Doing business in Australia answers some of the most common questions an overseas investor may ask when establishing a business presence in Australia. It aims to provide an introduction to the laws of Australia for overseas legal practitioners.
In this insight, we summarise the new laws and take a closer look at how the reforms affect particular types of transactions. We also provide some practical tips for drafting and managing contracts affected by the new laws.
The Retail Leases Act 1994 (NSW) (RLA) regulates retail leasing relationships in New South Wales. The intention of the legislation is to ensure fair and efficient dealings between parties to retail leases.
In December 2016, the Commonwealth Government passed the Register of Foreign Ownership of Agricultural Land Amendment to amend the Register of Foreign Ownership of Water or Agricultural Land Act 2015. The amendment established a Register of Foreign Ownership of Water Entitlements (Water Register) which requires foreign persons to notify and update their interests in water entitlements with the Australian Taxation Office (ATO).
New rules have been issued by the Registrar General in New South Wales requiring lawyers to verify the identity and authority of their clients. This is for consumer protection, to curb rising fraudulent property transactions and to apply consistent requirements for paper and electronic conveyancing transactions.