PROPOSED CHANGES FOR FINANCIAL REPORTING BY PUBLIC COMPANIES
MICHAEL GORTON, Partner

A recent Australian Government report has recommended changes to financial reporting for unlisted public companies.  This will affect the approximately 11,000 existing not-for-profit organisations, including, medical colleges, health institutions and aged care facilities, who operate as companies limited by guarantee.

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NO SMOKING?
DAVID VORCHHEIMER, Solicitor

From 1 July 2007 amendments to the Tobacco Act 1987 (Vic) take effect. The amendments require all enclosed licensed premises (including gaming venues) and some outdoor dining / drinking areas to be smoke-free. Only the high roller rooms at Crown Casino are exempt.

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FUEL - 38 CENTS OFF!
JOHN O'HALLORAN, Special Advisor

Now that is a billboard that would get plenty of motorists’ attention.  How about Petrol at 18.5 cents off?  That would get me going to the bowser to fill up.  These discounts are available now for business from the Federal Government under the Fuel Tax scheme that is being phased in over the next few years.  Yes, these discounts are available for years to come.

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RESCUERS BEWARE – DOES LIABILITY FOR INSOLVENT TRADING LURK IN THE SHADOWS?
ANDREW CASPAR, Special Counsel

It’s not unusual in some situations for an individual or company to try to invest in or otherwise rescue a struggling enterprise which is seen as having value or potential.  Often the motive of the rescuer is to realise that potential by taking charge of assets or decision-making, using fresh management or ideas to turn around the fortunes of the business.

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DIRECTOR INDEMNITIES AND INSURANCE: ARE YOU PROTECTED?
JONATHAN TEH, Solicitor

It is reassuring to have a company indemnity and directors liability insurance, just in case you’re sued for doing your job. But this might turn to despair if you find you’re not adequately covered.

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ANTI-MONEY LAUNDERING AND COUNTER TERRORISM FINANCING ACT
ADAM COLABUFALO, Solicitor

The Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth) received royal assent on 12 December 2006.

The purpose of the Act is to ensure that Australia complies with its international obligations to combat money laundering and to combat terrorism financing.

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