Corporate Governance
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 […]
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, […]
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 […]
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 […]
US Foreign Accounts Tax Compliance Act in Australia
On 28 April 2014 Australia signed an Intergovernmental Agreement with the United States which provides that Australia will comply with the provisions of United States legislation, the Foreign Tax Accounts Compliance Act (“FATCA”). What is the Foreign Tax Compliance Act? FATCA is United States legislation which commenced approximately in March 2010. FATCA creates an information […]
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 […]
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 […]
