Announcement of Two Key Promotions

2nd July, 2018

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.

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NOCLAR, Single Touch Payroll, Illegal Phoenixes, Contracts and Super Amnesty

29th June, 2018

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.

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Government Getting Serious on Super, Good News Stories and Restructuring

6th April, 2018

“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.

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New Safe Harbour, Early Detection of Insolvency and PPSR for Trading Trusts

11th December, 2017

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.

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