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ATO warns directors on unpaid super

On 9 October 2013, the ATO sent letters to all company directors that have unpaid superannuation guarantees amounts. The correspondence explains the obligations of directors and their personal risk when it comes to superannuation guarantee debts. Most directors...

What makes an arrangement a tax scheme?

A tax scheme is an arrangement where the intention is to avoid or defer tax obligations. There are many different types of tax schemes, and many of these arrangements use a number of complex transactions, moving funds through several entities such as trusts. The aim...

Depreciation made simple for small business

Depreciation has been made simpler for small business in the 2012/2013 income year. There are three main changes which may impact the timing of asset purchases. Understanding the Concept of Depreciation Firstly, there is an increase to the instant asset write-off...

ASIC targets illegal phoenix activity

The Australian Securities & Investments Commission (ASIC) recently announced a targeting of company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of...