A cost plus contract is a contract commonly used in the building industry that allows for payment of direct costs of the work (e.g. labour and materials) to a set limit plus an agreed percentage or fixed sum (sometimes referred to as the “builder’s fee”). Such a contract can be a useful alternative to a… Read more »
Both the Bankruptcy Act 1966 and Corporations Act 2001 were introduced at different times with different objectives in mind. Over the years a number of inconsistencies have grown between them, some examples of which will be provided below.
The ATO has recently declared it has undertaken its first automatic sharing of bank information with the US Internal Revenue Service (IRS). This has resulted in over 30,000 financial accounts worth over $5 billion being provided to the US under the new US Foreign Account Tax Compliance Act (FACTA). In exchange, the ATO will also… Read more »
It is common that when people get older they want a more simplified superannuation structure and a SMSF is not necessarily the optimal structure.
Are hard copies of board minutes required to be kept? Nowadays, with all the technological advances many are asking whether companies can keep records of minutes electronically (e.g. PDF version). According to section 251A(1) of the Corporations Act 2001 (‘the Act’), companies must keep minute books with records of:
The most important decision when making or updating your will is who you grant your estate to. An option which is often overlooked is a charitable organisation. After you have provided for your family within your will, the gifts you make to your favourite charity may be as much or as little as you want.
There is an increasing amount of employees, especially those closing in on retirement, looking to salary sacrifice part of their wages to superannuation. Usually this is done to not only increase their retirement funds, but to also take advantage of taxation concessions.
Workplace bullying is repeated and unreasonable behavior directed towards a worker or a group of workers that creates a risk to health and safety. Such behaviour is highly destructive and can cause emotional distress that is potentially detrimental to achieving success. The nature of some industries can create a competitive work environment where staff feel… Read more »
The Federal Government has recently passed through Parliament the initial stage of the reform to the existing Industrial Relations legislation. This marks a turning point in the national Industrial Relations sector and opens the way towards a new system for this country. The Labor Government has promised that Australia will have a current and, perhaps… Read more »
Over time, elderly individuals may find that living alone in their family home is no longer suitable for them. They may wish to be closer to their adult children for comfort and support. There are many other reasons why elderly people chose to live with their children.