Preventing Potential Tax Debts in the light of Division 7A

Division 7A is an integrity measure aimed at preventing private companies from making tax-free distributions of profits to shareholders (or their associates). In case where the Division 7A has been breached, the improperly distributed profit is deemed to be assessable dividends in the hands of a taxpayer. Furthermore, no franking credits are allowed in relation to these dividends. Learn more »

CGT issues where assets are owned as joint tenants

When you share the ownership of a capital gain tax (CGT) asset with others, you need to establish what each owner’s share or interest in the asset is. Learn more »

Proposed changes to the Significant Investment Visa

The Government is currently discussing what changes should be made to the Significant Investment Visa (“SIV”) regime. Statistics indicate that up until 31 January 2015 there have been 2,075 lodged expressions of interest, which has resulted in 651 visas being issued. This has raised approximately $3.255 billion in funding. Learn more »

Work Health & Safety Management Plan

What is a WHS Management Plan?
A Work Health & Safety (WHS) Management Plan is a written plan that describes the arrangements for managing various site safety management matters. The WHS Management Plan is prepared by the principal contractor prior to commencing the construction project. The WHS Management Plan must be readily available and all individuals must be made aware of its contents prior to commencing work on the site. Learn more »

Federal Budget Summary 2015-2016

The 2015-16 Federal Budget focuses on small businesses with aggregated annual turnover of less than $2 million. Learn more »

CGT Consequences when an Asset is Transferred to a Trust

The recent Federal Court case demonstrated that transferring a Capital Gains Tax (CGT) asset to a trust may trigger a CGT event and, consequently, gives rise to CGT liabilities. In this case the taxpayer transferred land to a joint venture trust for the purpose of commercial development. The Court had to determine whether CGT event E1 happened (a trust was created over a CGT asset); CGT event E2 (a CGT asset was transferred to an existing trust) and CGT event A1 (a CGT asset was disposed of) incurred. Learn more »

Standing Guarantor for a Partner’s Loan

Partners should think very carefully before guaranteeing a loan. If you guarantee your partner’s loan this will mean that you are responsible for the repayments of the debt if he or she defaults. If the borrower fails to repay the loan then you as guarantor may end up with a bad credit record and possibly lose your home or other valuable assets. Learn more »

Is your Business compliant with the Privacy Law?

In March 2014, there was a major amendment and update to the Privacy Act 1988 (Cth). The original legislation was enacted in 1988 with the aim of protecting personal information. However, the original Act never foresaw the internet era in which individuals are sharing their personal information and becoming more at risk with over-sharing. Learn more »

Executives, professionals and family business owners to suffer if SMSF borrowing is scrapped

By way of background in 2007 the Australian Government allowed superannuation funds to borrow under strict conditions. As a result of this legislation, executives, professionals and family owned businesses have chosen to purchase direct property as their investment of choice through their superannuation fund, rather than shares or managed funds. Learn more »

The Control of a Discretionary Trust may affect your CGT Liabilities

The CGT Small business concessions may reduce or eliminate a taxable capital gain a taxpayer makes when a CGT event happens in relation to a CGT asset.
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