Australian Government Confirms Director ID Deadline
Current Australian directors will now be given 12 months to apply to receive their unique director identification number before fines of over $1.1 million kick in for non-compliance. Existing company directors will now be required to apply for a director identification number (director ID) by the 30th November 2022. Directors of Indigenous corporations that are […]
Recent Changes Made to Director Resignations
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (the Act) was introduced on Thursday 18th February 2021 with the purpose of preventing illegal phoenix activity. These new rules will impact when a directors resignation takes place and will prevent resignations from occurring which would leave a company without a director remaining. The Act will also […]
Changes to The Statutory Demand Threshold, The Personal Bankruptcy Threshold and Ceasing A Director
Ceasing a Director The ASIC has announced that from 18th February 2021 onwards there will be new requirements in regards to ceasing a company director in accordance with the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 which was passed by Parliament in February 2020. The announcement which was made on 9th February 2021, […]
New Law Will Expand Directors Exposure to Company Debts
A new law is set to be introduced which aims to treat a person as continuing to be a director of a company even after they have resigned. This means the individual will still have continued exposure to all the laws that make them personally liable for any company debts. Directors can be held personally […]
What is the Right Governance Structure for my SME?
Under modern governance principles, there is a difference between the governance of an organisation and the operations of the business of the organisation. Governance generally refers to a number of governing functions in relation to an organisation, which are well articulated in ‘Tricker’s framework’ of corporate governance. Formulating and monitoring the strategic direction of the […]