The Office of Statue Revenue has recently released an administrative arrangement that provides an exemption to small businesses undertaking a restructure from a sole trader, partnership or discretionary trust to a company structure.
The Australian Senate has passed the proposed reforms to the continuous disclosure regime to limit liability to circumstances where companies, directors or officers can be shown to have actual knowledge that the company’s disclosure is incorrect or where they act recklessly or negligently. The legislation will now return to the House of Representatives to be passed in final form before being sent for Royal Assent. As such, we do not yet have a date for formal implementation of these reforms but anticipate it to be soon. These reforms were contained in the Treasury Laws Amendment (2021 Measures No. 1) Bill 2021.
