by Terry Robinson | Mar 31, 2018 | Superannuation
Employers failing to pay superannuation could be hit with Court ordered penalties and even 12 months prison stints under draft legislation released recently.
The legislation aims to protect workers superannuation entitlements, while modernising the way the super guarantee is enforced. The introduction of Single Touch Payroll for employers from 1 July 2019 will make it much easier for the Australian Taxation Office to monitor and identify employers who skip their superannuation obligations, rather than the current regime of self-reporting.
The Single Touch Payroll system allows employers to report salaries, wages, PAYG tax and super directly to the ATO from their payroll systems.… Read More
by Terry Robinson | Feb 10, 2018 | Property
When deciding to sell residential property, whether you list with a Real Estate Agent or you intend to sell privately, the law requires that you have a copy of the proposed Contract for the sale of the property available for inspection by a prospective purchaser. The Contract must have prescribed documents as set out in the Conveyancing Act before it can be signed by a Purchaser. If Contracts are signed and exchanged without the relevant prescribed documents being attached, the purchaser may have a right of rescission (able to get out of the Contract).
You should contact your Solicitor or Licensed Conveyancer who will assist in preparation of the proposed Contract.… Read More
by Terry Robinson | Jan 1, 2018 | Property
In a recent Supreme Court of Queensland decision, the Court held that the real estate agent was liable for the representations it had made to a purchaser which were found to be false.
The Court proceedings related to the sale of a shopping centre. The purchaser alleged that the information provided about the financial performance of the shopping centre was misleading and false
The purchaser requested information regarding the shopping centre. The agent sent a number of emails together with an Information Memorandum to the purchaser containing information about the net rentals for the centre, the rent payable under each lease and estimates of outgoings.… Read More
by Terry Robinson | Sep 16, 2017 | Business
Companies are a common structure favoured by businesses, particularly where there are a number of unrelated parties involved. One of the main reasons for this is because the shares in the company provide for a clear definition of the interest or share held by each shareholder in the company and its assets and also because it facilitates with relative ease, the sale and purchase of shares and accordingly the change of shareholders’ interests in the company.
Another draw card prompting people to use a company structure, is the ability to lock in a flat corporate tax rate in the year in which the income is derived, with the potential for shareholders to claim franking credits when dividends are subsequently paid.… Read More
by Terry Robinson | Jul 22, 2017 | General
A discretionary trust is an extremely popular choice for all types of investments as it provides great flexibility to make income and capital distributions to various family members and their related entities.
The ability to split the trust income in the most tax advantageous way each year is clearly an attractive trait of a discretionary trust.
This feature is further enhanced by the fact that amounts derived by the trust effectively retain their character when distributed to the beneficiaries.
Consequently, this allows for non-assessable amounts for example pre-capital gains tax, amounts arising from the capital gains tax 50% general discount, the small business concessions et cetera, to be distributed tax effectively to the beneficiaries, which cannot be achieved via a company or unit trust structure.… Read More
by Terry Robinson | May 20, 2017 | Business
Before you embark on a new business or venture, one of the most important decisions you will need to make is what type of structure should be set up for the venture.
Should your venture operate as a sole trader, partnership, company, discretionary trust, unit trust, a company with a discretionary trust as a shareholder or a of combinations of these?
To make this decision you need to work out what your priorities are.
The major drivers when choosing a structure include but are not limited to:
- Asset protection – are your personal assets exposed to creditors and lawsuits?
- Legal minimisation of income tax.
… Read More
by Terry Robinson | Apr 1, 2017 | Wills & Estates
This is one of the most common questions asked in relation to deceased estates.
Beneficiaries are, understandably, eager to receive their interest in the estate and executors are eager to finalise their duties.
Despite this often mutual desire to distribute the estate quickly, there are several requirements that must be met prior to any distribution.
Probate must be granted by the Supreme Court of New South Wales. Probate establishes the validity of the deceased Will. Once probate is granted, the executors are legally entitled to administer the estate pursuant to the terms of the Will.
Prior to distribution, a Notice must be posted on the Supreme Court website alerting creditors and other interested parties that the executors intend to distribute the estate assets.… Read More
by Terry Robinson | Feb 25, 2017 | General
Everingham Solomons is proud to be one of the major sponsors and organisers of the Pedal the Peel Cycling Challenge to be held at Moore Creek Tennis Club, Moore Creek Rd, Tamworth on Sunday, 2 April 2017.
The event is unique to Tamworth because it caters for all levels of rider fitness and experience.
You can choose from a flat 16 km or 24 km course or the more challenging 55 km or 115 km hilly courses.
The event is designed to encourage all levels of riders (minimum age 12 years) to become involved, have a great fun day and help raise money for local charities.… Read More
by Terry Robinson | Dec 31, 2016 | Business
Are you a shareholder of a private company?
Do you need a Shareholders Agreement?
When individuals enter into a business arrangement, it is common for those persons to enter into a partnership agreement which regulates the conduct of their relationship.
The same cannot be said for shareholders and directors in a proprietary limited company which conducts a business.
It is recommended that shareholders and their directors should enter into a Shareholders Agreement which will regulate their conduct and set out their duties and responsibilities, much like a partnership agreement.
Such agreements usually specify that each shareholder has the ability to hire and fire their own directors.… Read More
by Terry Robinson | Oct 15, 2016 | Employment
As a general rule, a small business employer is not required to pay redundancy pay, as set out in the National Employment Standards however there are some circumstances where you may be legally required to make these payments.
A “small business employer” is defined under the Fair Work Act as an employer who employs fewer than 15 employees at the time of the redundancy. This includes all employees you employee, the employee who is being dismissed, and any other employee who is being dismissed or terminated.
A casual employee is not to be counted unless they are employed on a regular and systematic basis.… Read More
