Six Important Things To Think About When Setting Up A Family Trust
Family is the most sentimentally precious and priceless gifts you can ever be blessed with; they are the apple of your eyes and the centre of your universe. You would do anything to protect them and cater for all their needs. It comes as no surprise that providing for your family securing their future is …
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Company Share Information
Shares If a company with share capital issues shares, they must keep a record of all the shares they’ve issued. This record is sometimes called ‘the register’ or the ‘share register’. The register must have information about the company’s members (or shareholders) and the number of shares in the company. The register must contain the …
What is a Public Officer?
A public officer is a company’s representative to the ATO and is responsible for the company’s obligations under the Income Tax Assessment Act 1936 Section 252. The public officer is responsible for the company complying with the act and is also liable for the same penalties as the company if there are any violations. A company only ever …
Voluntarily deregistering a Company
If your company meets certain criteria, you can apply for voluntary deregistration. This closes your company and removes your obligations as a company officeholder.You need to pay any outstanding fees and penalties, if applicable, to ASIC before you apply for deregistration. Your application will not be approved by them if there are still outstanding fees …
Thinking of becoming a company officeholder? Read on..
The Corporations Act 2001 & general law requires that, as a company officeholder, you need consider seriously what the position & responsibilities entail before you put your hand up & sign on. If you do not have the time for the obligations that come with the company directorship you may need to have a rethink. As a …
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How to Choose & Register a Company Name
It is most important to consult with legal or financial (or both) professionals before you lodge a company order if unsure of any aspects of the entity’s setup.If you are not sure what name to give your new company name registration when you register with ASIC, a name is not essential or compulsory. It can be the exclusive company …
How to Register a Company
If you are not sure what name to give your new company when you register with ASIC, a name is not essential or compulsory. It can be the exclusive company number (ACN) automatically issued by ASIC upon registration. The ACN can be utilised as your company name if you wish, & subsequently can be changed …
What is the Role of a Settlor?
A person who has been named as Settlor in a discretionary trust only has one duty to undertake, he/she makes a gift of the “settled sum”, usually a nominal amount paid by cheque, once the Deed has been signed by both the Trustee to the trust & the Settlor. The role of Settlor can be carried out …
What Information is Required to Establish a Discretionary Trust
Once it has been determined that a discretionary trust set up should be established, it is important if hesitant regarding the trust set-up, to seek professional advice to ensure all terms are realised. Below are the basic discretionary trust appointees required for a discretionary trust. A Settlor – The settlor is a person who desires the establishment of …
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Responsibilities Imposed on Directors
There are numerous and important legal responsibilities imposed on directors under the Corporations Act 2001 and other laws, including the general law. Of these duties, some of the most significant are: to act in good faith in the best interests of the company and for a proper purpose to exercise care and diligence to avoid conflicts between the interests …