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Independence of Auditor

Published . Filed under Accounting News, Small Business News. Total of no comments in the discussion.

Under sections 301 of the Corporations Act 2001 all disclosing entities, public companies, large proprietary companies and managed investment schemes are required to have their financial reports audited and lodged with the Australian Securities & Investments Commission (ASIC).

Fair Entitlements Guarantee

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The Fair Entitlements Guarantee Act 2012 (‘FEG’) replaced the General Employee Entitlements and Redundancy Scheme (‘GEERS’) when it commenced on 5 December 2012. FEG provides financial assistance to cover certain unpaid employment entitlements to eligible employee who have lost their job as a result of the liquidation or bankruptcy of their employer.

Improving your online presence

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Improving the online presence of your small business can provide various benefits. One of the key benefits is that can help you achieve better interaction with current and potential new customers. Many improvements which you could undertake are also not expensive.

What is a Reverse Mortgage?

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A reverse mortgage allows individuals to borrow money using the equity in their home as security. The loan can be given as a lump sum, a line of credit or a regular income stream. However, this type of loan is aimed at retirees.

What is the value of a parking spot?

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There is no definitive answer to this question, however these days it would not be out of the ordinary to say a couple of hundred thousand dollars, if the space is in a prime location in Sydney.

The Personal Property Securities Act – What you need to know

Published . Filed under Legal News, Small Business News. Total of no comments in the discussion.

What is personal property? The term ‘personal property’ covers most examples of property dealt with in the normal course of a person’s or company’s business. Examples include: inventory, motor vehicles, boats, crops, plant and machinery, shares, investment instruments and intellectual property. The personal Property Security Act (‘PPSA’) does not cover real property. These types of… Read more »

Probate – Is it always required?

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The answer is no, not always. Much will depend on the nature and extent of the deceased’s assets. Where Probate has not been obtained, the estate is regarded as being administered ‘informally’. This may occur where organisations (such as banks) release funds and other assets without sighting any Probate documentation because the amount held in… Read more »

ATO and Phoenix Activity

Published . Filed under Accounting News, Small Business News. Total of no comments in the discussion.

Both the Australian Securities & Investments Commission (“ASIC”) and the Australian Taxation Office (“ATO”) regularly investigate “Phoenix Transactions”. What is phoenix activity? Illegal phoenix activity refers to activities that involve the intentional transfer of assets from an indebted company to a new company to avoid paying creditors, tax or employee entitlements. The directors then leave… Read more »

Employment Law – What you need to know

Published . Filed under Legal News, Newsletter Features. Total of no comments in the discussion.

Termination Termination of employment occurs when an employee’s contract of employment with an employer comes to an end. This can happen because of dismissal, resignation or redundancy.

Identity Theft – How to Protect Yourself

Published . Filed under Legal News, Newsletter Features. Total of no comments in the discussion.

Identity theft is a type of fraud that usually involves stealing money or obtaining other benefits by pretending to be someone else. Identity theft can occur in a number of ways – from someone using your name to open bank accounts, take out loans, make purchases or conduct illegal business. There are a variety of… Read more »