Sophistication: More than money
The new FASEA Code of Ethics came into effect on January 1, 2020 and it has brought about a raft of requirements for all financial advisers.
Construction industry payment defaults a timely reminder to be proactive
In its Small Business Risk Review released in late 2019, commercial credit reporting bureau CreditorWatch found that court actions due to payment defaults in the construction sector had increased by 40 per cent between the second and third quarter of 2019. Businesses exposed to this sector continue to face the risk of insolvency, with the […]
Adelaide careers boom as the brain drain is reversed
Adelaide is enjoying a 15-year high in the amount of interstate migration as the appeal of the City of Churches increases. The Australian Bureau of Statistics reported that last year 25,453 Australians migrated to South Australia from other states – the highest number since 2004. This spike is calling for many to observe that the […]
The ‘buy it rather than build it’ approach driving business innovation
The strategy behind the acquisitions made by the billion-dollar tech companies Facebook, Google and Apple are increasingly used by mid-market businesses to become more competitive. The adoption of a ‘buy it rather than build it’ approach is the reason the acquisition of technology — and often the technologists themselves — has become more frequent. Article […]
Large private companies will be required to disclose contentious tax positions to the ATO
Large private company groups will be required to complete the Reportable Tax Position (“RTP”) schedule for income years beginning on or after 1 July 2020. The RTP schedule requires taxpayers to report their most contestable and material tax positions to the Australian Taxation Office (“ATO”). A proper tax risk management system can ensure that your […]
Foreign incorporated companies given additional time to correct tax residency status
The Commissioner has updated Practical Compliance Guideline 2018/9 (PCG), the guideline used identify where a company’s central management and control is located, to provide eligible foreign incorporated companies additional time to update their governance processes and retain their status as non-resident companies. Recent updates to the PCG provide foreign incorporated companies with additional time to […]
Getting it right in 2020: An investor checklist for the new year
It’s a good time to see how your investments measure up. The weeks ahead offer a decent time for a summer review of your investment portfolios — preferably with a clear head after all those holiday festivities. If you make the effort you can start the new year in good shape. This article originally appeared […]
Taxation of Testamentary Trusts
The Federal Government recently introduced Treasury Laws Amendment (2019 Measures No 3) Bill 2019. The new legislation is designed to prevent income from assets injected into a testamentary trust – also known as a will trust – from being taxed at a lower rate, which is possible under the pre-existing law. Distributions to minors from […]
What to do when your kids can’t continue the family business
As you get older, a common consideration as a business owner is identifying who will continue to drive your business forward after you’ve stopped working. For family businesses, passing the business down to the next generation to manage and operate seems like a natural progression. If, however, your children don’t share the same interest in […]
NSW Government land tax compliance project and amnesty
The New South Wales Government is cracking down on land tax compliance. Revenue NSW has offered an amnesty period for land owners to voluntarily disclose any non-compliance without incurring an additional penalty on top of their outstanding land tax liability.