Reviewing your trust deed before July

Reviewing your trust deed before 1 July

With changes to Australia’s superannuation rules coming into play on 1 July 2017, self-managed super fund (SMSF) trustees would do well to review their fund’s trust deed. Despite the fact that maintaining an up-to-date trust deed is a vital aspect of managing a SMSF, many trustees fail to do so, usually due to the time…

Reasons to make a valid Will

Without an up-to-date and valid Will, you are missing out on a critical opportunity to make proper arrangements for your family’s future. For a Will to be considered valid: it must be in writing the will-maker must have the mental capacity it must be voluntarily signed by the will-maker or by some other person in…

A guide to workplace discrimination

A guide to workplace discrimination

Employers hold the responsibility of providing a workplace environment which is free from discrimination. Under the Fair Work Act 2009, unlawful workplace discrimination occurs when an employer takes adverse action against an employee or prospective employee because of the following attributes of the person: Race Colour Sex Sexual preference Age Physical or mental disability Marital…

Protecting your finances after separation

Protecting your finances after separation

The end of a relationship is a particularly difficult time for most individuals – among the emotional pain comes the burdensome administrative tasks such as sorting out finances. Although these tasks may seem tortuous/complicated; it is best to promptly address financial issues to safeguard your finances against misuse and ensure a piece of mind. Here…

Ending employment

Ending employment

Most businesses from time to time will need to dismiss a staff member. Employers must ensure they follow the correct procedures to ensure dismissal is not considered harsh, unjust or unreasonable. Small business employers (with fewer than 15 employees) must follow the Small Business Fair Dismissal Code to protect against unfair dismissal claims. Small business…

Employee or contractor Know the difference

Employee or contractor: Know the difference

Employers that incorrectly treat employees as contractors can face hefty penalties and charges as well as claims for entitlements and superannuation contributions. Sham contracting arrangements, where an employer attempts to disguise an employment relationship as an independent contracting arrangement, are illegal and breach the Fair Work Act 2009. Under the sham contracting provisions of the…

Protecting confidential business information

Protecting confidential business information

Confidential business information can be one of a business’ biggest assets. When employees leave a business, this data can be compromised and potentially lose a business’ competitive advantage. It is important for employers to take a proactive approach to protecting their confidential information to avoid any breaches of sensitive data. Here are three preventative tips…

What to consider before signing a personal guarantee

What to consider before signing a personal guarantee

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 a company receives…

Managing employee absenteeism

Managing employee absenteeism

Employers must be mindful of the legal consequences that may occur if they terminate an employee on the basis of excessive absenteeism. Under the Fair Work Act 2009 (Cth) an employee whose employment has been terminated on the grounds of excessive use of sick leave may bring a claim alleging unfair dismissal, discrimination or adverse…

Separation and super

Separation and super

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 agreement between themselves…