The government has introduced the highly anticipated Skills in Demand (SID) visa to replace the existing Temporary Skill Shortage (TSS) visa. The detailed legislation has been rolled out over the past few days. Here, we summarize some key changes to provide applicants and sponsoring companies with more clarity regarding their options for future applications.

Skills in Demand and National Innovation Visa Rollout Expected

Investing in Australian managed funds is a popular investment pathway particularly for investors that might not have the time or expertise to manage their own investments here in Australia. However there are often a number of misconceptions about the nature of the financial product they are investing in. In this article, we aim to highlight what these are together with some themes on what you should be thinking about before undertaking an investment in an Australian managed fund.

There are many factors to consider and ‘moving parts’ to manage when buying or selling a business. Depending on the business that is being bought and sold, a business sale can be a complex and overwhelming process for both the buyer and the seller. In this first part of the series, we will provide:

• an overview of the key methods used to buy and sell a business;

• a summary of the key differences between those methods; and

• the factors to be taken into consideration by a potential buyer or seller.

The subclass 407 visa is often the most suitable option for applicants needing to develop further skills or to undertake certain training with a view of obtaining a license to practice in Australia.

The National Innovation Visa program aims to consolidate the closed Business Innovation and Investment Visa program (BIIP) and the Global Talent Visa program. The ultimate purpose is to provide more benefit to Australia economically by attracting highly talented individuals through Australian’s migration policy.

Subclass 482 visa is commonly used by employers seeking overseas employees to fill in the local skill shortage, or employees living overseas who are hoping to move to and work in Australia. In general, this visa is suitable for situations where an Australian employer wishes to employ someone from overseas for up to four years, and provides a path to permanent residence.

Exclusive dealing is common in many business and commercial arrangements such as in supply and distribution agreements. Exclusive dealing arrangements can often encourage inter-brand competition and benefit both the parties to the arrangements as well as consumers. However it can be prohibited in circumstances where it constitutes anti-competitive conduct and has the effect of substantially lessening competition within a market.

The extent to which suppliers of goods in Australia are able to ‘control’ the price at which their goods are resold is something that is quite reasonably queried when negotiating supply agreements. It is important to understand that the setting of minimum resale prices (known as retail price maintenance (RPM)) is prohibited.

In December 2023, the Australian Government unveiled their planned changes to various visa programs. The document in question, titled ‘Migration Strategy’, proposed a wide array of changes to various visas, including the subclass 482 (temporary skill shortage) visa. The details of which are being announced post our May 2024 Budget.

Clients often ask us questions in relation to whether they are allowed to establish, operate and/or otherwise participate in a business that is similar to or competes with a business they have previously been involved with as an employee, a senior executive, corporate officer (e.g. director or secretary), shareholder, partner or some other association.

The transfer of property is very common between spouses and domestic partners. The stamp duty implications in such circumstances have been a point of concern for many of our clients.

On 1 July 2023, the new Register of Foreign Ownership of Australian Assets (Register) previously introduced by Part 7A of the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) commenced. The Register will be administered and managed by the Commissioner of Taxation.

From 1 July 2023, work restrictions for student visa holders will be re-introduced. Businesses are recommended to take note of the changes and undertake a review of its employees’ visa status via the Visa Entitlement Verification Online system (VEVO) to mitigate the risk of inadvertently permitting its employees to work in breach of his or her visa conditions.

On 9 November 2022, the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022 received royal assent meaning that changes to Australia’s unfair contract terms laws (UCT Laws) proposed under that bill (UCT Amendments) will take effect from 9 November 2023. As such, businesses have until that date to ensure their contracts comply.

The Australian Competition and Consumer (Industry Codes – Franchising) Regulation 2014 (Cth) (Franchising Code) was amended in November 2022 to introduce a new obligation for franchisors to create and maintain a profile on the Franchise Disclosure Register (Register) that is hosted and administered by the Department of Treasury. Franchisors now have the obligation to provide certain information for public listing on the Register.

The Retail Leases Amendment Regulations 2022 which came into operation on 1 December 2022 provides for the changes for landlords to note.

The subclass 190 visa is a permanent resident visa that is designed to enable State Government nominated skilled workers to live and work in Australia. Recent developments make the subclass 190 visa more accessible than ever before.