Like any 21st century adult, if you are trying to research something, you head to Google. And the result is of googling the word ‘goodwill’ is…. Friendly, helpful or cooperative feelings or attitude, The established reputation of a business regarded as a quantifiable asset and calculated as part of its value when it is sold.Apart from the fact that we all like to be friendly and helpful, the interesting part about googling...

Fintech’s are typically financial technology based businesses that use software to provide financial services with a competitive edge to that delivered by more traditional financial based service providers, who rely less on software.  Common areas of financial technology development have been in providing online payment solutions, innovative ways of lending and making loans, equity crowd-funding, data visualization and financial advice.With the global expansion of online business, the internet continues to...

The Building and Construction Industry Security of Payments Act legislation was enacted to ensure that any person who undertakes the task to carry out construction work or supply related goods and services under a construction contract is entitled to receive, and is able to recover, progress payments in relation to the carrying out of that work and the supplying of those goods and services. The Act ensures that a person...

AFSA have confirmed that the repeal section of 13(1)(e) of the Personal Property Securities Act will come into effect from 1 October 2015. This section applies to serial numbered goods including motor vehicles, aircraft, watercraft and other items, to be PPS leases for the purposes of the Act if they have a term of 90 days or more.What these changes mean?Any business which wants to lease out goods with serial...

This morning, Governor Paul de Jersey AC announced that phase 3 of the Queensland Building and Construction Commission and Other Legislation Amendment Bill 2014 will become effective on 1 July 2015.The Government has sought to implement the Bill in 3 phases: The first was the establishment of the QBCC. The second was essentially to transfer plumbing and drainage and swimming pool licensing to the QBCC. And the third phase is to update and...

Post-Bankruptcy Income and After Acquired Property – Beware the Pitfalls! [Read More] Voidable Recoveries - Negotiating Commercial Settlements  [Read More] The Importance of Shareholder Agreements [Read More] Northern Queensland struggling in the wake of the resources downturn [Read More] Corporate Insolvency levels continue to fall, following the latest ASIC statistics [Read More] Upcoming Events - ATO Seminar Series and AALDC [Read More]     ...

Bankrupts who use post-bankruptcy income to purchase non-exempt assets during their Bankruptcy have been held to receive after acquired property, which will vest in their Trustee and will be available for their creditors. For most ordinary employees, income is paid directly by their employer into a nominated bank account. There it remains until it is used to meet living expenses and the like, with the residual either left to accumulate or...

Mackay and North Queensland have been hit particularly hard as a result of mining operations being scaled back, and the drop of commodity prices in coal and iron ore.  According to the latest unemployment rates, the Mackay region unemployment rate sits at 9.1% for April 2015, higher than Queensland’s overall unemployment rate of 6.6%.  The north and central state’s worst fears are being realised as hundreds of jobs are lost...

The March Quarter 2015 corporate insolvency statistics reflect a fall of 2.1% with respect to companies entering external administration, in comparison to the March 2014 quarter.  Appointments for the March quarter totalled 1,971. The main industries affected were other business and personal services (683), Construction (353) and other industries (177). Type of administration Appointment Type March Qtr 2015 % Change March Qtr 2014 Court liquidations 495 -17.9% Creditors’ voluntary liquidations 1,010 8.0% Receiverships 166 -30.5% Voluntary administrations 298 25.7% Total 1,969 -2.2%       Number of external administration appointments by region   QLD - 409...