Our legal experts will keep you up to date on all relevant and current developments.

New obligations to report cyber incidents - critical infrastructure

With the increasing prevalence of malicious cyberattacks, new regulations have been introduced to ensure that the government has knowledge of cyber incidences affecting specific entities in the following industries:

  • electricity
  • communications
  • data storage or processing
  • financial services
  • water
  • healthcare and medical
  • higher education and research
  • food and grocery comment transport
  • space technology

By implementing a mandatory reporting regime, the government seeks to strengthen the security and resilience of critical infrastructure, by empowering the relevant authorities to more immediately address critical cyber incidents - and to develop responses and protections to minimise the risk of future incidents occurring.

Holman Webb Lawyers is pleased to announce a range of promotions across our Sydney office – effective 1 July 2022

Holman Webb Lawyers is pleased to announce a range of promotions across our Sydney office – effective 1 July 2022:
These promotions reflect the commitment and contribution each person has made and continues to make to the fabric of the firm, our values and development.

Take care when proceeding in the Federal jurisdiction: Zurich Australian Insurance Ltd v Atradius Credito Y Caucion S.A. De Seguros Y Reaseguros [2022] FCA 709

The 17 June 2022 Federal Court of Australia decision in Zurich Australian Insurance Ltd v Atradius Credito Y Caucion S.A. De Seguros Y Reaseguros [2022] FCA 709 has made clear that care must be taken when bringing proceedings in the Federal Circuit and Family Court of Australia.

The Federal Court has made clear that the FCFCoA only has jurisdiction to hear and determine claims when power has been expressly given to it pursuant to legislation; and that absent such power, proceedings in that jurisdiction are a nullity.

On the contrary, the Federal Court has clear and undisputed jurisdiction arising in the exercise of Federal civil jurisdiction irrespective of any specific grant under legislation.

CPI isn’t the only thing on the rise this July: Wage Increases, Superannuation, Penalty Increases for SafeWork & High Income Threshold/Compensation Cap
Wednesday 29 June 2022 / by Alicia Mataere, Lee Pike & Ellie Jongma posted in Workplace Relations Minimum Wage Superannuation Modern Awards Enterprise Agreements Fair Work Commission

From Friday 1 July 2022, there will be a number of changes set to impact all Australian businesses.

These changes include increases to minimum wages, compulsory superannuation and penalty units in NSW.   

The changes come as a timely reminder for businesses to review their contracts and industrial instruments. 

It is also a good time for businesses to ensure that they are meeting their minimum obligations, and to confirm who will bear the increase to superannuation.

Credit Managers: Do you know your risk?

Risk is when your loss can easily surpass your gain – severity of that loss can come down to exposure and vulnerability of your business.

In many industries, risk takes various forms and the risk factors that could affect your business the most are could be external – economic downturn and insolvency.

This piece from Holman Webb's Commercial Recovery and Insolvency Group takes a look at the concept of risk, what those working within a credit function need to know - and how Holman Webb can help.

How is the ATO impacting insolvencies within the building and construction industries?

In April 2022, the ATO issued 50,000 letters of demand to company directors giving them 21 days to resolve tax liabilities.

Historically, once ATO and major banks start escalating collection activity, it’s not uncommon to see insolvencies rise.

This piece from Holman Webb's Commercial Recovery and Insolvency Group highlights the impact that the ATO's issuance of these letters is likely to have within the building and construction industries.

What impact is inflation having on the building, construction and property industries?

The Australian Financial Review recently reported that total construction sector inflation will hit 9.5 per cent over the year to June 2022, and 6 per cent over the year to December 2022”.

This increased financial pressure in the industry will heavily impact the likelihood of increased insolvency activity.

With the latest ABS statistics confirming that the CPI increased by 2.1% in the last quarter, and that inflation reached 5.1% over the 12 months to March 2022 quarter (the highest since 2001) - those in the building and construction industries have been particularly hard hit.

Higher inflation impacts:

These additional costs have flow on effects to construction activity, some of which may be far reaching.

NSW Property Update - June 2022: Land Tax; First Home Buyer Choice; Shared Equity Scheme

On 21 June the New South Wales (NSW) Treasurer, the Hon. Matt Kean MP, announced a range of property-related as part of the 2022-2023 State Budget on 21 June 2022.  

These include:

  • NSW Land Tax
  • First Home Buyer Choice
  • Shared Equity Scheme

Click through for an overview of these new measures, and how they are likely to impact you.

DOWNLOAD: Minor Injury Guide (CTP Insurance)

Click through to download Holman Webb Lawyers' new Minor Injury Guide, which assists those working within the CTP Insurance space in determining whether an injured person has sustained minor or non-minor injuries for the purpose of your liability decisions.  

Binding Death Benefit Nominations and Self-Managed Superannuation Funds: High Court Decision in Hill v Zuda as trustee for The Holly Superannuation Fund [2022] HCA 21

On 15 June 2022, the High Court unanimously dismissed an appeal from a decision of the Court of Appeal of the Supreme Court of Western Australia, in the case of Hill v Zuda as trustee for The Holly Superannuation Fund [2022] HCA 21.

The High Court ruled that Regulation 6.17A (Payment of a benefit on or after death) of the Superannuation Industry (Supervision) Regulations 1994, does not apply to binding death benefit notices in self-managed superannuation funds (‘SMSFs’). 

This means that binding death benefit notices are applicable to regulated superannuation funds that are not SMSFs, but that binding death benefit notices are not applicable to SMSFs.

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