Spare a thought for Australia’s top-tier and Big 4 partners. Partners often funnel up to 50% of their income through a discretionary trust, split it among the spouse and kids on lower tax rates, and quietly pocket $30k to $50k a year in tax savings. Collectively, Big 4 partners had been pushing $1.2bn, 44% of $2.7bn in profit, through trusts. Labor's new 30% flat trust tax, landing July 2028, kills that strategy: AFR

⚖️ FIRB: Treasurer Jim Chalmers has announced a second tranche of foreign investment reforms, with FIRB required to decide all low-risk investments within 30 days from 2027, up from the current 50% target. Other reforms include: (1) expanding exemption certificates for frequent low-risk investors; (2) eliminating approval requirements for some low-risk transactions entirely; (3) more agile compliance and enforcement powers to better respond to non-compliance and avoidance; (4) and targeted increases to screening requirements for Australia's most sensitive sectors: Chalmers, Capital Brief

⚖️ AI/Disputes: The Victorian Supreme Court has issued a new Practice Note on AI use by court users, replacing its 2024 guidelines. The core message is that AI is permitted, but you own the output. Lawyers must verify accuracy, maintain candour and comply with professional duties regardless of what the AI produces. Unverified AI outputs risk costs orders and referral to the Victorian Legal Services Board. Particular caution is flagged for affidavits, witness statements and expert reports, which must reflect the witness's own words and knowledge: Vic Supreme Court

⚖️ Employment: For years, reinstatement was the remedy the Fair Work Commission rarely ordered, with employers routinely avoiding it by pointing to a breakdown of trust and confidence. Over the past 18 months, that's changed. Reinstatement is now the primary remedy for unfair dismissal. The old assumption that adversarial proceedings automatically destroy the employment relationship won't cut it anymore. Employers need specific, forward-looking evidence that the employee can't perform their role going forward. Even a proven policy breach won't automatically block reinstatement if the employee shows remorse and a willingness to comply in future: Allens

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Albo's accelerating CGT and negative gearing legislation through parliament before the July winter break. The move cuts down the time available for a parliamentary inquiry, in an attempt to constrain political blowback. Small business and teal independents are pushing for broader carve-outs beyond just tech start-ups. Albo’s not budging, claiming it’s all about housing: AFR

Trump's giving Iran until "maybe early next week" to hand over its nuclear programme or cop another "big hit," all part of the push to finally end the war. He's threatened this before, repeatedly, and backed down every time since the April truce. Markets are starting to tune him out: Bloomberg

📺 oOh!media's PE shootout just got more crowded. Oaktree Capital Management, primarily known as a distressed debt player, has quietly built a sub-5% stake in the outdoor advertising giant and is weighing its own NBIO, joining PEP and I Squared whose bids the board has already knocked back: AFR

⛏️ AFR's Chanticleer is raising eyebrows at Regis Resources' all-scrip $11bn merger with Vault Minerals. Vault shareholders get a vote, while Regis shareholders don't, echoing the James Hardie no-vote fiasco. The ASX's proposed rule changes tightening no-vote thresholds are due to formally land by 30 June: AFR

💰 Aware Super has completed its merger with TelstraSuper, with Allens advising Aware Super. The merger created a $235bn fund with 1.3 million members, and wrapped up in just nine months from announcement: Point Blank