DOCSLIB.ORG

The SMSF: a Mechanism for Self-Directed Member Investment

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The SMSF: a Mechanism for Self-Directed Member Investment The SMSF: a mechanism for self-directed member investment by Christopher May Faculty of Law Submitted in fulfilment of the requirements for the Degree of Doctor of Philosophy University of Tasmania, March 2017 Statements This thesis contains no material which has previously been submitted for a degree or diploma by the University of Tasmania or other institution, except by way of general background and acknowledged in the thesis. To the best of the author’s knowledge this thesis contains no material that has been previously published or written by another person, except where acknowledged in the thesis. This thesis may be loaned or made available for limited copying, subject to the Copyright Act 1968 (Cth). This thesis reflects the law as at 1 February 2017. --------------------- Chris May Abstract Retirement savings in Australia held through regulated superannuation are substantial and projected to exceed a staggering $9 trillion by 2040.1 The sheer magnitude of assets held in this custody underscores the need for scrutiny of its governing laws. As superannuation law is derived from a number of sources, it is an unwieldly task to address all aspects in a single piece of research. The concern of this thesis is the legal framework adopted by the self- managed superannuation fund (SMSF), a particular type of regulated superannuation fund operating in Australia. In addressing the subject matter, significant attention is given to context, seeking to capture the substance of the SMSF, from which the suitability of its adopted trust structure is evaluated. In this regard, at a most foundational level the essence of the SMSF is a vehicle to hold superannuation savings. Accordingly, to truly understand the nature of the SMSF it is instructive to trace its roots through broader historical analysis of superannuation in Australia. Along with a gradual development to form a component of retirement incomes policy, this thesis reveals a theme that beyond the element of compulsion, the existence of regulated superannuation is tied to the co-dependencies of taxation concessions and regulatory constraint. For the SMSF this co-dependency is particularly significant, with regulation adopting more of a compliance, rather than prudential flavour consistent with high levels of member engagement and involvement in fund decision making.2 The existence of taxation concessions to encourage participation, combined with the fact that superannuation was initially regulated through the taxation power vested in the Commonwealth,3 suggests that predecessors of the SMSF are identifiable in historic taxation legislation. Beyond the influence of taxation, however, the ultimate driver for their separate recognition has proven to be the introduction of prudential regulation.4 This reflected a “one-size-fits-all” legislative approach, despite the limited role that member assurance plays for the SMSF, or its roots as a tax structure operating subject to statutory constraint. 1 Commonwealth of Australia, Financial System Inquiry Interim Report (2014) 2-84. The precise rate of future growth in superannuation is difficult to estimate. Some estimates have factored in higher rates of growth that suggest superannuation fund assets would exceed $12 trillion by the late 2030s. 2 Commonwealth of Australia, Super System Review Final Report, Part Two: Recommendation Packages (2010) Ch 1, 6. 3 Commonwealth of Australia Constitution Act 1900 (Cth) s 51(ii). 4 This regime has been based on the Commonwealth’s constitutional powers pertaining to old age pension and corporations. Refer Commonwealth of Australia Constitution Act 1900 (Cth) ss 51(xxiii), (xx). Adopting a member-focussed regulatory approach,5 this thesis ultimately captures the substance of the SMSF as a mechanism for self-directed member investment, encouraged through taxation concessions but limited by restrictions prescribed by the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA). From this springboard, it is possible to judiciously consider the suitability of its legal framework, albeit one that is reliant on a trust in need of “stretching” to achieve what has been asked of it. The thesis accordingly deconstructs the trust in this context, targeting difficulties in translating fiduciary and other trust law duties to the substance of the SMSF. The analysis reveals a need for positive steps to resolve the strain between form and substance. This thesis contains primary and secondary alternatives to redress the unsuitability of the trust, implementation of which will be hostage to the capacity and willingness of the legislature to embrace reform. As a compromise of “tinkering” around the edges, the secondary alternative seeks to retain the trust, but to improve alignment with the SMSF’s substance through further legislative intervention. There is a sense of resignation with this recommendation, to do the best with a framework that is fundamentally inappropriate for its purpose. The preferred approach is to fully endorse the SMSF’s substance through the adoption of a purely legislative-based existence. Such a significant change would need extensive consultation and open-mindedness, enabling the issue to ascend beyond the tendency for superannuation reform to be stalled in a quagmire of competing ideologies, with different interest groups merely seeking to further their own position. 5 For endorsement of this approach refer Commonwealth of Australia, Super System Review Final Report, Part Two: Recommendation Packages (2010) Ch 1, 5-9. Acknowledgements I am extremely appreciative of the significant assistance and guidance of my supervisor, Professor Gino Dal Pont. I have enjoyed our regular discussions spanning both superannuation and taxation law, along with his general support and encouragement. I am grateful to the University of Tasmania Law School for providing the facilities to assist me in the completion of this thesis, with particular thanks to the staff of the Law Library and for the funding I received to attend a superannuation related conference. I would like to acknowledge and thank my partner and more extended family for their patience while I have been completing this thesis. It has been a privilege to be given the opportunity to undertake a PhD. TABLE OF CONTENTS List of acronyms…….…………………………………………………………………iv PART ONE – CONTEXT IDENTIFIED CHAPTER ONE: INTRODUCTION 1.1 Basis for the research..………………………………………..……………..... 2 1.2 Objectives………………………………………………...……………………4 1.3 Methodology.……...……………………………………………..…………… 5 1.4 Structure………...………………………………………………...…………... 6 1.5 Scope of the research...……………………………………………...................7 1.6 Existing literature ...……………………………………………….………...... 9 CHAPTER TWO: SUPERANNUATION EXPLAINED 2.1 Introduction…………………………………………………………………..13 2.2 “Superannuation” defined.…………………………………………………...14 2.3 “Superannuation fund” defined……………………………………………… 17 2.4 The history of superannuation in Australia………………………………….. 30 2.4.1 A component of a retirement income system…………….………………... 30 2.4.2 Superannuation and taxation………………………………………..............45 2.4.3 Superannuation and regulation…………………………………………….. 65 2.5 Synthesis……………………………………………………………………...79 PART TWO – CONTEXT UNRAVELLED CHAPTER THREE: RISE OF THE SMSF 3.1 Introduction………………………………………………………………….. 82 3.2 The history of SMSFs in Australia………………………………………….. 83 3.2.1 Early taxation law………………………………………………………….. 83 3.2.2 Excluded superannuation funds under the OSSA………………………….. 86 3.2.3 Excluded superannuation funds under the SISA…………………………... 87 3.2.4 SMSFs under the SISA…………………………………………………….. 89 3.2.5 Review of SMSFs under the SISA………………………………………… 98 3.3 SMSF statistics…………………………………………………………… ...103 3.3.1 Number of funds………………………………………………………….. 103 3.3.2 Membership………………………………………………………………. 109 3.3.3 Average assets per account…………………………………………… …..110 3.3.4 Asset allocation………………………………………………………… …112 3.4 Synthesis…………………………………………………………………….114 i CHAPTER 4: DECONSTRUCTING THE SMSF TRUST 4.1 Introduction………………………………………………………………… 117 4.2 The SMSF in context ……………………………………………………….119 4.2.1 The trust framework……………………………………………………….119 4.2.2 Erosion of the trust framework…………………………………………… 122 4.2.3 Difficulty in abandoning the trust framework……………………………. 134 4.2.4 Consequences for the SMSF……………………………………………… 135 4.3 The SMSF and fiduciary duties…………………………………………….. 138 4.3.1 Presumed fiduciary duties…………………………………………………138 4.3.2 A duties-based approach………………………………………………….. 139 4.3.3 Duty to avoid conflict…………………………………………………….. 141 4.3.4 Duty not to profit…………………………………………………………. 143 4.3.5 Consequences for the SMSF....…………………………………………… 149 4.4 The SMSF and trust law duties……………………………………………...152 4.4.1 The interaction of trust law and the SISA…………………………………152 4.4.2 Duties concerning conduct………………………………………………...160 4.4.3 Duties concerning management…………………………………………... 180 4.4.4 Duties concerning investment……………………………………………..188 4.4.5 Consequences for the SMSF……………………………………………… 195 4.5 Synthesis…………………………………………………………………….197 PART THREE – CONTEXT REASSEMBLED CHAPTER FIVE: WORKING WITH THE TRUST 5.1 Introduction………………………………………………………………… 199 5.2 Recognising substance – a member focussed approach to regulation……....200 5.2.1 Adoption of a choice architecture………………………………………… 200 5.2.2 SMSF principles within the choice architecture………………………….. 203 5.2.3 The trust structure endures………………………………………………...210 5.2.4 Consequences for the SMSF……………………………………………… 212 5.3 Accommodating substance – working with the trust framework…………... 214 5.3.1 A trust
Load more

Recommended publications
  • THE ADELAIDE LAW REVIEW Law.Adelaide.Edu.Au Adelaide Law Review ADVISORY BOARD
    Volume 40, Number 3 THE ADELAIDE LAW REVIEW law.adelaide.edu.au Adelaide Law Review ADVISORY BOARD The Honourable Professor Catherine Branson AC QC Deputy Chancellor, The University of Adelaide; Former President, Australian Human Rights Commission; Former Justice, Federal Court of Australia Emeritus Professor William R Cornish CMG QC Emeritus Herchel Smith Professor of Intellectual Property Law, University of Cambridge His Excellency Judge James R Crawford AC SC International Court of Justice The Honourable Professor John J Doyle AC QC Former Chief Justice, Supreme Court of South Australia Professor John V Orth William Rand Kenan Jr Professor of Law, The University of North Carolina at Chapel Hill Professor Emerita Rosemary J Owens AO Former Dean, Adelaide Law School The Honourable Justice Melissa Perry Federal Court of Australia The Honourable Margaret White AO Former Justice, Supreme Court of Queensland Professor John M Williams Dame Roma Mitchell Chair of Law and Former Dean, Adelaide Law School ADELAIDE LAW REVIEW Editors Associate Professor Matthew Stubbs and Dr Michelle Lim Book Review and Comment Editor Dr Stacey Henderson Associate Editors Kyriaco Nikias and Azaara Perakath Student Editors Joshua Aikens Christian Andreotti Mitchell Brunker Peter Dalrymple Henry Materne-Smith Holly Nicholls Clare Nolan Eleanor Nolan Vincent Rocca India Short Christine Vu Kate Walsh Noel Williams Publications Officer Panita Hirunboot Volume 40 Issue 3 2019 The Adelaide Law Review is a double-blind peer reviewed journal that is published twice a year by the Adelaide Law School, The University of Adelaide. A guide for the submission of manuscripts is set out at the back of this issue.
    [Show full text]
  • The Comparative Distinctiveness of Equity
    (2016) 2(2) CJCCL 403 The Comparative Distinctiveness of Equity Justice Mark Leeming Judge of Appeal of the Supreme Court of New South Wales* 2016 CanLIIDocs 51 Comparative law is difficult and controversial. One reason for the difficulty is the complexity of legal systems and the need for more than a merely superficial knowledge of the foreign legal system in order to profit from recourse to it. One way in which it is controversial is that it has been suggested that the use of comparative law conceals the reasons for decisions reached on other grounds. This paper maintains that equity is distinctive, and that one of the ways in which equity is different from other bodies of law is that there is greater scope for the development of equitable principle by reference to foreign jurisdictions. That difference is a product of equity’s distinctive history, underlying themes and approach to law-making. Those matters are illustrated by a series of recent examples drawn from appellate courts throughout the Commonwealth. * I am grateful for the assistance provided by Kate Lindeman and Hannah Vieira in the preparation of this article. All errors are mine. 404 Leeming, The Comparative Distinctiveness of Equity I. Introduction II. The Problem of Generality III. The Use of Foreign Equity Decisions IV. The Variegated Common Law of the Commonwealth V. Three Examples of Equitable Principle in Ultimate Appellate Courts A. Barnes v Addy: Liability for Knowing Assistance in Australia, Canada, and the United Kingdom B. Qualifications to the Rule in Saunders v Vautier C. Judicial Advice 2016 CanLIIDocs 51 VI.
    [Show full text]
  • 5281 Bar News Winter 07.Indd
    CONTENTS 2 Editor’s note 3 President’s column 5 Opinion The central role of the jury 7 Recent developments 12 Address 2007 Sir Maurice Byers Lecture 34 Features: Mediation and the Bar Effective representation at mediation Should the New South Wales Bar remain agnostic to mediation? Constructive mediation A mediation miscellany 66 Readers 01/2007 82 Obituaries Nicholas Gye 44 Practice 67 Muse Daniel Edmund Horton QC Observations on a fused profession: the Herbert Smith Advocacy Unit A paler shade of white Russell Francis Wilkins Some perspectives on US litigation Max Beerbohm’s Dulcedo Judiciorum 88 Bullfry Anything to disclose? 72 Personalia 90 Books 56 Legal history The Hon Justice Kenneth Handley AO Interpreting Statutes Supreme Court judges of the 1940s The Hon Justice John Bryson Principles of Federal Criminal Law State Constitutional Landmarks 62 Bar Art 77 Appointments The Hon Justice Ian Harrison 94 Bar sports 63 Great Bar Boat Race The Hon Justice Elizabeth Fullerton NSW v Queensland Bar Recent District Court appointments The Hon Justice David Hammerschlag 64 Bench and Bar Dinner 96 Coombs on Cuisine barTHE JOURNAL OF THEnews NSW BAR ASSOCIATION | WINTER 2007 Bar News Editorial Committee Design and production Contributions are welcome and Andrew Bell SC (editor) Weavers Design Group should be addressed to the editor, Keith Chapple SC www.weavers.com.au Andrew Bell SC Eleventh Floor Gregory Nell SC Advertising John Mancy Wentworth Selborne Chambers To advertise in Bar News visit Arthur Moses 180 Phillip Street, www.weavers.com.au/barnews Chris O’Donnell Sydney 2000. or contact John Weaver at Carol Webster DX 377 Sydney Weavers Design Group Richard Beasley at [email protected] or David Ash (c) 2007 New South Wales Bar Association phone (02) 9299 4444 Michael Kearney This work is copyright.
    [Show full text]
  • Statutory Norms and Common Law Concepts in the Characterisation of Contracts for the Performance of Work
    STATUTORY NORMS AND COMMON LAW CONCEPTS IN THE CHARACTERISATION OF CONTRACTS FOR THE PERFORMANCE OF WORK PAULINE B OMBALL* While the relationship between statute and common law has attracted increased interest in the labour law field, limited attention has been directed at exploring this relationship in cases involving the characterisation of contracts for the performance of work. The characterisation of a work contract as an employment contract or an independent contract carries significant consequences in a number of different contexts, including tort law, employment law and taxation law. Many Australian statutes invoke the common law concept of employment as a criterion by which to confer rights and impose obligations. In determining whether a contract is one of employment and thereby covered by the relevant statute, Australian courts have not generally had regard to the purposes of the statute. However, in some Australian cases, it has been suggested that statutory purpose can, and should, guide the characterisation exercise. This article explores that suggestion, focusing particularly on statutes that confer rights and entitlements upon employees. In doing so, it draws upon decisions of the Supreme Courts of Canada and the United States that have adopted a ‘purposive approach’ to the employment concept. This article seeks to begin a conversation about the utility and viability of a purposive approach to the employment concept in Australia. It does so by canvassing the arguments in favour of a purposive approach and identifying some of the primary barriers to the adoption of such an approach by Australian courts. CONTENTS I Introduction ............................................................................................................. 371 II The Australian Approach to the Characterisation of Work Contracts .........
    [Show full text]
  • The Hon. Justice Mark Leeming's1 Remarks at the Launch of So
    The Hon. Justice Mark Leeming’s1 remarks at the launch of So help me God: a history of oaths of office Parliament House, Sydney 10 June 2021 Since the creation of the Legislative Council and Legislative Assembly in 1823 and 1856, members have taken various oaths of office. The form of the oath has changed with the changing role of the chamber. Let me give you three examples. The original oath taken by the first five councillors who were sworn in in August 1824 extended to a promise of secrecy:2 “I swear, that I will not, directly or indirectly, communicate or reveal to any Person or Persons, any Matter which shall be so brought under my Consideration, or which shall become known to me as a Member of the said Council. So help me GOD”. It may seem strange to modern ears for a councillor to keep events in the Legislative Council entirely secret, until one remembers that in 1824, before the first glimmer of representative government had arrived, deliberations of all five nominated councillors were confidential. In April 1843, when the Council became partially elected, the oath was much longer, not to mention quite lively. It included:3 “I … do sincerely promise and swear … that I will defend Her [Majesty], to the utmost of my Power, against all traitorous Conspiracies and Attempts whatever which shall be made against Her Person, Crown and Dignity; and that I will do my utmost Endeavour to disclose and make known to Her Majesty, Her Heirs and Successors, all Treasons and traitorous Conspiracies and Attempts which I shall know to be against Her or any of them; and all this I do swear without any Equivocation, mental Evasion or secret Reservation, and renouncing all Pardons and Dispensations from any Persons or Persons whatever to the contrary.
    [Show full text]
  • Ageless in the 'Age of Statutes'
    JOBNAME: No Job Name PAGE: 4 SESS: 3 OUTPUT: Wed Sep 16 20:48:43 2015 /journals/journal/joe/vol09pt2/part_2 Articles Equity: Ageless in the ‘Age of Statutes’ Mark Leeming* Current legal writing is replete with references to the ‘Age of Statutes’ — for the most part invoking a very different meaning from that intended by Professor Guido Calabresi’s book A Common Law for the Age of Statutes. Identifying what Calabresi was responding to, and what most current writing is responding to, reveals a doubly simplified approach to important aspects of the legal system. One aspect is easily seen: statutes do not speak with one voice, and should not be treated as a single class; complaints about the ‘Age of Statutes’ refer to particular sorts of statutes. The other unduly simplified aspect is less easily seen: Equity’s response to statute is different from the response of common law, for reasons deriving from its different conception of its role and different approach to precedent. When those differences are analysed, patterns of historical continuity may be observed. 1 Introduction There is a lot of casual reference to this ‘Age of Statutes’. The term readily trips off the tongue. In that respect it resembles the so-called ‘Principle of Legality’, whose limited capacity to provide useful guidance has been powerfully criticised,1 despite which it continues regularly to be invoked, mostly in submissions,2 and mostly as a euphonious rebranding of an ancient approach to the construction of statutes which impair certain ‘common law’ rights. * Judge of Appeal, Supreme Court of New South Wales; Challis Lecturer in Equity, University of Sydney.
    [Show full text]
  • The Francis Forbes Society for Australian Legal History
    THE 2020 ANNUAL FORBES LECTURE Lawyers' uses of history, from Entick v Carrington to Smethurst v Commissioner of Police PROGRAMME Lecturer: The Hon Justice Mark Leeming NSW Court of Appeal Chair: The Hon Justice Stephen Gageler AC High Court of Australia Date: Tuesday 19 May 2020 Time: 5.30pm – 6.30 pm Venue: virtually from Banco Court Law Courts Building , Queen's Square, Sydney CONTEXT: The Forbes Society, and the annual Forbes Lecture sponsored by the Society, are named for Francis Forbes (1784-1841), the first Chief Justice of the Supreme Court of NSW, 1824-1837. He was knighted in 1837. ORDER OF EVENTS 1. WELCOME – by the Hon Justice Stephen Gageler, High Court of Australia 2. PRESENTATION OF THE LECTURE – by the Hon Justice Mark Leeming THE FORBES LECTURER Justice Mark Leeming was appointed a Judge of Appeal of the Supreme Court of New South Wales in 2013, before which he had practised at the New South Wales Bar since 1995 and had been appointed Senior Counsel in 2006. He has taught at the University of Sydney part-time since 1995, where he is Challis Lecturer in Equity. He is the co-author of two leading practitioner texts and a casebook on equity and trusts, and has published widely in the areas of constitutional law, administrative law, equity, trusts and intellectual property, including Resolving Conflicts of Laws (2011); The Statutory Foundations of Negligence (2019); Authority to Decide: The Law of Jurisdiction in Australia (2012), (2nd ed 2020). He is a member of the Editorial Boards of the Journal of Equity and the Australian Bar Review.
    [Show full text]
  • The Hon Justice Mark Leeming
    The Hon Justice Mark Leeming Mark Leeming SC was sworn-in as a judge of the Court of Appeal on 3 June 2013. His Honour was one of three children; his brother and sister are both now officers in the police force. He attended Sydney Grammar School, where he discovered classical music, which became an abiding interest. He then attended the University of Sydney, from which he graduated in 1992 with first class honours in law. After law school, Leeming JA became an associate to the Honourable Justice WMC Gummow, then to the Honourable Sir Anthony Mason. While in Canberra he met his future wife, Professor Anne Twomey, with whom he has a son, James. At about this time he also found time to obtain a PhD in pure mathematics. After completing his two associateships, Leeming JA came directly to the bar – he did not ever practice as a solicitor. He joined the Eighth Floor of Selborne Chambers. He quickly established a diverse and busy practice, specialising in commercial, administrative and constitutional law matters. Despite a heavy workload as a barrister his In his speech at Leeming JA’s swearing in on 3 June publications during his eighteen or so years at the 2013 the attorney general, the Honourable Greg bar were prodigious. He produced a large number Smith SC MP said: of legal articles, reviews and case notes; two books I am confident that you will make a marvellous addition to on his own account, Resolving Conflicts of Laws the Supreme Court. and Authority to Decide – The Law of Jurisdiction in Australia; and, in conjunction with the Honourable Your vast legal knowledge, your desire to contribute to the JD Heydon QC, editions of Meagher, Gummow and development of the law, your even temper and your Lehane’s Equity: Doctrines and Remedies and Jacobs reputation for integrity are the hallmarks of a fine judge.
    [Show full text]
  • 'Australian Exceptionalism' in Judicial Review Michael Taggart It Is A
    ‘Australian exceptionalism’ in judicial review Michael Taggart∗ It is a privilege to give this lecture in honour of a great Australian public lawyer. My topic is ‘Australian exceptionalism’ in judicial review. The phrase ‘Australian exceptionalism’ is most often used these days in relation to Australia’s stand with the United States in the war against terror and the Australian government’s attitude to international human rights law.1 Australia is exceptional also in being now the only English-speaking democracy without a judicially enforceable bill of rights at the federal level.2 Although not unrelated, here I want to explore whether the part of Australian public law that deals with judicial review of administrative action is also “exceptional”.3 I will identify the features that are commonly said to set Australia apart from other common law jurisdictions and justify Australia taking a different path in the elaboration of the principles of judicial review of administrative action. This is a very large and complex topic and in the compass of a public lecture I will have to skip quickly and selectively over the terrain; no doubt, this will entail a degree of superficiality and caricature. Of necessity I will have to assume you have some familiarity with Australian administrative law. I approach this task as a common law comparativist from a small place with an interest in the intellectual history and development of Anglo-Commonwealth administrative law. I acknowledge at the outset that the idea of a nation’s jurisprudence in any area of law being exceptional is problematic because it ∗ Alexander Turner Professor of Law, Faculty of Law, University of Auckland, New Zealand.
    [Show full text]
  • The Primary Judge in Equity” (2016) 90 ALJ 783
    Leeming, “The Primary Judge in Equity” (2016) 90 ALJ 783 THE PRIMARY JUDGE IN EQUITY* Mark Leeming One of the oldest legal offices in Australia is the Chief Judge in Equity within the Supreme Court of New South Wales.1 The office will have officially borne its current name for exactly 125 years on 31 March 2017,2 but in truth the position is just over 175 years old. For its first 50 years, the office was known as the “Primary Judge in Equity”. The seven colonial judges who served as Primary Judge in Equity are listed at the end of this note, as are their successors, the 17 Chief Judges in Equity. Some aspects of the early history may be of interest. This note touches upon three colonial judges: the judge for whom the office of Primary Judge in Equity was created, the judge under whom equity business declined almost to a standstill, and the judge who sat as the first Chief Judge in Equity, who (as a barrister) had drafted what became the Equity Act 1880 (NSW), and whose tenure coincided with a remarkable growth in equity business in the colony. Those events shed light upon a question of more general importance: how did a superior court with general jurisdiction at common law and in equity evolve so as to have separate “jurisdictions” at common law and in equity, such that proceedings commenced in the wrong jurisdiction would be dismissed?3 * This comment was published in (2016) 90 Australian Law Journal 783. 1 I am indebted to Ms Kate Lindeman and to the staff of the Joint Law Courts Library, especially Ms Larissa Reid, for assistance with the historical materials on which this note is based.
    [Show full text]
  • JUDICIAL EDUCATION and TRAINING Journal of the International Organization for Judicial Training
    International Organization for Judicial Training 1 JUDICIAL EDUCATION AND TRAINING Journal of the International Organization for Judicial Training MISSION The journal Judicial Education and Training publishes topical articles on the education and training of judges and justice sector professionals around the world. This journal aims to stimulate a community of learning in judicial education by showcasing selected papers presented to the biennial conferences of the International Organization for Judicial Training (IOJT). Additionally, it solicits original research, practical experience, and critical analysis on issues and trends in judicial education. It also provides a medium for informed discussion, the exchange of professional experience, and the development of knowledge in judicial education for a global readership. Contributions are invited from chief justices and senior judges, judicial educators and academic researchers with an interest in this field. Earlier issues of this online journal may be found at: http://www.iojt.org/Journal.aspx Judicial Education and Training Journal of the International Organization for Judicial Training MANUSCRIPT SUBMISSION GUIDELINES The Journal welcomes original manuscript submissions written in English that are between 3,000-5,000 words in length, including references. Manuscripts should be double-spaced using Times New Roman font, 12-point font size. A concise, informative title along with the names and institutional/court affiliations of each author should be included. Abbreviations should be clearly defined. All tables, figures, and appendices should be noted in the manuscript and submitted as a separate document with sufficient detail to recreate the graphic or appendix. Manuscripts should use a reference-list style of citations to books, articles, and reports.
    [Show full text]
  • Contracts Program
    The CLA in conjunction with the Parsons Centre presents a one-day conference Current issues in contract law 9.30am to 5.00pm, Friday, July 27, Dixson Room, Mitchell Wing, NSW State Library 9.30am Opening Hon Sir Anthony Mason AC KBE 10.00am Session 1 Excluding liability for negligence through contract Chair: Tony Coburn, Partner, Freehills Speaker: Associate Professor Barbara McDonald, Sydney University; Consultant, Freehills Barbara McDonald has written extensively on the impact of civil liabil- ity reforms and is also a co-author of Cases on Torts (4th ed, 2007), and contributing author to Principles of Equity (editor: Parkinson, Thompson Law Book Co, 2nd ed, 2003). She is a member of the edi- torial board of the Tor ts Law Journal. Commentator: Dr Anne McNaughton, Lecturer, College of Law, ANU 11.15 Morning tea 11.30 Session 2 Assignment of contractual rights Chair: Jennifer Stuckey-Clarke, Barrister, Selborne Chambers Speaker: Dr Greg Tolhurst, Senior Lecturer, Sydney University Dr Tolhurst is an editor of the Commercial Law Quarterly and the Journal of Contract Law. Greg’s publications include The Assignment of Contractual Rights, (2006 Hart) and Contract Law in Australia (LexisNexis) (co-author). He was previously a solicitor at the CBA. Commentator: Mark Leeming SC, Selborne Chambers 12.45 Lunch 2.00 Session 3 Liquidated damages Chair: Justice Kevin Lindgren Speaker: Dr Elisabeth Peden, Associate Professor, Sydney University; Consultant, Freehills Dr Peden is the author of Good Faith in Contracts which is the first book published in Australia on this area of contract law and a co- author of Contract Law in Australia (LexisNexis).
    [Show full text]