Stronger Super and SMSFs – ISSUE 4

Stronger Super and SMSFs – ISSUE 4

The former Government’s first effort at alleviating the harsh operation of the excess concessional contributions (ECCs) regime was firstly introduced with effect from 1 July 2011 (and operated for the 2011/12 and 2012/13 years). Those rules operated so that on the first occurrence of an individual having ECCs, provided such ECCs were $10,000 or less, the individual had a one off choice of having up to 85% of their ECCs refunded where that amount refunded was subject to marginal tax rates (subject to satisfying certain criteria). Given the restrictive nature of this measure, it was roundly criticised as being inadequate.

Collection of a Consolidated Group’s Tax Liabilities

Collection of a Consolidated Group’s Tax Liabilities

On 7 November 2013 the ATO released a Practice Statement (Practice Statement Law Administration 2013/5 (PS LA 2013/5)) which details the Commissioner’s policy (previously included in Chapter 35 of the ATO’s Receivables Policy) in relation to:

  1. the collection of group liabilities from the Head Company, member entities and entities that have exited a Consolidated Group;
  2. Tax Sharing Agreements (TSAs); and
  3. the requirements for a member entity to make a “clear exit” from the Group.

 

Update on the Australian Privacy Principle Guidelines

Update on the Australian Privacy Principle Guidelines

The Office of the Australian Information Commissioner (Commissioner) is in the process of developing Australian Privacy Principle Guidelines (Guidelines) to accompany the new Australian Privacy Principles (APPs) due to commence on 12 March 2014.  

The Pitfalls of Self-Filing a Trade Mark

The Pitfalls of Self-Filing a Trade Mark

We increasingly come across individuals or businesses that are self-filing trade marks and managing their own portfolios. Their reasoning – why pay a lawyer to do it, when I can do it cheaper? Well, here are a few reasons that might make you reconsider self-filing a trade mark

ASIC warns real estate industry about recommending property investment through SMSFs

ASIC warns real estate industry about recommending property investment through SMSFs

The Australian Securities and Investments Commission (ASIC) has released a warning to the real estate industry regarding recommending self-managed superannuation funds (SMSFs) as an investment vehicle to acquire real property.

Workplace Bullying - 3 Simple Ways to Prepare for the New Regime

Workplace Bullying - 3 Simple Ways to Prepare for the New Regime

With only 4 solid working weeks remaining, 2014 is already upon us. These coming weeks will be swallowed up by end of year functions and completing those jobs that were due back in July. While we admit we are adding another inconvenient issue to the plate, this alert is essential reading for all employers.

Stronger Super and SMSFS – Part 3

Stronger Super and SMSFS – Part 3

Collectables, market value reporting, separation of assets, investment strategies and 30% tax on contributions

In our first two articles on stronger super and SMSFs we set out a time line of the various stronger super and other Government changes that have affected self managed superannuation funds (SMSFs) in the last few years. In this article we look at some of those changes that commenced in the 2011/12 and 2012/13 years in more detail.

New Commissioner of taxation – New emphasis on Alternative Dispute Resolution

New Commissioner of taxation – New emphasis on Alternative Dispute Resolution

In his address at the Tax Institute’s 28th Annual Convention in Perth on 14 March this year, the newly appointed Commissioner of Taxation, Chris Jordan (Commissioner) prioritised the increasing use of dispute resolution processes to resolve taxpayer disputes in a timely manner.

Changes to the Privacy Act - Ensuring the fine print is not forgotten

Changes to the Privacy Act - Ensuring the fine print is not forgotten

Most businesses will have standard form policies and procedures relating to privacy.  While these policies can be found on business websites and on documents handed out to customers and clients, they are too often left on the shelf collecting dust.  Invariably, business owners tick the regulatory box with the implementation of a privacy policy, and then continue to focus on the most important part of their business - doing business.

 

Directors’ liability for unpaid superannuation

Directors’ liability for unpaid superannuation

The director penalty regime has been in place since 1993 and most directors have at least a “working knowledge” of how the provisions operate and when they could become personally liable for the pay as you go (PAYG) withholding tax liabilities of their company. However, from 30 June 2012, the director penalty regime has been significantly expanded to include the superannuation guarantee obligations of the company, as well as restricting the application of some of the statutory defences.

 

Australia's First PPSA Decision

Australia's First PPSA Decision

On 27 June 2013 the first major Personal Property Securities Act 2009 (Cth) (PPSA) judgment was handed down in Australia in the New South Wales Supreme Court. The decision in the case of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852 provides guidance on the operation of the PPSA and how to resolve priority disputes. 

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Employee share scheme update

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Employee share scheme update

Further to the Government’s release of Advancing Australia as a Digital Economy: Update to the National Economy Strategy on 12 June 2013 (refer to Employee share scheme announcement - 21 June 2013 for an overview), Treasury and the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education issued the discussion paper Employee Share Schemes and Start-up Companies: Administrative and Taxation Arrangements.

Judicial guidance for payment of annual leave loading on termination

Judicial guidance for payment of annual leave loading on termination

The genesis of annual leave loading can be traced back to the 1970’s when metal workers won a claim for its inclusion in their award. It was sold on the logic that workers would not get their normal pay, which included shift and weekend penalties, while on annual leave.

Protecting your business – the importance of trade mark protection in China

Protecting your business – the importance of trade mark protection in China

Many businesses are aware of the benefits of trade mark registration in Australia, but for those that manufacture or sell goods overseas, consideration must also be given to whether their trade marks are protected in the international market. 

Vocational training or unpaid worker? The uncertain future of unpaid internships

Vocational training or unpaid worker? The uncertain future of unpaid internships

Nick: “You got us a job at Google?” Billy: “Well, not a job job. It’s an interview for an internship that could lead to a job. Nick, this might be the last chance that we’ve got.”

The recently released Hollywood flick, The Internship, portrays a playful spin on life as an intern at Google, with its characters competing for a permanent role at the dreamy tech-giant.  However, the unpaid – learn on the job – internship (better known as ‘work experience’ in Australia) is facing increasing scrutiny from government and has also provoked popular media commentary on the lack of worker rights in these roles.            

 

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Employee Share Scheme announcement

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Employee Share Scheme announcement

On 12 June 2013, the Government released Advancing Australia as a Digital Economy: Update to the National Digital Economy Strategy and announced a review of the regulatory environment for innovative information, communication and technology start-up companies (ICT companies).

 

Copyright in Photographs – the perils of unauthorised use

Copyright in Photographs – the perils of unauthorised use

Consider the branding that your business or organisation uses and the photographs and images it employs on packaging and products, on its website and in brochures and advertising materials.

Do you own these images or have a licence to use them? A recent Federal Court case highlights how easily the copyright subsisting in such photographs can be overlooked.