Asset protection is one of the primary reasons companies are used. A company is a separate legal entity and the corporate veil provides protection to the directors, however, in limited circumstances the protection afforded to directors is lost. The traditional instances where director protection is lost were breach of fiduciary duties (i.e. doing what’s in the best interests of the company) and trading whilst insolvent (i.e. being unable to pay company debts as and when they fall due).

In addition to what the Corporations Law (the act that governs company conduct and director responsibilities) provides as exclusions from protection of directors, the Australian Taxation Office (ATO) has always had the weapon of the dreaded Director Penalty Notice (DPN).

The Australian dream has long been to own your very own castle. This has long been part of the Australian psyche and is reflected in the tax exemption for the “family home” in tax law.

Capital Gains Tax (CGT), broadly does not apply to a property you call “home”.

As we look towards the future, it is broadly agreed that Australia cannot continue to rely on luck and location alone. The most recent economic survey by Credit Suisse placed Australian’s as the second wealthiest people on the planet, closely behind Denmark.

You’ve worked really hard for a long time, made big sacrifices…family time, early mornings, late nights, taken risks and it has paid off. Time for you to enjoy the fruit of your labour that has been made possible by your sacrifices.
 
Unexpectedly something comes out of the woodwork and you find yourself in a legal battle. You didn’t expect this and suddenly everything you’ve worked so hard for could be gone. Have you done everything you can to protect your assets?

As much as we would like to think we are immortal, the truth is the opposite and if you pass away without a will, the complications you leave behind are significant. If you do not have a will, the time it takes for the administrator of your estate to gain control of the assets is also much longer.

We live in an uncertain world
 
Trade tensions, country leaders who do not follow the status quo, wars and rumours of wars…
 
It can be easy to adopt a “bunker mentality” and hunker down for a long, cold economic winter ahead. Curiously, it’s not all bad news for Australia...

What a week it’s been. We now have a new Prime Minister after a week where we saw the government confirm it will not proceed with pushing company tax cuts through the Senate nor bring them to the next election. Similarly, the National Energy Guarantee has been put on the back burner.
 
We have to wonder whether politics and votes now have greater influence on policy, than convictions and what is best for the economy.

International investors looking towards the safe haven of Australian shores are increasingly entering into joint venture partnerships. Moore Stephens’ foreign investment specialist James Tng unpacks the obstacles and opportunities.

Last week many of us received a shock regarding the referendum result of the UK exiting the EU. Many of the experts did not predict this result, and neither did the Prime Minister of the UK from the looks of it.

The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from.
 
In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.

We are often asked the question “how easy is it to do business in Australia?”

The World Bank Group annually ranks all countries for the ease of doing business and Australia currently ranks in the top 15 amongst the 217 countries measured.

Considering Australia is a developed country that also has the hallmarks of low sovereign risk, a stable economy and competitive currency value, this bodes very well for those looking to do business in Australia.