By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Key Points Court appeals will often cost in excess of $200,000, which most clients will not want to pursue and will wish to avoid (a cost benefit analysis will not
Small Business Restructure Rollover – Opportunities and Drawbacks
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) On 5 November 2015, Treasury released an exposure draft of a proposed Small Business Restructure Rollover. The concept behind the rollover will be welcomed, as announced in the 2015-16 Budget,
Protection of Superannuation
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Bankruptcy law excludes some assets from being available to meet liabilities owing to creditors: for example, certain kinds of household property, a motor vehicle worth less than $7,500, and an
Employee Share Scheme changes for Start-Ups: an opportunity for SMEs?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Effective Date: 30 April 2015 A growing business will often identify one or more key employees that are considered instrumental in driving the business. These key employees will be a
I’m an employee – why do I need asset protection?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) A common misnomer is that an employee cannot be liable for work performed on behalf of their employer. It is certainly true that an employer does not have any claim
Do trusts protect assets from divorce?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) A common question for anyone generating a degree of wealth is how can I protect my assets from divorce and can trusts protect assets from divorce. The short answer is
Decision in Altnot highlights quirks and shortcomings in the small business CGT concessions
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The small business CGT concessions provide a significant tax advantage to eligible taxpayers. Their focus is to allow the CGT concessions for capital gains made on business assets that are
Partnership of Discretionary Trusts – pros and cons
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) When considering the acquisition of an asset or the commencement of a new business, the first question that should be considered is the form of ownership. When more than
Private company UPEs
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) In recent times, the ATO has clarified/revised its views on the application of Division 7A to private company UPEs. In a continuation of that theme, on 2 July 2014
Attack on Phoenix activities affects ordinary business 11 November 2013
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The classical form of Phoenix activity involves a person, behind the shield of a limited liability company, incurring debts (such as payments due to subcontractors, PAYG deducted from employee’s wages,