Small business restructure rollover relief means SME restructuring has become easier

The Tax Laws Amendment (Small Business Restructure Roll-over) Act 2016 received Royal Assent on 8 March 2016. As a result, from 1 July 2016 small business operators will have significantly greater options for reorganising the structure through which they operate their businesses, without causing adverse tax consequences. To obtain the new rollover benefits, It will be […]

Immediate tax deductibility for small business start-up costs

Royal Assent has now been given to the legislation which enacts the 2015 Budget small business concession allowing immediate and full tax deductibility for professional (including legal, accounting and valuation advice fees) and other capital costs of starting up a new small business. This is one of a number of small business concessions announced by […]

SMSFs – property development & limited recourse borrowing

There appears to be growing enthusiasm amongst some advisers to recommend that their clients undertake property developments in their SMSFs, using limited recourse borrowing for finance. The basis for that recommendation appears to be that there are arguable grounds for doing so and the fact that the ATO has not expressly prohibited SMSFs from doing […]

Philanthropic trusts for all

Philanthropic trusts for all Increasing numbers of clients are expressing interest in establishing some form of trust fund for philanthropic purposes – either during their lifetimes as part of a family project (e.g to commemorate a deceased family member) or by way of Will upon death.  Different options for achieving family philanthropic outcomes The tax […]

Company Ordered To Pay More Than $100,000 For Sexual Harassment By Worker

Full Federal Court Sets New Benchmark The Oracle decision in the Full Court of the Federal Court in July 2014 concerned complaints by an employee Rebecca Richardson, that she had been sexually harassed by a fellow employee on a regular basis over a period of some months.  In the court below, a single Judge of […]

Time to review employment agreements

While employers often take great care to ensure that their employment agreements robustly protect their interests, far fewer employers regularly review them to ensure that they are up to date. Where an employee’s role or responsibilities have changed since they were first employed, their employment agreement may become out of date and, in some circumstances, […]

Division 7A – A new approach?

Consultation on the second round of the Board of Taxation’s review of Division 7A has now concluded and the Board is due to report to the Government in October of this year.  The Review Paper (titled Post Implementation Review of Division 7A of Part III of the Income Tax Assessment Act 1936) noted that none […]

Failure to lodge returns can land criminal conviction

We regularly have clients referred to us who are facing prosecution by the ATO for failure to lodge income tax returns or BASs, often for a number of years.  Many of those clients express to us their surprise that they face the possibility of receiving a criminal conviction for failure to lodge. Every accountant will […]

Privacy Act changes – deadline looms

Businesses need to prepare now for changes to the Privacy Act that take effect from 12 March 2014.  Businesses that fail to update their privacy policies and practices will very likely find themselves in breach of the Privacy Act, potentially resulting in fines and orders to pay compensation, and possibly adverse publicity. All businesses with […]

PPSR – time is running out

Businesses need to register by 29 January 2014 to obtain the benefit of the “Transitional Perfection” protection under the Personal Property Security Act.  If your business has interests created prior to 30 January 2012 under:   leasing and hire arrangements (eg if you are the lessor of equipment); retention of title supplies (eg if you are […]