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6 generational succession tips

Do your kids really want to take over your business Generational succession - handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It's important that generational succession is managed as closely [...]

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Should business push a social agenda?

For years we’ve been told that consumers prefer businesses that take a stand on social issues – those that are environmentally and socially friendly. But is that always the case? Qantas CEO Alan Joyce had a pie shoved in his face at a business breakfast in May 2017 for Qantas’s proactive position on same sex [...]

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ASIC Targets Growing Companies In Audit Crackdown

ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies are exempt from the compliance requirements as [...]

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Directors Fees

What and How To Pay Them The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive directors, would [...]

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Super Guarantee – What Happens When You Get It Wrong

The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that between 11% and 20% of employers could be non-compliant with [...]

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Timing your succession

Transition timeframes and expectations Generational succession is often a process rather than an event, achieved over an extended period of time.  This is quite different to a sale of business where the owner's active involvement in the business generally ceases shortly after sale. The extended timeframe for the transition requires active management to ensure that there are mutual [...]

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Managing and maintaining family relationships

A key component of generational succession is the ability of the parties involved to separate business issues from family relationships.  Understandably, this can be problematic and requires a significant amount of discipline by the participants. Leadership in this discipline needs to be provided by the exiting generation. Business tensions and differences in view about the [...]

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The Tax Commissioner’s hit list

The Tax Commissioner’s hit list Every so often the Australian Taxation Office (ATO) sends a ‘shot across the bow’ warning taxpayers where their gaze is focussed. Last month in a speech to the National Press Club, Tax Commissioner Chris Jordan did exactly that. Part of the reason for this public outing is the gap between [...]

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Car claims in ATO crosshairs

The Australian Taxation Office (ATO) is warning taxpayers that they are paying close attention to claims for work-related car expenses this tax time. Assistant Commissioner Kath Anderson wants taxpayers to avoid getting tripped up by making claims that they can’t justify, citing ‘standard’ claims as a common error. “Some people think they are entitled to [...]

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Selling a property valued at $750k or more

What everyone selling a property valued at $750k or more needs to know Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a [...]

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