COST-EFFECTIVE RESOLUTION OF FAMILY BUSINESS DISPUTES

Disputes often arise in family companies.  The Supreme Court has introduced a 6 month pilot program with a view to facilitating the “just, efficient, timely and cost-effective resolution of the real issues in dispute”. The pilot will trial initiatives aimed at exploring resolution of the dispute at a very early stage of the proceeding before […]

PERSONAL LIABILITY OF COMPANY DIRECTORS

PERSONAL LIABILITY OF COMPANY DIRECTORS Pursuant to the Taxation Administration Act 1953 (Cth)(“TAA”) Company Directors are now obliged to ensure that a company either meets its remittance obligations under subdivision 16-B of Schedule 1 of the TAA or alternatively, the company is promptly placed into voluntary administration or liquidation.  These amendments have been introduced to […]

UNIT TRUST FAQ

 UNIT TRUST FAQ  1. What is a Standard Unit Trust? A Standard Unit Trust is a Trust divided into units all of the same class that gives the unit holders equal rights to vote and share in the distribution of income and capital in proportion to the number of Units held. A Unit Trust does […]

DISCRETIONARY TRUST FAQ

DISCRETIONARY TRUST FAQ  1.                   What is a Discretionary Trust?          An arrangement set up by Deed of Settlement (a Trust Deed) that permits a Trustee to hold assets for a beneficiary (or beneficiaries) and to distribute income and capital between the beneficiaries as and when the Trustee exercising a discretion decides. 2.            How is a […]