Abolition of stamp duty on share transfers
The New Year has brought with it the potential for significant stamp duty savings for those considering corporate sales or restructures in Queensland. The Queensland government has effected the changes it flagged as part of the Revenue and Other Legislation Amendment Act 2006 to abolish stamp duty on the transfer of marketable securities not listed on the Australian Stock Exchange. The transfer must occur after 1 January 2007 to take advantage of this change. It is important to keep in mind that not all state governments have reduced or abolished duties for unquoted marketable securities.
Franchisees to exercise caution when transferring employees between worksites
A recent decision of the Australian Industrial Relations Commission highlights the importance of ensuring that employment contracts (including workplace agreements such as AWA’s) expressly allow a franchisee to transfer employees between worksites. If the location of the work to be carried out by the employee is fixed at a particular worksite by an employment contract, a direction to transfer may constitute a termination of the contract, potentially entitling the employee to a redundancy payment.
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