The national minimum wage will increase to $719.20 per week (or $18.93 per hour). The weekly rate is based on a 38 hour week for a full-time employee. This constitutes an increase of $24.30 per week, or 64 cents an hour.
A debtor company will often seek to set aside a creditor’s statutory demand on the basis that there is a genuine dispute as to the existence or amount of the alleged debt claimed by the creditor, the debtor company has an off-setting claim against the creditor (or both), that reduces or cancels out the amount claimed in the statutory demand.
Commonly, a creditor being sued by a liquidator to refund an alleged unfair preference is owed money by the company in liquidation.
A hotel owner who purchased gaming machine entitlements has successfully claimed deductions totalling $600,300. Costs for gaming machine entitlements have often be treated by the ATO as non deductible.
Often private companies are collectively owned by families, friends or close business associates who, at incorporation, saw little need to enter into stakeholder agreements to provide them with access to company information.
Just because a liquidator asserts you have received an unfair preference, does not necessarily mean you have or that there are no potential defences available to you.
When a lessee fails to comply with a notice to remedy a non-payment or other lease default, the lessor may be entitled to terminate the lease and retake possession of the property. This is commonly done by changing the locks.
Recently the New South Wales Court of Appeal considered whether a director was liable under a guarantee in a credit application where his electronic signature had been affixed to the guarantee without his knowledge.
On 20 October 2015 the Queensland Court of Appeal awarded an ex-daughter-in-law a sum equivalent to 17.5% of the net value of a rural property owned by her former husband’s parents and a family farming enterprise owned by a trust controlled by the parents and ex-husband.
It is not uncommon for a creditor (assignor) to transfer their right to receive payment of a debt (assignment) to a third party (assignee). The assignee will then seek payment from the debtor.
From 1 July 2016, the Queensland Government has extended the duty exemption for transfers of assets used in a primary production property.
As a starting position, it is a company that is liable for breaching its contract, not its shareholders or directors.