Corporate Governance

Running a Company whilst Disqualified

By on 25 August 2015 in Corporate Governance with 0 Comments
Running a Company whilst Disqualified

Disqualification ASIC has the power to disqualify a person from managing a company for up to 5 years where that person has, within the previous 7 years, been an officer of two or more companies that have been wound up and deemed insolvent by a liquidator. A person will be automatically disqualified for being convicted […]

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The Australian Tax Office rules on Bitcoins

By on 28 October 2014 in Corporate Governance with 0 Comments
The Australian Tax Office rules on Bitcoins

On 20 August 2014 the Australian Taxation Office (ATO) provided a number of rulings on ‘Bitcoin’. What is Bitcoin? Essentially, Bitcoin is a digital currency used online as a method for payment. It is not physically printed, and it is not controlled by any banks. Unlike conventional currency that is based on gold or silver, […]

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New penalties for SMSF’s

By on 29 September 2014 in Corporate Governance with 0 Comments
New penalties for SMSF’s

The ATO now has more power to deal with trustees in self-managed superannuation funds (SMSF’s) who are breaching the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act). The ATO’s extended powers to deal with breaches in SMSF’s came into force on 1 July 2014. What were the penalties that the ATO could impose before 1 […]

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ASIC’s Disqualification of Director Power Upheld

By on 11 September 2014 in Corporate Governance with 0 Comments
ASIC’s Disqualification of Director Power Upheld

The Australian Securities and Investment Commission’s (ASIC) power to disqualify directors is not a power to be overlooked. What is ASIC’s disqualification power? Under section 206F of the Corporations Act 2001 (Cth), ASIC has the power to disqualify a person from managing a corporation for up to 5 years where that person has acted as […]

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Two or More Strikes and You’re Out

Two or More Strikes and You’re Out

The Australian Securities and Investment Commission (“ASIC”) announced yesterday that popular Masterchef host Justin North and his wife Georgina North have each been banned from managing any company for a period of 2 years and 18 months from 4 April 2014. Norths Companies in Liquidation A string of companies of the Norths’ that conducted business […]

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Payroll Tax – Who is an employee?

By on 7 March 2014 in Corporate Governance with 0 Comments
Payroll Tax – Who is an employee?

In the recent decision of Freelance Global Ltd v Chief Commissioner of State Revenue, the Supreme Court of New South Wales ruled that Freelance Global Ltd (“Freelance”), a company which described itself as a specialist in facilitating work for independent contractors, was an “employment agent” for the purposes of payroll tax. The case highlights the […]

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