Legal News
SMEs – Watch out for the audits undertaken by the ATO, Payroll Tax and WorkCover
An audit is a review of the annual accounts and is usually carried out by an independent person or party, or a firm of accountants who are also accredited auditors. It is used to identify whether your business complies with accounting standards and relevant laws, regulations and government directions. Audits can also be of benefit to a business by highlighting opportunities for improved accounting and financial systems. The most common types of audits are usually related to various taxes such as GST and Payroll but can also be for other business areas such as Workers Compensation or Occupational Health & Safety.
Watch out – OSR coming down hard on Grouping of companies
Many businesses are required to pay Payroll Tax to the Office of State Revenue (OSR). Payroll Tax is a state-based tax imposed on wages that are paid or payable in the relevant state, and is generally applied to the annual payroll of employers/grouping of linked employers. Wages includes most payments for services made by an employer to employees, directors and contract workers who are deemed to be employees.
How to handle Employee Serious Misconduct
Serious Misconduct can be defined as any conduct that includes willful or deliberate behaviour inconsistent with the continuation of the employment contract and causes imminent and serious risk to the health or safety of a person or the reputation, viability or profitability of the business. It may include the employee, in the course of the employee’s employment, engaging in theft, fraud, or assault, the employee being intoxicated at work, or refusing to carry out a lawful and reasonable instruction that is consistent with the employee’s contract of employment.
How to handle a Bad Debt
Every business faces the challenge of collecting payment from non-paying clients and customers. This can have the potential to ruin your business, since you can’t always pay your own bills when you are waiting on money that never seems to be coming. Not to mention that it also prevents you from gaining that bit of extra cash to allow your company to grow and expand. As such, a successful business will usually have an effective credit management process in place, which relates to the accounts receivable (debtors) section of a business’ balance sheet.
The essentials of a valid contract
A contract is an agreement between two or more parties in which legal obligations are created which are enforceable by law. Legal contracts are used to formalise agreements amongst all levels of society. In fact, throughout your personal life you will enter into thousands of contracts. They can be as complex as purchasing a business or home or as simple as dropping off your dry cleaning. A well written contract is the best protection should a dispute arise.
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Thinking of Investing in Property?
The decision over what type of property is the most beneficial, when it comes to investment properties, is one that has been debated for many years. Levels of capital growth, purchase prices, the amount of rent the property is expected to bring in and the current Australian economy are all factors that need to be taken into consideration.
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Have you got it right with Copyright?
Copyright is a type of property that is founded on a person’s creative skill and labour. It is designed to prevent the unauthorised use by others of a work, that is, the original form in which an idea or information has been expressed by the creator. Copyright protection is provided under the Copyright Act 1968 and both is free and automatic in Australia and protects the original expression of ideas, and not the ideas themselves.
Building Disputes: Tips to keep you sane
Building and renovating are complex tasks. Most of your clients will be extremely unfamiliar with the technical requirements and dimensions of your work. They may ask you many questions during the time you work for them and the way you respond to these inquiries - and any concerns they may have - is crucial. Open and honest communication with your client is one of the keys to business success.
Have you registered your business name?
A business name is simply a name or title under which a person, or other legal entity, trades. It not only identifies you to your customers, but also allows you to differentiate yourself from your competitors and enables your customers to make an emotional connection to your business and brand. For many businesses, the name is often the most valuable asset.
The ATO’s view on borrowing in Self Managed Superannuation Funds (SMSFs)
The ATO’s view on Limited Recourse Borrowing Arrangements (LRBA) within Self Managed Superannuation Funds (SMSF’s) has been clarified with the release of the Draft Self Managed Superannuation Funds Ruling (SMSFR 2011/D1) on 14 September 2011.
