the proposed key amendments to the Retirement Villages Act 1999 (NSW). The Bill was assented to on 10 December 2008, following a number of amendments made during the Bill's passage through the NSW Parliament. Senior Associate Rebecca Barr and Lawyer Alma Alic report

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The Regulation Modules which operate in conjunction the Queensland Body Corporate and Community Management Act 1997 have significantly amended the obligations in respect of the transfer fee payable to a body corporate on a sale or an assignment of the caretaking and letting rights of a community titles scheme in Queensland. Partner Tony Davies and Lawyer Kris Byrne report

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A Supreme Court of Queensland decision, handed down on 29 October 2008, highlights the complexity of the Property Agents and Motor Dealers Act 2000 (Qld) and how hard it is to comply with it. Partner Tony Davies reports why great care has to be taken in PAMDA transactions, especially on large commercial sales

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A recent decision of the Supreme Court of Queensland has held that despite a real estate agent using the wrong version of a PAMDA Form 21a agency appointment, the appointment was still valid. This decision gives some cause for hope that, depending on the particular circumstances, use of a superseded PAMDA Form may not be catastrophic. This could be particularly relevant to sale contracts

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We look at the relevance of public transport and precinct character in the decision to approve the development of residential care facilities and the calculation of retirement village exit fees

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Recently, the Board of Taxation released its discussion paper on the tax arrangements applying to managed investment trusts. The paper acknowledges that while the Australian managed funds industry has developed into one of the largest and most dynamic in the world, their taxation has been based on the laws for the taxation of trusts. Partner Martin Fry and Lawyer Belinda Loke report on the Board of Taxation's discussion paper and the pertinent issues affecting the managed funds industry

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A new prescribed contract of sale of real estate for use by real estate agents in Victoria replaces the short form 'contract note' and, while not compulsory for use by lawyers or licensed conveyancers, is expected quickly to replace the standard form Real Estate Institute of Victoria and Law Institute of Victoria contract as the industry standard contract for the sale and purchase of real estate in Victoria. Partner David McLeish and Senior Associates Alexandra Peace and David Hartney report

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In our Focus: Funds Management - July 2008, we looked at ASIC's proposals to improve disclosure to retail investors for unlisted property schemes. ASIC has now released its final regulatory guide that sets out what information must be applied to upfront and ongoing disclosures from 30 November 2008. Partner Anna Lenahan and Lawyer Gary Lo discuss the finalised disclosure principles and what needs to be done to comply with them

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The Federal Government recently introduced a Bill that proposes changes to the GST margin scheme provisions. Partner Peter Allen and Senior Associate Marc Johnston analyse the main proposed change

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The Australian Securities and Investments Commission has released a class order to facilitate the offering to Australian retail investors of collective investment schemes which have been authorised by the Hong Kong Securities and Futures Commission. Partner Susan Burns and Senior Associate Penelope Barclay look at a new regime where such schemes will effectively be governed by Hong Kong law, thereby reducing the Australian regulatory requirements which would otherwise apply

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A recent Victorian Court of Appeal decision highlights how subtle distinctions in the wording of market rental review provisions can significantly affect the basis and outcome of market rental reviews, in particular whether a market review is on the basis of 'face rental' or 'effective rental'. Partner David McLeish, Senior Associate David Hartney and Articled Clerk Dora Banyasz report

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The New South Wales Government has extended the exemption to the temporary freeze on applications for relocating gaming machines. Lawyer Mark Ryan reports

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A recent decision of the New South Wales Court of Appeal, Lennard v Jessica Estates Pty Limited, indicates that planning legislation could override private restrictive covenants to a greater extent than previously thought. Partner Nicholas Cowie, Senior Associate Emma Hodgson and Law Graduate Victoria Moore explain

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ASIC has released a draft regulatory guide that aims to improve disclosure by the responsible entities of unlisted property schemes. The guide sets out eight disclosure principles that are to be applied to upfront and ongoing disclosures to retail investors. Partner Susan Burns and Lawyer Gary Lo report on the proposals

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On 7 July 2008, the Hong Kong Securities and Futures Commission and ASIC signed a Declaration on Mutual Recognition of Cross-Border Offering of Collective Investment Schemes to expedite the public offering of retail funds into each other's markets. We look at what these arrangements mean for both Australian and Hong Kong funds

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The Federal Government announced changes in the 2008-09 federal Budget to the withholding tax rules applicable to certain distributions from Australian managed investment trusts. Legislation to implement these changes has now come into operation. Partner Peter Allen and Senior Associate Katrina Parkyn report

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Following a lengthy review process, the Retirement Villages Amendment Bill 2008 was introduced into the NSW Parliament on 26 June 2008. The Bill proposes extensive amendments to the Retirement Villages Act 1999 (NSW). Partner Mark Stubbings and Senior Associate Rebecca Barr outline the key amendments

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Earlier this month, the Treasury Department of the Australian Government released a Green Paper on Financial Services and Credit Reform. Partner Susan Burns and team summarise and discuss the Paper

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In the second part of our two-part series on changes to stamp duty across Australia, Partner Adrian Chek and Senior Associate Katrina Parkyn look at recent developments in stamp duty in the Australian Capital Territory, New South Wales, Tasmania, Victoria, South Australia and the Northern Territory

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In the first part of a two-part series on stamp duty changes across Australia, Partner Adrian Chek and Senior Associate Katrina Parkyn look at recent changes to stamp duty in Western Australia

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A final report released by the Productivity Commission proposes an extensive and wide-ranging reform package in the area of consumer policy. The proposed reforms, if implemented by government, will have significant consequences for financial service providers. Partners Catherine Parr and Peter Jones report

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AUSTRAC has recently released some updates to its policy on exemptions from the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 for those issuing and selling securities and has clarified its position on compliance reporting for managed investment schemes. Partner Peter Jones and Senior Associate Judy Maguire report