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Personal Properties Securities Act 2009

The Personal Properties Securities Act 2009 (Cwlth) came into effect on 30 January 2012. The PPSA governs the registration of security interests in personal property (not land) and has changed the manner in which a supplier is able to assert a claim to assets it has sold, leased or lent to a third party. In

Amendments to the Director Penalty Regime

From 30 June 2012, the obligations imposed on directors for their company report and remit Pay As You Go (PAYG) withholding tax have been tightened. The Director Penalty Regime has also been amended to impose obligations and personal liability on directors when reporting and remitting superannuation guarantee charge liabilities. This legislation has been enacted to

Transition to Retirement Pensions

A transition to retirement pension is a great way to supplement your income if you are moving from full-time employment to retirement. The benefit of this pension is that it allows you to supplement your income to maintain your lifestyle if you have chosen to reduce your working hours. It may also allow you to

Protecting SMSFs and Investors Against Fraud

In a post global financial crisis world, with low returns from investments and superannuation, many people are worried about their savings lasting through retirement. This has made investors even more vulnerable to fraud. Organisers of these scams are targeting any person with relatively large amounts of money to invest such as retirees or people nearing

Christmas Party Benefits

The provision of a Christmas party to an employee may be a minor benefit and exempt from fringe benefits tax (FBT) if the cost of the party is less than $300 per employee and certain conditions are met. The benefit provided to an associate of the employee (ie partners and families if they attend) may

Low Income Super Contribution

The Government has introduced a new super payment called the Low Income Super Contribution (LISC). The LISC payment took effect from 1 July 2012. Those eligible must have an adjusted taxable income not exceeding $37,000 of which 10% or more is derived from business or employment, and have made concessional contributions to a complying super

Changes To Phoenix Legislation

The Government has drafted The Corporation’s Amendment (Similar Names) Bill 2012 to curb phoenix activity in Australia. Phoenix activity involves the intentional transfer of assets by a director of an indebted company at a price below market value to a new company, of which they are also a director. The indebted company is then placed

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