January 2019 | Kieran Kelly Insolvency practitioners have been faced with uncertainty as to whether the priority regime in the Corporations Act should apply when companies that have conducted their business through a trading trust enter into receivership or liquidation. Subject to certain “priority” creditor provisions, the Corporations Act seeks to provide for the equal treatment of unsecured creditors. Secured creditors are given priority to recover their claims in full. Expenses properly incurred by a liquidator or receiver and
December 2018 | Jonathan Harris Serious consequences for failing to make minimum payments You probably know that the ATO has confirmed the consequences of not meeting the minimum payment requirements for pensions. A pension ceases at the start of the financial year in which the minimum pension requirement is not met and will only recommence after new pension documents are executed. Most recently however, the ATO confirmed that the pension will cease for transfer balance cap purposes at the
October 2018 | Jonathan Harris Unless an award applies, the Fair Work Act 2009, Long Service Leave Act 1995 and National Employment Standards (NES) determine who is liable for employee entitlements when your business is sold. In a sale of a business there are a number of important things to be aware of regarding long service leave, personal leave, and other employee entitlements. Long Service Leave (LSL) For long service leave, when a business is sold and employees transfer
September 2018 | Kieran Kelly The 16 August 2018 decision of the Federal Court in WorkPac Pty Ltd v Skene  FCAFC 131 (WorkPac v Skene) has significant ramifications for businesses that rely on casual employees. The characterisation of an employee as casual or permanent determines a wide range of entitlements, from the payment of leave to notice of termination and redundancy pay. In WorkPac v Skene, the Full Court of the Federal Court was asked to decide if
September 2018 | Jonathan Harris "There is something special about Bitcoin that makes it inherently resistant to government control. It is built on code. It lives in the cloud. It is globalized and detached from the nation-state, has no own institutional owner, operates peer to peer, and its transactions are inherently pseudonymous. It cannot be regulated in the same way as the stock market, government currency markets, insurance, or other financial sectors." - Jeffery Tucker (American economist and writer).
August 2018 | Scott Freidman There are many reasons why a company might find itself in financial difficulty. Even if your company appears to be running well, it is important to know what to do if things go wrong. Adopting a ‘head-in-the-sand’ approach won’t make things better. How and how quickly a business reacts to periods of financial pressure determines its success and ability to recover. Generally speaking, when a company is experiencing serious financial difficulty, company directors have
August 2018 | Scott Freidman On 22 February 2018, significant amendments to the Commonwealth Privacy Act 1988 came into effect establishing the Notifiable Data Breaches (NDB) scheme in Australia. Prior to these amendments, there was no legal requirement for entities (private or otherwise) to notify individuals whose personal information had been breached. The statutory changes are a positive step towards the protection of personal information. But what do they mean for business owners? What are the changes? The amendments