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ASIC Obtains Over $700,000 In Penalties For Financial Reporting Failures

ASIC Obtains Over $700,000 In Penalties For Financial Reporting Failures
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Hydrostor's Compressed Air Energy Storage Selected as

Toronto, Canada, May 26, 2022 (GLOBE NEWSWIRE) -- Hydrostor Australia Holding Pty Ltd, a subsidiary of Hydrostor Inc. (“Hydrostor”), a leading...

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Australia's response to Glencore, legal professional privilege and the CCIV regime

Jun Au of DLA Piper Australia provides an overview of tax developments in Australia including the ATO’s response to the Glencore decision, improvements to the corporate collective investment vehicle regime and legal professional privilege.

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Practitioners warned on changing developments in LPP scrutiny

Recent developments in legal professional privilege (LPP) has provided a wider scope of its applications in the tax space with the need to monitor how it will play out for practitioners and their clients.

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ATO wins legal professional privilege dispute and sets new COVID-19 PE risk guidance


Court cases
CUB Australia Holding
Pty Ltd v FC of T
On February 2 2021, Moshinski J of the Federal Court of Australia handed down judgment in
CUB Australia Holding Pty Ltd v FC of T [2021] FCA 43. This was a dispute involving a formal statutory notice from the Australian Taxation Office (ATO) demanding certain information, and the application of legal professional privilege.
The ATO has been on record since 2018 with ‘concerns’ about whether legal professional privilege is being properly claimed in disputes. In particular, it refers to disputes with legal practitioners who operate in firms that are ‘multi-disciplinary’ or firms that also provide services other than legal services (see Attachment A to the ‘National Tax Liaison Group key messages November 30 2018’ minutes” where the ATO concerns are summarised).

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