Many readers (OK, everyone) has been carefully monitoring the movement in the Bill proposing to impose GST on LVT. After all, it represents one of the most significant changes to Australian border practice and procedure for many years and also seems to run contrary to international moves to reduce costs and complexity in trade.
Many of you would be aware that the term “Owner” has magical (almost mythical) properties in the Customs Act 1901 (Act) which sees it linked to significant obligations and liabilities under the Act, most immediately in terms of the liability to pay customs duty. The term appeared in its current form in section 4 of the original version of the Act and is broad enough to include nearly every party in the supply chain who has control or possession of the goods or has a beneficial interest in the goods.
Annual Wage Review Decision
On 6 June 2017, the Fair Work Commission handed down its 2017 Annual Wage Review Decision.
Business people are hardwired for optimism – it drives the start-up of new businesses, and is reinforced when a business becomes established and performs strongly.
When optimism reigns, the possibility of a business failing is usually the last thing on anyone’s mind. Yet this is when steps should be taken to protect key business assets and family wealth from insolvency risk.
When a company becomes insolvent, the immediate question that is often asked is whether the business can be saved. The answer to that question usually is yes, but the more important question is whether the business should be saved.
The procedure under section 50 of the Bankruptcy Act 1966 to appoint an interim trustee to take control of a debtor’s property is a rarely used but extremely effective procedure which our team has recently had the opportunity to engage.