Changes to instant asset write-off rules
As a part of the Government’s recent economic stimulus package the small business instant asset write-off (IAWO) threshold has been increased from $30,000 to $150,000. This article provides more information in relation to the amendments to the Income Tax Assessment Act 1997 (Cth) which enables the changes.
New year, new opportunity to recover your outstanding invoices
The COVID-19 temporary relief measures which applied to insolvency have largely ceased as of 31 December 2020 and now is the perfect opportunity for you to reassess your debt recovery options.
There are a number of debt recovery options available to you, depending on whether you are collecting an outstanding debt from an individual or a company.
Flooding or water flow from your neighbour’s property, what can you do?
If you have experienced the unreasonable flow of water onto your property or have had a neighbour interfere with the reasonable flow of water onto your property, and this has caused you to suffer loss or damage you may be entitled to compensation.
Terminating Contracts During a Pandemic: Frustration
The Doctrine of Frustration is applicable to many types of contract. A contract can be frustrated where holding the parties to the contract would be considered unreasonable. The Covid-19 pandemic has brought new consideration to frustration.
Trading in Turbulent Times – When Will Courts Pierce the Corporate Veil?
Separate legal personality and limited liability are characteristics which make the company the most widely used business structure in Australia.
The term ‘corporate veil’ refers to the way a company is treated as separate from its owners by the law. The ‘corporate veil’ allows companies to have their own, separate legal personality and allows them to acquire and dispose of property, take legal action, be sued, incur liabilities, and enter into contracts.
But when will the 'corporate veil' not protect individuals?
Advertising promotions and misleading and deceptive conduct
Businesses may think that the term misleading and deceptive conduct only encompasses actions or words that amount to explicit and blatant lying to consumers. However, the term is much broader than this public perception, and applies to many different behaviors of businesses in advertising and selling products.
Changes to consumer guarantees – is your business up to scratch?
From 1 July 2021, the Australian Consumer Law (ACL) will be expanded. The Australian Competition and Consumer Commission (ACCC) have stated they will take an aggressive stance to non-compliance from this date.
Accordingly, now is the time for your business to review its practices and procedures and consider whether any changes need to be made to comply with the ACL.