CABEL news…
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Old emails @browne.com.au and @eagar.com.au will be terminated in 2 weeks time so please update your address books to name@cabel.com.au .
Will Kaye has begun working at CABEL Partners, with Dennis Vaccher in the Audit team. James Peake starts next week working with John, Ian, Jody and Minsi in the Business Services team, and welcome to Ali Burton who started in the new CABEL Books division. Welcome, Will, James and Ali.
Changes To Club Tax Rates Will Generate Jobs And Funding For Community Groups.
Source: Media Release, ClubsNSW 3 August 2011
Changes in club tax rates to be introduced into state parliament today (3/8/2011)will require clubs to increase grants to community and sporting groups by $89.5 million over the next 4 years.
The extra community support will be funded from proposed new tax rates that will see clubs pay an estimated $2.5 billion in total tax over the period, a reduction of $299 million on what they would have paid in tax under the existing rates, which themselves were a 52% increase driven by the former NSW Government.
An analysis by KPMG of the Coalition’s gaming tax rates has calculated huge benefits for NSW over the next 4 years including:
- 1,924 new jobs annually
- a $261 million increase in Gross State Product (GSP)
- a $272 million increase in clubs’ social contribution to the community.
Governance Set To Determine Success Of Carbon Package
Source: ICAA website
The success of the federal government’s carbon package is dependent on a robust governance framework, according to The Institute of Chartered Accountants in Australia (the Institute).
The government has confirmed it will establish a number of bodies, including the Clean Energy Regulator, to oversee the implementation of initiatives as part of the carbon package.
The Institute’s manager of sustainability and regional Australia, Geraldine Magarey, says governance is crucial in fostering assurance and certainty in the scheme.
“The establishing of a new clean energy regulator is a promising step in providing individuals and businesses with confidence in the scheme. The regulator’s role is critical in ensuring the scheme is robust a long term platform for businesses to transition towards a low carbon economy,” she says.
However, she says it is critical that any regulatory burden or compliance costs are kept to a minimum in order to reach the government’s objective of making the carbon pricing mechanism efficient and effective.
Director Obligations
Source: http://www.nfpn.com.au/ The Not For Profit Network.
The not-for-profit team at Mills Oakley Lawyers has put together a brief review of the implications for directors of the recent Centro Case. We heartily advise that if you are a director (or person advising those on the Board) of a non-profit organisation you should have a read of this and make sure you are up to date with your obligations
- This case confirms that directors need to have basic financial skills to be able to adequately interpret any financial reports prepared for the company. Any directors deficient in those financial skills should seriously consider getting some training in this area.
- Directors need to be aware of which directors’ duties can legally be delegated to others, and which cannot.
- Although it is good practice, and also very common, to have board committees to assist the board in its management and governance of a company, the existence and role of such committees is not to the exclusion of the role and responsibility of a director.
- Although this case dealt specifically with the duties of directors pursuant to the Corporations Act (in the not for profit context that would apply to public companies limited by guarantee), the principles could also equally apply to committee members of incorporated associations or trustees or governors of any other not for profit legal structure.
What’s Yours is Mine Leigh Adams, Leigh Adams Lawyers
From October 2011, the Personal Property Securities Act 2009 will begin operation. Operating across Australia, it revolutionises traditional concepts of ownership in everything except land, which will remain untouched by this legislation.
If your business leases equipment, supplies goods on a retention of title basis, lends money to companies for the acquisition of goods or has any interest in personal property provided for in a transaction that secures the performance of any obligation (this definition can include trusts!), then you need to understand how this new law works. It has a whole new language which will cause common terms to fall by the wayside. For example, a “floating charge” will be known as “a security interest in circulating assets”.
Failure to address the legislation can be catastrophic. Consider a lessor’s ownership of property leased by it to a lessee. Independently, the lessee then enters into a charge over the lessee’s assets. If the lessee later defaults in its obligations to its bank, then the bank can take the leased property, sell it and keep the proceeds if the legislation is not complied with! Retention of title arrangements are likewise rendered useless if the Act is not complied with. Ownership is irrelevant in determining the priority of security interests under the Act.
For further information, call Leigh Adams Lawyers on 99640022.
WHAT’S ON IN SYDNEY?
WINTER FESTIVAL – until 11 August 2011
The Alpine Winter Festivals offers winter activities to satisfy everyone from thrill seekers to culture vultures, young families to the young at heart. Check out the what’s on calendar for information on Sydney Winter Festival events.
HAIRSPARY THE MUSICAL – until 31 December 2011
HAIRSPRAY, the most critically acclaimed Broadway musical to open in Australia in recent times is now playing at Sydney’s Lyric Theatre, Star City for a limited season.
EL CIRCO! 5 August – 31 December 2011
Slide’s longest running theatrical extravaganza El Circo features aerialists, acrobatic artists, burlesque, magicians, fire breathers and live singers. Every Saturday Night and selected Friday Night Performances. El Circo is theatre of the unexpected.
