When there is a transfer of business, often an employee will ask the question: what are my rights? The good news is that your rights and obligations under Fair Work should not change: the National Employment Standards still apply. A new employer legally must recognise...
An individual will be a resident for Australian tax purposes if they satisfy one or more of the following tests as provided by the Income Tax Assessment Act 1936 (Cth.): The ordinary concepts test Domicile test 183 days test Superannuation test The first of these...
A nominee is a person, partnership or company that is entrusted to hold and administer shares or other property as the registered legal owner on behalf of the real owner (beneficial owner). The nominee holds the shares or property on trust and will have their name and...
Are You an Australian Resident for Tax Purposes? The global nature of the business world in modern times has resulted in more and more people travelling overseas for work. The first and foremost tax consideration for those earning assessable income while they are...
In the matter of Hiremani v Commissioner of Taxation [2020] heard by the Administrative Appeals Tribunal, a taxpayer (Hiremani) lost $30,000 in tax deduction claims due to inadequate record-keeping. In this case, Mr Hiremani, an employee of Abacus Innovations...
‘Keeping it in the Family’: The Risks Family-run and owned businesses are common; with the trust and dependency of family members/employees working together to create a strong business team. However, there are some financial issues that can place strain on these...
