News
Announcement of Two Key Promotions
The Directors of Heard Phillips are delighted to announce the promotion of Alberto Comin to Associate Director and Chris Moody to Manager effective from 1 July.
Read moreNOCLAR, Single Touch Payroll, Illegal Phoenixes, Contracts and Super Amnesty
NOCLAR is the widely used abbreviation referring to non-compliance with laws and regulations. The International Ethics Standards Board for Accountants (IESBA) has released an amending standard to the Code of Ethics for Professional Accountants to redefine the accountants’ role when laws or regulations are broken. The standard was developed to partially address ethical lapses that occurred during the global financial crisis in 2008 and became an effective international code from 15 July 2017.
Read moreGovernment Getting Serious on Super, Good News Stories and Restructuring
“It is not acceptable for people not to be paid their superannuation entitlements.” The above is a quote from the January 2018 media release of the Honourable Kelly O’Dwyer MP as she introduced draft legislation intended to create severe penalties for the failure to pay employee superannuation on time. The legislation intends to improve reporting obligations and strengthens arrangements with respect to Director Penalty Notices (“DPN”) and other penalties in an effort to compel greater compliance with companies reporting and paying superannuation.
Read moreNew Safe Harbour, Early Detection of Insolvency and PPSR for Trading Trusts
In our newsletter last quarter, we introduced the concept of safe harbour and what it was aimed to achieve. The legislation giving effect to safe harbour has now been introduced as Section 588GA of the Corporations Act 2001 (“Act”). From discussions we have had with accountants and other advisors following the introduction of the legislation, it appears that many do not understand what the legislation is intended to achieve. This article seeks to address that.
Read moreGenuine Restructuring Efforts to be Rewarded by Safe Harbour Reforms – A new era in restructuring
In September 2017 legislation passed through Parliament that is designed to give Australian companies a better fighting chance at avoiding insolvency and formal external administration by offering directors some relief from the harsh insolvent trading laws that currently exist.
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