NEWS & VIEWS

Spare a thought for Nikola Tesla. The Serbian/American scientific genius and rival of Thomas Edison, whose inventions continue to define how we use electricity today, died an impoverished and relatively unknown figure in a New York hotel during the second world war.

The deadline for myGovID is fast approaching, with only six weeks before the ATO turns off AUSkey at midnight on Friday 27 March 2020.
 

Looking to purchase residential property in a discretionary trust? You may be subject to additional duty from 1 March 2020.

The foreign purchaser additional duty provisions have been in effect since 1 July 2015, but the Commissioner has been applying a ‘practical approach’ until now. 

Asset protection is one of the primary reasons companies are used. A company is a separate legal entity and the corporate veil provides protection to the directors, however, in limited circumstances the protection afforded to directors is lost. The traditional instances where director protection is lost were breach of fiduciary duties (i.e. doing what’s in the best interests of the company) and trading whilst insolvent (i.e. being unable to pay company debts as and when they fall due).

In addition to what the Corporations Law (the act that governs company conduct and director responsibilities) provides as exclusions from protection of directors, the Australian Taxation Office (ATO) has always had the weapon of the dreaded Director Penalty Notice (DPN).

Many clients are concerned that if something was to happen to them, what would happen to their assets, their children and their family legacy? Some lay awake wondering if their family is equipped with the right tools to manage short and long term needs once they are no longer able to. Often they will ask the same question…..is having a Will and Estate Plan enough?
 

Finish as you started. It’s a well-known quote on social media, but when it comes to exiting a business, seldom put into practice. In the heady days of a new business, owners understand the importance of good planning to ensure their future success.

With increased emphasis on corporate social responsibility and digitalisation, companies within the Energy, Mining and Renewables industry are expected to be acutely aware of the trends that are impacting their industry. Our global leaders have outlined the 5 trends they expect to see emerge over the next 12 months and into 2021.

Few industries need and produce richer, greater volumes of data than oil and gas: terabytes of the stuff from the geological exploration and appraisal process; the complex modelling and measurement applied to daily onshore and offshore active operations;  the electronic brains behind the delivery of cargoes, coordinating the thousands of tankers and pipelines taking the raw product from field to refinery; and then, of course, the digital monitoring and sensors needed to support the refining and processing of the crude and gas into petroleum and LNG.

Big brother is watching...

With the roll-out of Single Touch Payroll now finalised for many employers, it’s never been a more important time to ensure that you’re complying with your employee obligations.

The Australian Accounting Standards Board (AASB) issued AASB 2019-8 Amendments to Australian Accounting Standards – Class of Right-of-Use Assets arising under Concessionary Leases in late December 2019.