Personal Asset Risk Reduction Strategies

Personal Asset Risk Reduction Strategies

WHAT CAN BUSINESS OWNERS AND COMPANY DIRECTORS DO TO PROTECT THEIR PERSONAL ASSETS IN THE EVENT OF BUSINESS FAILURE?      There are now a number of acts that make directors personally liable for debts and obligations which were previously the responsibility of their company. Directors should be fully informed about their duties and obligations […]

Superstream Commences

Superstream Commences

SUPERSTREAM COMMENCES FROM 30 JUNE 2016 From 30 June 2016, all employers with employees less than 20 will be required to pay employees’ superannuation contributions using SuperStream. Until now, making super payments for employees has often meant lots of payments to different funds in different ways, taking several hours to complete. With SuperStream, super payments […]

New Bankruptcy Law

New Bankruptcy Law

New Bankruptcy Law – 3 to 1 Year & “Safe Harbour” Benefits if a Business Reconstruction Expert is Appointed to a Company: In December 2015 the Productivity Commission released its final report outlining the following recommended reforms to the insolvency Law: 1. Changing the current three year default bankruptcy period to one year; 2. Introducing […]

Federal Budget 2016-2017 Supernnuation

Federal Budget 2016-2017 Supernnuation

There were a number of changes to Superannuation in the Budget Despite the headlines, these changes have no impact on the majority of taxpayers. Wealthy taxpayers with established super funds are slightly worse off if their fund exceeds $1.6m. To the extent their fund exceeds $1.6m, the income from the excess funds will be taxed […]

Choosing an Appropriate Entity

Choosing an Appropriate Entity

ENTITIES AVAILABLE TO OPERATE A BUSINESS COMPANY      A company is a separate legal entity whereby ownership and management of it are separated. The company is owned by the shareholders and management is vested in the board of directors.     Shareholders will generally not be able to interfere with the decision making of the […]

Asset Protection

Asset Protection

Asset protection is a set of legal techniques and a body of statutory and common law, dealing with protecting assets of individuals and business entities from civil money judgments. The goal of all asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion. Asset protection consists of methods available to protect assets from liabilities arising elsewhere.  Assets […]

Tax Debts

Tax Debts

LETTERS FROM THE TAX OFFICE These letters should sensibly be treated as the commencement of a recovery of unpaid taxes. The client ought to be advised to either pay the outstanding tax, Enter into a binding agreement to pay the tax, Enter into a formal reconstruction arrangement To avoid dramatic action which may be taken […]

SMSF Death Benefits

SMSF Death Benefits

SMSF Death Benefits Over the age of 60, while you remain alive you can withdraw as much of your super as you wish from your SMSF(subject to the ATO formula annual minimum pension payments) tax-free, and dispose of the proceeds tax-free to whomever you wish, including gifts to family members. However, if you die while you […]

Business in the 21st Century

Business in the 21st Century

Brown & Partners has developed a series of brief web articles designed to inform you about the various facets of running a successful business. They are not intended to replace personalized professional advice, which Brown & Partners is happy to provide to you. Please contact us to make an appointment should you wish to discuss […]