What happens when someone leaves a partnership?
There are many misconceptions about what happens when someone gives notice to leave a partnership. Often, the other partners want to ‘continue’ the partnership, and they will immediately begin to treat the departing partner as an ‘outsider’. While this may feel correct to the continuing partners, this is not how the law sees things. Read […]
Pssst, over here! (You need to read this if your business turns over more than $3 million)
We’ve all heard about the increasing prevalence of data ‘breaches’ and ‘hackings’. Some well-publicised examples include: The hacking of Microsoft’s Business Productivity Online Suite in 2010; The theft and publication of 6 million user passwords from LinkedIn in 2012. This was followed up in May 2016, when hackers stole and posted for sale on the […]
Thinking of buying a hotel or pub? Read this first.
Like any business, hotels have several moving ‘parts’ that need to work together so that the machine runs smoothly. If you are thinking of buying a hotel or similar hospitality business, make sure you are familiar with these unique features before you sign on the dotted line.
What the doctor ordered: dealing with employee medical records
We are often asked what rights an employer has to require their employees to undergo a medical assessment or provide their medical records. The answer is usually not straightforward, as there are some serious personal and privacy issues to consider. The question comes down to striking a balance.
Accountants now liable for Fair Work breaches made by clients
The Fair Work Ombudsman has won its first case against an accountant being ‘knowingly involved’ in the workplace breaches of his client. The accountant could now face up to $357,000 in penalties, as though he committed the breaches himself. Find out what you can do to avoid this problem.
What’s the best structure for my startup?
When asked what structure to use, we like to apply several key principles and ‘rules of thumb’ to get the right answer.
ESS – The ‘start-up’ concession
What is the ESS ‘start-up’ concession and how do employees qualify for it? If you are receiving shares or share options from your employer, you need to know how and when they will be taxed. This article covers when an employee is eligible for the ESS ‘start-up’ concession to reduce the tax they must pay.
ESS – How do you work out the ‘discount’ when you grant an interest under an ESS?
When setting up an ‘employee share scheme’ (ESS), employers often grapple with the tax implications of issuing ESS interests. However, these concerns only arise if there is a ‘discount’ at the time the ESS interest is granted. Working out if there is a discount, and what the extent of the discount is, are therefore two critical threshold questions.
ESS – Qualifying for ‘deferral’ of the taxable discount
How do you qualify to defer any tax otherwise payable on shares and options acquired under an employee share scheme? When does the deferral come to an end?
To what extent can a company indemnify a director?
There are over 700 laws that can impose personal liability on directors. While it is common for companies to provide directors with an ‘indemnity’ or ‘insurance cover’ for these liabilities, there are limitations and restrictions on how far this indemnity and cover can extend.