Business Articles

What is a Partnership?Partnerships are a common form of business structure that has been around for a long time, alongside sole proprietorships. However, identifying whether a partnership exists and understanding its terms can sometimes be unclear, both in common law...

What Does Pty Ltd Mean?When a company is designated as Pty Ltd, or a proprietary limited company, it signifies that it is a private limited company with limited liability for its shareholders. In simpler terms, shareholders are protected from extensive financial risks...

With the ATO sending more than 200 director penalty notices (DPNs) out each week to company directors this paper explores all things DPN – what they are, when they may be issued, steps to take upon receipt, legal defences…and more! Crackdown A Director Penalty Notice...

The lingering COVID-19 pandemic, rising interest rates and rocketing inflation are all contributing to a significant rise in company failures in Australia. It seems like every day a high-profile company is in the news for the wrong reasons, particularly in...

What is an Australian Business Number (ABN)? An Australian Business Number (ABN) is a unique 11 digit identifier assigned to businesses, serving as an identification code recognized by the Australian government and the community. An ABN is necessary to facilitate...

What are director penalties? A company director becomes personally liable for the company's unpaid amounts of: pay as you go withholding (PAYGW); goods and services tax (GST); and super guarantee charge (SGC). These amounts that a director is personally liable for are...

If you have started a business and things are running smoothly, then you may want to think about what would happen in the future if you are no longer able (or want!) to work in the business. This is where succession planning comes in – succession planning is...

You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business, specifically: any documents related to your business's income and expenses; any documents containing...

Asset protection is one of the most important issues when considering wealth building. How tragic it is when people work hard for years to accumulate wealth, only to then lose it due to poor planning decisions. Threats to assets include loss in market value, physical...

This article is an overview of the most common business structures for small to medium-sized businesses in Australia. In choosing an appropriate business structure, there are several essential factors to consider: Asset protection Tax minimisation Growth of business...