Previous issues:

The Assistant Treasurer released details of changes to the Government’s foreign investment screening regime for acquisitions of real estate by foreign persons. The changes are focussed on residential real estate, but have important ramifications for resorts and hotels and developers of new dwellings.

Can Australia still lay claim to being the 'lucky county'? Australia hit the buffers somewhat later than most developed economies, and some still doubt whether the full force of the global recession will be felt there.

The global financial crisis has put executive remuneration under the spotlight, with many now questioning the way key executives are rewarded. This article considers, from an Australian perspective whether share-based incentives still work, possible strategies for dealing with "underwater" options, other remuneration models that may be more suitable to sluggish economic times and recommendations for companies in respect of their remuneration structures.

Mark Birrell, Special Counsel and leader of Minter Ellison's National Infrastructure Industry Group, has been appointed to the new Australian Government's inaugural Infrastructure Australia Board.

In an effort to increase the opportunities for retail investors to participate in fundraising offers, the Australian Securities and Investments Commission issued Class Order 08/35 which ensures that non-traditional rights issue structures are covered by the existing prospectus and product disclosure statement exemption for rights issues.

The Australian Competition and Consumer Commission (ACCC) has released a draft of its revised merger guidelines which will amend the analytical framework applied by the ACCC when assessing whether a merger (or proposed merger) is likely to substantially lessen competition under section 50 of the Trade Practices Act 1974 (Cth).

The new Australian Labor Government, in its first budget handed down on 13 May 2008, has been credited with presenting a cautious budget designed to control government spending and position Australia to ride out the possible shocks of an unstable world economic climate over the immediate future.

The Corporate and Finance teams continue to be busy providing English and Australian law advice to clients in Europe, Australia and Asia.

Recent reforms to Australian capital gains tax provisions change the interests that are regarded as having a source in Australia for non-resident taxation purposes. A non-resident is generally subject to Australian income tax only on income arising from sources in Australia.

The Australian government is considering whether to restrict the range of debt interests that qualify for the Interest Withholding Tax exemption, under the public offer test, to debentures, non-equity shares that are debt interests, and a debt interest that is prescribed by regulation.

Under ASIC's policy statement (PS 188) an invitation to vote on a scheme of arrangement which involves an issue of securities (including a foreign scheme of arrangement) amounts to an 'offer' and as such, requires prospectus disclosure, unless an exemption applies. ASIC has also released for public comment a policy proposal which will have the effect of relieving foreign takeovers, involving the issue of securities, from Australia’s disclosure (prospectus) obligations.