There has been an increase in media attention surrounding the ATO’s toughened stance on prosecuting non compliant self managed super funds (“SMSF’s”) in the last 18 months. This article seeks to explain the reasons behind the Australian Taxation Office’s (“ATO”) crackdown on non complying SMSF’s, the penalties which are imposed on a non-compliant fund and the most common reasons for why a SMSF is marked non-compliant by the ATO [ More ]

Many of us accept that it is common practice when purchasing goods at the retail level that in order to have the merchant request the goods from the supplier, they will require the customer to leave a deposit.

This in itself is acceptable to both the supplier and the consumer as we accept that the supplier does not want to have ordered goods on behalf of a customer who does not return to pay for and collect the goods.  The deposit act [ More ]

On Tuesday, 16 September 2008 insurance giant – America International Group (“AIG”) neared collapse, which prompted further panic and stress on global financial markets.

The share price of AIG – a company with one trillion dollars in assets and tentacles in many markets, was reduced by more than 60 percent on 15 September 2008.

Different from other insurers, AIG has been a big player in a complex parallel market named � [ More ]

A $40 million fine looks to be imposed on one of Australia’s top five richest men (“the rich man”), for price fixing.

The media has been quick to describe this penalty as “the highest fee ever paid by an Australian company” (Schwab, 10 October 2007) while Victorian Premier John Brumby has claimed the penalty to be “very heavy”.

Although it may be the highest fine ever imposed on an Australian company, it may not po [ More ]

Many companies are continuing to hold off their tax liabilities, which often has resulted in companies being forced to appoint an external Administrator.

According to the Australian Taxation Office, there is over $10 billion outstanding in collectable liabilities, most of which comprises of the business sector.

Numerous businesses carry some degree of debt baggage. Some Directors delay paying the Australian Taxation Office the c [ More ]

Famous Australian writers have used words like a dry, hard country for many years but most of us always thought and believed they were referring to Australia’s unique landscape and its inflicting climate. Now, more than ever, the increasing drought of discretionary spending is really beginning to take hold and proving to be a new example of how resilient business people in the retail sector must be in order to Survive.

Australia’s [ More ]