Private companies may be incentivised to make loans to a shareholder or their associate during the income year in an effort to save on income tax. In order to remedy any inequities as a result of making shareholder loan agreements, the Government enforces compliance through a set number of rules. Loans which follow such rules…
Businesses moving towards online operations (temporarily or permanently) need to be aware of the Government’s modified provisions concerning virtual meetings and the electronic signing of company documents. These modified provisions in the Corporations Act 2001 (Cth) became active on 5 May 2020 and will automatically be repealed on 5 September 2020. Company meetings The new…
When entering a supply contract, it is extremely important to work out all the nuisances before signing to prevent complications down the road and make sure conditions are favourable for you. Here are a few key pointers to look out for in your supply contract. Warranties Warranties are promises within contracts to both parties that…
The Government has introduced a mandatory code of conduct to help commercial tenants with rent relief during the COVID-19 pandemic. Under the code of conduct for commercial tenancies: Landlords must not terminate leases for non-payment of rent during the COVID-19 pandemic and recovery period. Tenants must stay committed to their lease terms. Landlords must offer…
When two parties enter into a contract, they must follow the agreed terms and conditions outlined. If one party does not fulfil the obligations they agreed to, then a breach of contract has occurred. Businesses often enter many contracts with their clients, and figuring out what to do next can be difficult and stressful. The…
When an employee gets summoned for jury duty, it can put added stress on the workplace with other staff having to take on extra work. As an employer, you’ll likely want to avoid the inconvenience of releasing an employee for jury duty, however, this may prove to be difficult. Employers must comply with the legal…
When an employee gets summoned for jury duty, it can put added stress on the workplace with other staff having to take on extra work. As an employer, you’ll likely want to avoid the inconvenience of releasing an employee for jury duty, however, this may prove to be difficult. Employers must comply with the legal…
New restrictions on cash transactions may be coming into effect after the government released the draft Currency (Restrictions of the Use of Cash) Bill 2019, which proposed to make it an offence to make or accept cash payments of $10,000 or more. The bill proposes that people using cash above the $10,000 limit could face…
There are circumstances where unpaid work is okay, however, legal unpaid work situations are limited, and in most circumstances, workers should be paid. Employers who are not meeting the Fair Work Act guidelines can be penalised for breaking the law by paying workers’ compensation and fines up to $63,000 for corporations and $12,600 for individuals.…
As the holiday season approaches, so does the shutdown period for many businesses. This is the time of year when it is easier to take off work due to many businesses slowing down, however, there are questions that surround this period, namely if you will get paid or not. When calculating leave over the Christmas…