In NSW, you may be liable for ‘landholder duty’ when you acquire shares in a company or units in a trust that owns land (“a landholder”) with a threshold value of $2 million or more. The liability arises when you acquire a significant interest in a landholder (entitling you to 50% or more of the … Read more Changes to landholder duty on the transfer of shares
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 (Cth) (“the Act”) came into effect earlier this year to combat Phoenix activity. Illegal Phoenixing arises when the assets of a company are transferred for minimal, if any, value to a related company to avoid payment of the transferor company’s debts. Commonly, the transferor company is … Read more New Laws Introduced to Combat Illegal Phoenixing
Updated May 2020 Under the ATO’s Director Penalty regime company Directors can be personally liable for company obligations. The Director Penalty regime applies to unpaid “PAYG” withholding amounts, Superannuation Guarantee Charge “SGC” obligations and, from 1 April 2020, GST liabilities The effect of the Director Penalty regime is that if a company of which a … Read more ATO Director Penalties: What Company Directors Need to do to Avoid Personal Liability
On 19 September 2017 amendments, to the Corporations Act 2001 commenced which create a “safe harbour” for Directors to protect them from personal liability for debts incurred by an insolvent company in certain circumstances. Why the need for Safe Harbour Prior to the amendments, the provisions of the Corporations Act governing corporate insolvency focused on … Read more Safe Harbour & Directors’ Liability for Insolvent Trading
Midac Technologies Pty Limited (“Midac”) started up in 1981 in Sydney and pioneered early “smart building” direct digital control technology. In 1994 Midac made an early start developing online software and solutions. The then Dungog based business was instrumental in encouraging and assisting many organizations to make their online debut, including large corporate entities like … Read more Private Sale of Industry Leading Holiday Rentals Booking Management Software Business to Public Listed Company a Breeze.
Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? A Buy/Sell Option Agreement is an agreement between co-owners of a business granting each other options to buy or sell their respective interests upon the occurrence of specified Option Events. The Option Events are typically: the Death of a co-owner; the Permanent Disablement … Read more What is a Buy/Sell Option Agreement?
Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement A Shareholders’ Agreement (similar to a Partnership Agreement) is an Agreement between two (2) or more co-owners of a business setting out their agreements with respect to the management and control of … Read more What is a Shareholders’ Agreement?
Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Anyone who is a co-owner in a business should have a Shareholders’ Agreement (if the business is carried on by a … Read more Why do I need a Shareholders’ Agreement (Partnership Agreement)?