What is a statutory demand?
If your company has incurred outstanding debts, your creditors have the option to serve a statutory demand against you. The statutory demand is a type of debt recovery tool that when served brings consequences for your business.
What is intellectual property?
A quick summary of the elements of intellectual property.
Guide for Accountants in VA
Voluntary administration is an insolvency procedure that brings in an external voluntary administrator to decide on the company’s next steps. Unlike liquidation, external voluntary administration won’t necessarily result in the company being wound down. For insolvent businesses and companies with cash-flow issues, the voluntary administration process can provide an opportunity by giving breathing space from […]
Basics of a testamentary trust
A testamentary trust works in tandem with a will, and is similar to a discretionary trust, with the major difference being it only takes effect upon the death of the person who made the will. The trust can be funded by some or by all of your assets, and by payments derived as a consequence […]
Pension Loan Scheme
To help pensioners who are asset rich but income poor, the government launched a version of a commercially available financial product, the reverse mortgage. The government’s answer is its pension loans scheme (PLS), whereby a pensioner can apply for a non-taxable loan using some form of real property as security. The PLS does not provide […]
Business Restructure Basics
Changing market conditions, shifting consumer trends, and increased competition can all impact your business’s operating environment and make restructuring necessary. Business restructuring can consist of organisational and financial restructuring, with the former focusing on employees and processes, and the latter addressing the balance sheet. When done right, a business restructure makes your business more dynamic and […]
Consequence of Div 7A
You might often have heard Division 7A mentioned as a very important section of the tax Act by your accountant and always wondered by it meant. Division 7A deals with amounts paid, lent or forgiven by a private company to certain assoicated entities (including individuals) that are treated as dividends, unless they come within some […]
Tax debts in liquidation
Liquidation involves the orderly winding up of your company, and distribution of assets to creditors and shareholders. While debts to the Australian Tax Office rank with equal importance to those owed to other unsecured creditors in the event of liquidation, there are instances when company directors may be personally liable for the company’s outstanding tax […]
Thinking about phoenixing?
Are you considering phoenixing a company? Because of the tough economic times in the past few years, there is a great deal of confusion amongst small and medium business owners about how best to deal with a struggling company. One unfortunate consequence of this is the rise in phoenixing companies – both legally and illegally. But is it really […]
Tax residence for companies
Bywater Investments Limited v Commissioner of Taxation; Hua Wang Bank Berhad v Commissioner of Taxation [2016] HCA 45 The High Court has clarified the question of how a company can be controlled and managed in its unanimous dismissal of appeals by four companies (“the appellants”) from a decision of the Full Court of the Federal […]
