TESTAMENTARY TRUSTS – ARE THEY RIGHT FOR YOU?
What is a Testamentary Trust Good estate planning requires you, as the testator, to think about what will happen to your assets when you die. A properly drafted Will is usually the starting point in documenting your wishes in respect of the treatment of your assets...
THE RISKS OF DOING BUSINESS WITH ‘FRIENDS’ (PART 2 OF 2)
In last week's blog we discussed the concept of 'affinity fraud' and some of the features of Interest Groups (such as sporting clubs, social networks and places of religion) that may make those groups vulnerable to fraud. In this week's article, we'll talk about some...
THE RISKS OF DOING BUSINESS WITH ‘FRIENDS’ (PART 1 OF 2)
Sporting clubs, social networks, places of religion and cultural clubs are an integral part of our society. Given the broad range of groups that this captures, in this article I will refer to them collectively as “Interest Groups”. Interest Groups bring people...
POWER OF ATTORNEY – DO YOU NEED ONE?
There is an increasing need to become self-reliant and responsible in planning for your future as it is not possible to anticipate all the challenges that you may face - at any age. Severe mental illness or the need to be out of the country are just some of the...
KEEPING THE CAT IN THE BAG: HOW TO KEEP YOUR BEST BUSINESS IDEAS SECURE AS TRADE SECRETS
You may not realise it, but sometimes a business’ most valuable asset is its creative ideas, technology, special procedures, unique expressions and branding. This form of asset is often referred to as ‘intellectual property’. To get the most value for your business...
SCHOOL BUILDING FUND: NEW TAXATION RULING TR 2013/2
On 5 December 2011 the ATO released draft taxation ruling TR 2011/D5 – Income Tax: School or College Building Fund, inviting comments from the public. The 2011 draft is now finalised with the release of Taxation Ruling TR 2013/2 Income tax: school or college...
IT’S NOT ABOUT THE BIKE: IT’S ALSO ABOUT PLANNING, TRAINING AND PREPARATION
A few weeks back, in the midst of the Tour Down Under, I indulged in a little nostalgia and wrote about one of the lessons that I learnt as a young cyclist, the lesson of Never Giving Up and how it applies today to business. Before the hype of the Tour Down Under...
THE NEW HARDSHIP PROVISION OF THE NATIONAL CREDIT CODE AND THE EFFECT ON BORROWERS
On 1 March 2013, the National Credit Code (“Code”) amendments will come into force. One of the significant amendments is the changes that are being made to section 72 of the Code. This section relates to hardship applications that may be made by borrowers experiencing...
HAPPY 1ST BIRTHDAY TO THE PERSONAL PROPERTY SECURITIES REGISTER
On 30 January 2012, a little over a year ago, the Personal Property Security Act 2009 (“the PPSA”) came into effect. On that day, the ‘Personal Property Securities Register’ (“the PPSR”) was switched on for the first time to become the national ‘one stop shop’ for...
WHEN NO NEWS IS BAD NEWS: THE HASTIE GROUP COLLAPSE AND THE YES CROWD SYNDROME
On 28 May 2012, the Hastie Group was placed into administration. Before its demise, the Hastie Group was a large group of companies with national and international operations involved in significant projects, including the new Royal Adelaide Hospital. The Hastie...
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