Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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Australia | Publication | June 2023
This article was co-authored with Jess Alesci-Pettitt.
As always, the new financial year brings financial adjustments to key employment, superannuation and tax obligations and thresholds.
Key changes and increases for the 2023/2024 financial year, effective from 1 July 2023, are as follows:
Minimum wage The national minimum wage will increase to $23.23 per hour (up from $21.38 per hour for the 2022/2023 financial year) and $882.80 per week (up from $812.60 per week for the 2022/2023 financial year) based on a work week of 38 ordinary hours. The national minimum wage applies to all award or enterprise agreement free employees with the exception of junior employees, employees to whom a training arrangement applies and some employees with a disability (to whom different minimum wage rates will apply). |
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Award minimum wages Award minimum wages will increase by 5.75%. |
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High income threshold The high-income threshold will increase to $167,500 (up from $162,000 for the 2022/2023 financial year). |
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Compensation Cap The maximum compensation cap for unfair dismissal claims will increase to $83,750 (up from $81,000 for the 2022/2023 financial year). |
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Superannuation The minimum superannuation guarantee percentage will increase to 11% of an employee’s ordinary time earnings (up from the 2022/2023 contribution rate of 10.5%). The maximum superannuation contribution base on which contributions must be calculated will increase to $62,270 per quarter, meaning that the maximum superannuation guarantee contribution amount will increase to $27,398.80 per year. The superannuation concessional contribution cap (above which contributions are taxed at marginal rates) for the 2022/2023 financial year is staying at $27,500. |
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Australian Government Parental Leave Pay scheme The current entitlement of 18 weeks’ parental leave pay will be combined with the current partner pay entitlement of 2 weeks’ parental leave pay. Partnered parents will be able to claim 20 weeks’ (or 100 days’) parental leave pay between them, with single parents able to access the full 20 weeks’ (or 100 days) parental leave pay on their own. |
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Redundancy payments The base limit for the tax-free component of genuine redundancy payments will increase to $11,985 (up from $11,591 for the 2022/2023 financial year) with an additional $5,994 tax free for each year of service (up from $5,797 for the 2022/2023 financial year). |
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Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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