ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
Safe harbour for directors of struggling companies
Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including penalties of up to $200,000, compensation proceedings by creditors or liquidators, and where dishonesty has been involved, up to 5 years in…
Succession and structure
The need for greater formality and management structure Generational succession often requires a greater level of formality in the management and decision-making process. This formality should achieve a separation of function between: Management The Board of the company, and Shareholders Often in a small or medium business, roles can merge with no clear dividing lines…
7 tips for keeping your accounting organised
When it comes to running your own business, keeping your accounting in order must be an achievable goal. That said, there are times where a little lack of discipline can cause some headaches down the track. Rather than getting yourself in a bind later, let’s have a look at some simple steps you can take to…