ATO and Phoenix Activity

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...

The New $20,000 Depreciation Rules

New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset...

Trustee Indemnity when Trustee is Insolvent

While a trustee holds assets in the trust for the benefit of the beneficiaries in accordance with the trust deed, they have the right to be indemnified from any such assets. This means that the trustee can use the assets of the trust for that purpose prior to...
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