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Anchor Legal is a responsive commercial law firm, focusing on building and maintaining long lasting advisory relationships based on trust and providing quality legal advice and services.
We serve clients based in Western Australia, Australia and Internationally.
New test governing payment of dividends
Thursday 22 July 2010
The Corporations Amendment (Corporations Reporting Reform) Act 2010 (Cth) (Amending Act) received Royal assent on 28 June 2010. The Amending Act includes an important amendment to section 254T of the Corporations Act 2001 (Cth) (Act) which governs the circumstances in which companies may pay dividends.
The Australian GST law has been changed to allow members of a GST group (Members) and participants in a registered GST Joint Venture (Participants) to enter into Indirect Tax Sharing Agreements (ITSAs) from 1 July 2010. Like Tax Sharing Agreements for income tax consolidated groups, ITSAs allow Members and Participants to limit their liability for the GST liabilities in respect of a GST group or registered GST Joint Venture (GST JV) in certain circumstances.