Interesting From The US

Amidst all the hype and hoo-hah of the US Presidential election along with the post inauguration debates on who can do what, and who can’t. Including the potential realisation that there may well be American laws written that are devoid of judicial review, and thus outside of the ability of a Court to ‘correct the … Continued

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Fair Work Ombudsman’s concern about the key advisors’ role

In a recent media release statement, the Fair Work Ombudsman (“FWO”) advised that they had concerns with the role of the key advisors such as accountants and HR professionals in respect of serious and deliberate contraventions. The Fair Work Act 2009-Section 550 (“FWO Act”) generally describes that Involvement in Contravention to be treated in the same … Continued

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Superannuation Streaming (SuperStream)

SuperStream is part of the government’s ‘Stronger Super’ reforms. It came into effect in 2013 and is a standard way to process superannuation data and payments electronically. It must be used by employers, self-managed super funds and APRA regulated funds. SuperStream data is in a standard format so it can be transmitted consistently across the … Continued

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Department of Employment puts Banks on Notice under section 433 of the Corporations Act

Most of us would know by now that the Department of Employment (“DoE”), under the Fair Entitlement Guarantee Recovery Program, is now willing to fund Liquidators for a recovery action against directors or companies in cases where the company employees have been left with unpaid entitlements. The more interesting aspect to the DoE’s funding regime … Continued

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ATO Crackdown on Non-compliant Behaviors in terms of Share Transactions

It is one of the prime responsibilities of The Commissioner of Taxation to ensure that Taxpayers meet their taxation and superannuation obligations. Failure to address non-compliant behaviors will potentially undermine the public’s confidence in the credibility and reliability of the taxation and superannuation systems, it will also raise concerns about the ATO’s capacity in administering … Continued

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AFSA 2015-16 Cost Recovery Implementation Statement

On 10 November 2014, the Australian Financial Security Authority (“AFSA”) released a Cost Recovery Implementation Statement (“CRIS”) for the 2015-16 year. This CRIS was prepared in line with the 2013-14 Mid-year Economic Fiscal Outlook announcing that AFSA was to be funded solely through cost recovery. The proposed fees and charges are expected to be implemented … Continued

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AFSA Enforcements

Bankruptcy Trustees are required to report any evidence of an alleged offence committed by a Bankrupt against the Bankruptcy Act. Trustees need to ensure that potential offences are referred as soon as possible in order to ensure that prosecution is possible. Offences proven to be committed can lead to fines or even imprisonment. Offences can … Continued

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Fair Entitlements Guarantee

The Fair Entitlements Guarantee is the upgraded government scheme helping employees who lose their job and have outstanding entitlements because their employer goes into liquidation or is bankrupt.  This scheme is run by the Department of Education, Employment and Workplace Relations. From 5 December 2012, the Fair Entitlements Guarantee (“FEG”) replaces the General Employee Entitlements … Continued

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