The ongoing battle over educations expense deductions claimed by Youth Allowance recipients continues.
The High Court heard the commissioner’s appeal against the decision of the Full Federal Court in FCT v Anstis (2009) 73 ATR 483 ON Thursday 29 Juy. According to the ATO, the High Court ‘is expected to announce its decision later in 2010 or in 2011′. The ATO has said that until this matter is resolved it will continue to apply its view set out in TR 98/9, that education expenses are not deductible against various commonwealth educational assistance schemes.
Earlier developments in this tale can be found here
Posted in Law, Tax
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Tagged deductions, education
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ASIC has today released regulatory guidance to assist directors to understand and comply with their duty under the Corporations Act 2001 (Corporations Act) to prevent insolvent trading.
The Corporations Act requires a director of a company to prevent the company from incurring a debt if the company is insolvent, or if the company will become insolvent by incurring the debt or a range of debts including the debt.
“ASIC first contemplated issuing guidance during the downturn in economic conditions when a rise in corporate insolvencies was expected. We thought that the market, including directors and their professional advisers, would benefit from clarification about the factors we consider when deciding to commence an investigation in relation to possible insolvent trading, and issued some proposals in November last year”, ASIC Commissioner, Michael Dwyer said.
“It is important that directors focus on their obligations to prevent insolvent trading and we expect this guidance will assist directors of small-to-medium enterprises, in particular, to fulfil this fundamental responsibility”, Mr Dwyer said.
Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors sets out four key principles which ASIC considers directors should follow to meet their obligation to prevent insolvent trading, That is, to:
* keep themselves informed about the company’s financial position and affairs;
* regularly assess the company’s solvency and investigate financial difficulties immediately;
* obtain appropriate professional advice to help address the company’s financial difficulties where necessary; and
* consider and act in a timely manner on the advice.
RG 217 also details factors which ASIC will consider when deciding to bring proceedings against a director for allowing a company to trade while insolvent (including criminal proceedings and proceedings to recover compensation for loss resulting from insolvent trading).
New resources developed by the Fair Work Ombudsman will help small businesses and their advisers, by allowing them to access industry-specific information on the Australian retail sector.
The new resources can be found on the Fair Work website and will provide:
- tools to assist employers to calculate pay rates
- information on modern awards and the National Employment Standards
- example questions from employers
- information on conditions for apprentices and trainees, employing workers part-time and dispute resolution
Michael Campbell, executive director, Fair Work Ombudsman, said, ‘the agency is devoting considerable resources to assist the retail industry.
‘Essentially, it’s a place for retail employers to access materials specifically designed for small-to-medium sized businesses.’
Retailers can also obtain information by calling the Fair Work infoline on 13 13 94 between 8.00 am 6.00 pm on weekdays or by visiting the Fair Work website.
