...interpretations for what common law is. The most common expression can be interpreted as the combination of statute law, which is created by State and Federal parliaments and other government bodies which is known as delegated legislation, and judge made law, which is written by judges in courts. The common law system originally developed in England and later being inherited by Australia in 1788. However, statute law always overrules common law when there is a clash between them. In addition, the common law can be further classified into two aspects, civil law and criminal law. “Civil law involves matters between person and person regarding the enforcement of rights and the carrying out of obligations” while civil case only results in compensations for the person who wins and liabilities for the person who lost. On the other side, criminal law contains all statute and case law in conducting a certain offence. It is enforced by government and concerned on punishment. Furthermore, with the growing concern over the inflexibility and rigidity of common law, equity has been developed by the Court of Chancery as the supplement of common law rules and procedures in two types of equitable remedies: injunction and specific performance. However, equity does not apply to criminal law as it only focuses on remedies and money damages. The main function of judges is to interpret and apply the law to each case. However, judicial decisions made by judge are able to change the law as well. For example...
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...relevant facts and circumstances of each case, this analysis will focus on how the court’s decision process determined whether Crown had carried on business in the years 2004-2007 inclusive and the existence of central management and control (CM&C) in Australia. The purpose of this is to assess the valuation of Crown’s taxable income, which ultimately resulted in the objective decision to be set aside in favour of the applicant. Evaluation will be made in regards to how the case compares with previous cases and tax rulings and the likely impacts of the case on future commercial practices. Further, what the case infers about the current state of law in this area will also be discussed, as well as the potential degree of changes in modern judgements of residence and source issues within businesses not incorporated in Australia. Past judgements and tax rulings The facts of the case are similar to that of Malayan Shipping Co Ltd v FCT (1946), where the court held that “the mere trading in Australia by a company not incorporated in Australia will not of itself be sufficient to cause the company to become a resident”. This is true and consistent with the statutory definition of resident of Australia, and with the decision made in Crown. This is highlighted in paragraphs 57-58 as it indicates that the case does not result in new law. Moreover, in Tariff Reinsurances Ltd v Commissioner of Taxes (Vic) (1938), the contract was formed in London and the company’s profits were not “earned...
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...Historically, the centralized structure established by the Australian Constitution in 1901, distributes power between a federal government (The Commonwealth) and six States, (Hellenic Australian Business Council, 2015). Conventionally, with a survey exposing Australia ranked 11th most democratic among 150 others in 2014, (The World Audit, 2014). Sainsbury’s benefit from the safety and freedom assured for if they decided to invest in the Australian market, as Hill also inferred that democracy impacts the business...
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...Abstract Corruption and corporate and personal integrity is becoming a major problem in the global economy we live in today. Corruption is defined as the abuse of entrusted power for private gain. Numerous national and multinational companies face serious cultural problems including corruption and integrity issues. Today there are many reasons as to why corruption and lack of integrity is harmful to so many countries. Corruption affects a countries politics, economy, society, and overall environment. When the counties leadership is lacking integrity, than a corrupt country cannot develop, which causes the country to become even more corrupt. In addition, the corrupt countries economy suffers with the potential depletion of their national wealth. However, the damage of corruption on society is most damaging of all. Country corruption and unethical behavior diminishes trust in the government, politics, and leadership of their country. This in turn creates the potential for more unethical behavior and corruption in that society. Overall, the environment of that country suffers and only creates a domino effect of more unethical behavior and corruption across the spectrum. Haiti has been ranked as one of the most corrupt country in the World by Transparency International. Once a tourist’s attraction, Haiti was one of the most beautiful mountainous countries of the Caribbean Islands now it is pledge by corruption and a government that lacks moral and integrity. It...
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...LEGT1710: Business and the Law Part One The Australian legal system operates under the theory that there is a separation of powers among the three divisions of government. The doctrine of the separation of powers was instigated to divide the institutions of government into three separate entities; legislative, executive and judicial. Each entity has different responsibilities; the legislative (parliament) is the supreme law-maker, and responsible for making the law. The executive (administration) administers laws made by parliament, and the judiciary, or courts, enforce and interpret the laws. As a result, the powers and functions of each branch are supposedly separate, allowing no single entity to establish complete authority, while each remain interdependent on one another. This ensures that there are checks and balances on authority, placing limits on what each institution can do, guaranteeing the prevention of absolutism or corruption and certifying the protection of individual rights. However, under the Westminster System, this separation is not in complete operation. In reality, the legislature and executive are not entirely separated. As the ministers, government departments and agencies are elected from, and consequently accountable to the parliament, there is a significant amount of interconnection between the two branches. This embodies the doctrine of responsible government; a system of government that exemplifies parliamentary accountability. Conversely, there is...
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...INTERNATIONAL BUSINESS MBA C424 Mid-Term Report On GOING GLOBAL OF S.L. PACKAGING PRIVATE LIMITED Submitted by: Submitted to: GROUP 7 Dr. Praveen Goyal Dr. Leela Rani GV Hemanth Kumar G Visruth Reddy Sourav Mukherjee Abhinav Chitre Pinky Saini ACKNOWLEDGEMENT We are using this opportunity to express our gratitude to everyone who supported us throughout the course of this project. We are thankful for their aspiring guidance, invaluably constructive criticism and friendly advice during the project work. We are sincerely grateful to them for sharing their truthful and illuminating views on a number of issues related to the project. We are highly indebted to our professors, Dr. Praveen Goyal and Dr. Leela Rani, who gave us the opportunity, guidance, constant supervision and support in completing the project. We would like to express our gratitude towards BITS Pilani for their kind co-operation and encouragement which helped us in completion of this project. GV Hemanth Kumar G Visruth Reddy Sourav Mukherjee Abhinav Chitre Pinky Saini Contents INTRODUCTION 3 PORTFOLIO OF SL PACKAGING PVT LTD. 4 POLITICAL ENVIRONMENT 6 Political Environment and risks in Australia: 6 Political...
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...COMPANY LAW AUSTRALIA Question 1: Insolvency The area of law involved in this question: Insolvency trading and director’s duties, under Corporation Acts 2001. A director will engage in insolvent trading in breach of section 588G of the Corporation Acts 2001(Cth) if the company incurs a debt and: a) The company is insolvent at the time of incurring the debt or becomes insolvent by incurring the debt; b) At the time the debt is incurred, there are reasonable grounds for suspecting that the company is insolvent or will become insolvent; c) The director is aware of such grounds or a reasonable person in a like position in a company in the circumstances of the company would be so aware; and d) The director fails to prevent the company from incurring the debt. Under the Corporations Act of 2001 section 95A, a company is declared to be insolvent if it cannot pay its debt. In the financial year of 2013, the director of the company Paul knew that the company was experiencing difficulties in terms of financial performance, and would not be able to meet all its debt issues. It was his duty as a director of the company to prevent it from further trading, because he knew the company’s financial position. He should have sought both legal and financial advice from the relevant authorities, so as to assist him to determine whether the company will be liquidated, or measures will be undertaken so as to revamp it. He ignored his duties as a director i.e. prevents the...
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...The case of Crown Insurance Services brings to the light the many issues now associated with the changing business environment, the questions that arise whether current existing law regrading residence and source is no longer fitting and whether its application may be conducive for cases where misappropriation is intentional. This paper considers some of the questionable reasoning used today by the courts in determining residence and source on companies incorporated overseas. The case of Crown is not dissimilar to that of Malayan Shipping Co, whereby an Australian resident (Mr Sleigh) the majority shareholder of a taxpayer company incorporated overseas, was considered to be the managing director and agent who alone could decide upon the entering of contracts by the company in Australia. The company was found to derive its income and have tax residency in Australia “despite the directors being non-resident and meeting outside Australia” due to central management and control being held by an Australian resident. Similarly in Crown several indicators of absolute authority held by an Australian resident were presented, including “All of the proposals were prepared by Mr. Pattenden on his lap top” and “Mr. Pattenden prepared a group insurance proposal and prepared and issued a policy”, these statements seemingly present Mr. Pattenden as being ‘the brains behind operation’. The commissioner pursued this as it had been in Malayan shipping, however several factors prevented the...
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...Company Analysis The Walt Disney Company has been in the entertainment business for more than 80 years and is well recognized around the world as one that delivers an exceptional entertainment experience. Walt Disney Company strengths can be grouped in three main categories: 1) diversified distribution channels, 2) strong brand portfolio, and 3) financial strength. Despite Walt Disney’s success, the company has some declining segments in their domestic business. In addition, Disney’s biggest challenge in creating theme parks and resorts abroad is their inability to tailor the attractions to the local market while maintaining Disney’s brand image. In the past, international theme park implementations, Disney had failed to adapt their strategies to the local market. Therefore, Disney’s weaknesses can also be also grouped in three categories: 1) declining segments, 2) difficulty adapting to other cultures, and 3) weak managerial skills in terms of international operations. Diversified Distribution Channels Disney has a strong diversified distribution channel. The company operates by four strategic business units (SBU): 1) Media Networks and Broadcasting, 2) Parks and Resorts, 3) Studio Entertainment, and 4) Disney Consumer Products (Banton, 2007, p.31). The Media Network segment comprises of all broadcast television network, television production and distribution operations, television stations, cable networks, broadcast radio, publishing and digital operations (“Fiscal Year...
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...resident for company is in ITAA36 s6(1) state that:A company which is incorporated in Australia, or which, not being incorporated in Australia carried on business in Australia, and has either its central management and control in Australia, or its voting power controlled by the shareholder who are resident of Australia. Page 77 understanding taxation law 2010 Frank GildersBut the current definition of Australia of residency company do perform a highly compulate system and the double tax with a higher tax rate, which is discourage the over-sea investor and bring trouble to Australian itself. – the decrease the competitive ability in the international trading and business market. Analysis :There are many different kind of business cooperation in which investors can do business in Australia, including corporations, branch offices, subsidiaries, trusts, joint ventures and partnerships. For the international investors, the most common way are usually form a Australian subsidiary companies or Australian branch offices. Owing to the Australia tax law, both of them have a same standard corporate tax rate. However most foreign companies choose to operate through a locally established subsidiary company, since this has the added benefits of limited liability and separate legal status. A foreign company that intends to do business in Australia must register with the Australian Securities and Investment...
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...829 15-64 years: male 7,532,611, female 7,326,120 65 years and over: male 1,451,869, female 1,707,744 _In Australia, for couple families with two incomes, the median income for those with children was $2,310 and those without children was $2,081. _Literacy level: Australia has a very high literacy rate. About 99% of Australians are literate. 99% male and 99% female are literate. 2. Market: _ Product “Sorbent” toilet tissues (50 cents/roll), a brand name run by the SCA Hygiene Australasia Consumer. On average, well over 5 million rolls of Sorbent are sold in Australia and New Zealand every week, enough tissue to go more than twice around the world. 3. Retailers: _Woolworth is the largest supermarket/grocery chain in Australia, owns by Woolworth Limited. Woolworths Limited is the largest retail company in Australia. _Woolworth has more than 3,000 stores across Australia that sell food, liquor petrol, general merchandise, home improvement and hotels. The company serves 24 million customers each week and is a committed business partner of many thousands local farmers, producers and manufactures. The company also offer shopping online for customers called “Homeshop”, it allows users to purchase their groceries online and have them delivered to their front door. 4. E-commerce: _Online marketing would be viable as a channel into Australia because Australia is a developed country where people use technology every day and internet is a common part of their lives,...
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...American Axle Tracey Taschereau BUS401 February 3, 2013 April Miller Abstract American Axle Manufacturing (AAM) has already expanded globally into many areas. In order to better understand how a company initiates this process, we will walk through many areas together, including an overview/history; types of products and services offered; Australia and it’s cultural norms, the roles ethics and cultural diversity play; the political, legal, cultural, and economic make-up of Australia; the role that Information Technology and the Internet will play; the advantages or disadvantages of manufacturing and material location; and AAM’s approach to marketing and advertising. International Expansion American Axle Manufacturing is a leading, global Tier-One automotive supplier of driveline and drivetrain systems and related components for light trucks, SUVs, passenger cars, crossover vehicles and commercial vehicles. AAM is a multi-billion dollar company with more than 30 locations around the globe serving over 100 customers on five continents (AAM, 2013,). AAM announced the opening of its Winter Test Center in Arjeplog, Sweden on March 9, 2012 (AAM, 2013, Investors/Media). Overview and History of AAM According to AAM’s website the foundation for what is now AAM was established in 1917 when General Motors Corporation built an aircraft parts manufacturing facility in Detroit(AAM, 2013) . Later, automotive parts were added to the product mix. By 1920, two...
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...AUSTRALIAN GOVERNMENT – PRODUCTIVITY COMMISSION Economic Structure and Performance of the Australian Retail Industry Bicycle Industries Australia Ltd Suite 324, 1 Queens Road Melbourne VIC 3004 Bicycle Industries Australia Ltd (BIA) represents bicycle manufacturers, importers and wholesalers within Australia. The BIA was formed with the expressed aims; • • To foster the interests of the Australian Bicycle Industry To promote sound and ethical trading and commercial practices The Australian bicycle industry comprises approximately 500 importers, manufacturers and wholesalers, along with approximately 1000 specialised retail stores. The BIA is a member of the Fair Imports Alliance (FIA). As a member of the FIA we support all points of discussion which has been raised through the joint submission. Further to the points which have been raised within the FIA discussion paper, the BIA would like to raise issues more specific to the operations of the industry. Page 2 of 16 Bicycle Industries Australia Ltd. – Response to the Productivity Commission Inquiry into Economic Structure and Performance of the Australian Retail Industry IMPACT ON THE AUSTRALIAN BICYCLE INDUSTRY The Australian bicycle industry has been hit extremely hard by international online trading. The industry in 2007 directly employed over 6000 people through specialised bicycle distributors and retailers, and many more through large chain stores and associated businesses including transport ...
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...foreign firms, and additional business ventures will analyzed. China’s second-largest airline has proposed a joint-venture offering shares, profits, cultural know-how for equipment and managerial know-how. Australia’s HNZ group has proposed an acquisition and has offered their staff, equipment, and cultural know-how in exchange for technological expertise and heavy equipment. Finally the sister corporation VIH Cougar in the Gulf of Mexico could be further expanded. The analysis completed was a competitor analysis; Bristow, PHI, and CHC are all industry leaders bringing their own expertise to the table. Bristow is one of the largest companies in the industry and recently started using TCAS2’s (traffic collision avoidance system) for new equipment. PHI dominates the North American oil and gas market, and has the most air time experience of all firms. CHC also has strong ties with oil and gas firms, but after a significant loss they are looking to be acquired by another firm. Overall the helicopter industry is growing due to the new exploration sites for oil and gas, and many opportunities exist. The second part of the analysis was comparing the economic, political, legal systems: and cultural, ethical, and human rights standards of the three countries to gain further insight into the degree of risk each country has. Australia has proven to have a resilient economy during the recession due to the growing oil and gas industry. Foreign business has been encouraged through...
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...| TAXATION LAW | ASSIGNMENT | | | GROUP MEMBERS: | Jamal Ahmed Khan S0243702Ijaz Ahmad S0206099 | | | SUBMITTED TO:Michael Gallagher | DATE:6th Jan, 2014 | | | | TAXATION LAW - ASSIGNMENT Part A To find the residency status of John and Susan for the time when they were living overseas. The definition of “resident” in s 6(1) of ITAA 1936 contains four tests to determine whether an individual is a resident of Australia for taxation purpose. i. Common Law Test ii. Domicile Test iii. 183-day Test iv. Superannuation Test These cases will apply to determine that whether John and Susan are residents of Australia for tax purposes for the period they left Australia to their eventual return to Australia. Common Law Test: It is the primary test to determine whether individual is a resident of Australia is the “residence according to ordinary concepts” test. There are two examples are mentioned which explains “reside” as to dwell permanently or for a considerable time; have a one’s abode for a time and other example which explains it as “to dwell permanently or for considerable time; to have one’s settled or usual abode, to live in or at particular place. It is according to the taxation ruling TR 98/17. There are also some considerable factors for determining the residency for taxation purpose. a. Physical presence b. Regularity and duration of visits c. The person’s nationality ...
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