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The Australian Competition and Consumer Commission (‘ACCC’) has released its annual compliance and enforcement priorities for the year ahead, with a focus this year on a number of key areas including small business, environmental claims, the digital economy and consumer and fair trading issues arising from the COVID-19 pandemic.
The franchising sector had another action-packed year in 2021, with significant changes to the Franchising Code of Conduct (‘Code’) coming into effect, requiring Franchisors to review and update their Franchise Agreements and Disclosure Documents to comply with the new Code. Several proceedings instituted by the Australian Competition and Consumer Commission (‘ACCC’) also continued and the question of when an agreement constitutes a ‘Franchise Agreement’ to which the Code applies was again considered and decided in the Federal Court of Australia.
This article summarises some of the key events that occurred and impacted the franchising sector in 2021 and the lessons that can be learned from them.
Under Division 245 of the Income Tax Assessment Act 1997 (Cth), debts that a creditor forgives are offset against amounts that could otherwise reduce taxable income. Paragraph 245-40(e) excludes a debt that is forgiven for reasons of natural love and affection from those offset provisions. The Commissioner of Taxation has now ruled that for the purposes of paragraph 225-40(e), the creditor forgiving the debt must be a natural person.