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In this Edition, we consider ASX’s further guidance on performance securities, ASIC’s pilot programs for 2021, the expansion and extension of the SME guarantee scheme, the treatment of option cancellation payments to employees in M&A transactions and the return of global trade in 2021.
GOVERNANCE & REGULATION
Further update to ASX guidance on performance securities. Performance Securities amendments
ASIC introduces pilot programs for 2021. media release
Expansion and extension of the SME guarantee scheme. media release
LEGAL
Option cancellation payments to employees in M&A transactions are not immediately deductible. Clough Limited v Commissioner of Taxation [2021] FCA 108 G+T’s article on this decision
OVER THE HORIZON
The return of international trade. Last year, when the COVID-19 pandemic first hit, global trade decreased drastically. However, recent trade data indicates that global trade is strongly recovering. China’s trade data for January and February of this year indicates that its exports were 60% higher than exports in January and February of 2020. Similarly, in the US, exports increased by 1.4% to pre-pandemic levels in January 2020. Similar trends are currently being observed on a global level, including in relation to Australian exports.