It is surprising for many families in business that you do not need to prove the identity of a person when they become a director. In effect a company could be created with fake directors’ present (like Donald Trump or Julius Ceasar) and ASIC will not impact or follow up on the application. This creates… Continue reading Directors Identification Numbers are coming
Basically, you’re in business and someone pays you, they go into liquidation and the liquid they want you to pay your money back. Not a good position to be in, but there’s a couple of ways that you can defend yourself against a preference claim.
Estate planning for business families is difficult. There is a raft of legal terms like enduring powers of attorney, testamentary trusts and complex tax outcomes depending on the structures and the family dynamics. If that complexity is not enough some business advisors in Perth are not independent and everybody has a different approach. What is… Continue reading When can a binding death benefit nomination be a bad idea?
If you are a family running a business you will inevitability have conflict. The conflict might be over financial matters, the tax structuring, how you talk to each other, the business strategy, remuneration or just the colour of your business cards. Conflict is normal. And conflict is a good thing. It challenges how the business… Continue reading How to deal with conflict in the family business
The use of a testamentary trusts for estate planning has been common practice for many Perth business families. The testamentary trust has fantastic taxation, asset protection and estate planning flexibility. However from 1 July 2019 the government is intending to strip down the tax benefit that people enjoy in a testamentary trust. However to understand… Continue reading Government tax attack on testamentary trusts changes estate plans
A preliminary guide to common issues asked by couples who are separating. The act of leaving a spouse is always difficult. And almost always the financial aspect of the separation is a key discussion point. We have detailed a few financial and tax related things to go over for couples who are intending, or who… Continue reading The financial aspects of a divorce
By Westcourt Blogger Personal guarantees are a standard business practice in commercial transactions, however, they are often misunderstood and can pose significant financial risks. A personal guarantee is an agreement of one party to answer for the debt, default or miscarriage of another. Director guarantees are a common type of guarantee, where the director of… Continue reading What to consider before signing a personal guarantee
By Westcourt Blogger Since superannuation forms one of a couple’s biggest assets, splitting superannuation after a separation can be a complex process. Superannuation is treated as property under the Family Law Act 1975 (Cth). Once a relationship ends, superannuation can either by split by agreement or court order. Generally, parties will try to negotiate an… Continue reading Separation and super
By Westcourt Blogger The Fair Work Commission has increased the high income threshold for unfair dismissals from $136,700 to $138,900 per annum, with effect from 1 July 2016. Under the Fair Work Act 2009, employees who exceed earnings above the high income threshold are not entitled to make an unfair dismissal claim against their employer,… Continue reading New high income threshold
By Westcourt Blogger While intellectual property can be a valuable business asset for business owners, it must be legally protected if a business owner wants to increase the value of their business. Intellectual property can add further value to a business when it is sold. Intellectual property is the collection of ideas and creations of… Continue reading Intellectual property law basics