Ed. From www.dbalawyers.com.au: The Victorian government has introduced several new or increased taxes, including the Commercial and Industrial Property Tax (CIPT) starting from 1 July 2024, which will replace transfer duty with an annual tax based on the property’s unimproved value.… read more
From insolvencynewsonline.com.au: Project Sea Dragon Pty Ltd’s Deed of Company Arrangement (DoCA) termination didn’t affect the lien and right of indemnity of the administrators, Andrew Fielding and Shaun McKinnon, setting a precedent for insolvency cases.… read more
From grantthornton.com.au: ‘Division 93 of the GST Act imposes a very strict four year time limit in which to claim your input tax credits (ITC).’… read more
From Gilbert + Tobin: This week’s boardroom brief discusses the introduction of new policy specifications by the Treasury, responses to the Modern Slavery Act review, and proposed digital competition regimes.… read more
From www.pwc.com.au: PwC Australia released its Monthly Tax Update for December 2024, highlighting recent developments in corporate, employment, international, indirect, and state taxes, as well as superannuation.… read more
From www.bwslawyers.com.au: The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 has been passed, expanding Australia’s AML/CTF regime to include services from accountants, lawyers, and real estate professionals.… read more
The discussion from cathropartners.com.au covers the rise of receiverships, the role of secured creditors, and the importance of security reviews and accountant reports in these processes.… read more
From cgw.com.au: An SMSF can purchase real property from a related party only if the property qualifies as business real property, which must be used wholly and exclusively in a business.… read more
From accurium.com.au: The new Treasury Laws Amendment impacting legacy pension recipients, outlining the benefits, challenges and potential implications on social security entitlements. … read more
From waterhousetaxlawyers.com.au: Individuals who receive a Departure Prohibition Order (DPO) from the ATO are prevented from leaving Australia until their tax debts are settled or satisfactory payment arrangements are made.… read more
A KPMG study reveals that 72% of companies in Australia and globally use AI in finance operations, with most leaders reporting that ROI is meeting or exceeding their expectations.… read more
From www.knowledgeshop.com.au: The November 2024 Tax Round Up highlights updates on family trust elections (FTEs) and the ATO’s finalized guidance on section 99B, which affects non-resident trusts.… read more
From Institute of Company Directors: High-performing boards must engage in continuous self-evaluation to enhance their governance practices and ensure long-term organizational success.
Effective board evaluations should include feedback from both directors and management, significantly improving transparency and communication.… read more
From worrells.net.au: Companies in liquidation may have opportunities to reverse their situation, allowing them to continue trading rather than facing permanent closure.
Two key methods for exiting liquidation are appointing a voluntary administrator who can propose a Deed of Company Arrangement (DOCA) or seeking a court order for termination of the liquidation.… read more
From worrells.net.au: ASIC can disqualify a company director from managing corporations for up to five years if they were an officer of multiple companies that were wound up within seven years, as outlined in the Corporations Act 2001.… read more