Notable global intellects Elon Musk and the late Stephen Hawking both openly cautioned about the risks to humanity posed by AI technologies.
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Small Business & StartUps
Not every small business owner has the time to think through legal issues that could make or break their business. However, there are some important legal tips that every business owner should be aware of to avoid time consuming and expensive issues down the track. To assist the time poor, we have put together 10 legal tips to help small business mitigate business risk and achieve their commercial goals .
As previously reported here, the Government introduced a Bill into Parliament to increase the aggregated turnover threshold for small business entities seeking to access small business tax concessions to less than $10 million and to reduce the corporate tax rate for small business entities to 27.5% from the 2016/17 income years.
The Full Federal Court of Australia denied the application of the CGT small business 50% active asset reduction on the basis that an unusual activity carried on by an associated entity to the taxpayer contributed to the aggregated annual turnover of the taxpayer and associated entity to be more than $2,000,000.
The Turnbull Government has introduced a Bill to facilitate the use of crowd-sourced equity funding by Australian small businesses and start-ups.
From 12 November 2016, small businesses will receive important protection from unfair terms in standard form consumer contracts.
The Government has confirmed that the proposed increase of the aggregated turnover threshold for small business entities of $10 million will apply to the Small Business Restructure Roll-over relief provisions available from 1 July 2016.
Each year the Fair Work Commission reviews minimum award pay rates for each classification in an award. The new rates apply from 1 July 2016.
Starting a business needs more than just a great idea. It involves planning, getting your finances in order and of course ticking all the legal boxes. Navigating the legal landscape for a new business can be difficult, so we want to share with you the top five things you need to consider:
The Federal Treasury has introduced legislation which aims to create tax incentives for investors by encouraging early stage investment in startups (Bill).
The Bill aims to increase the volume of funding available for startups by offering tax concessions to potential investors.
As part of the Federal Government’s focus on culture and capital in its recent release of the National Innovation and Science Agenda, some of the changes proposed include:
The anticipated National Innovation and Science Agenda has been released by Malcolm Turnbull. It includes initiatives worth $1.1 billion over the next four years and aims to carry Australian from the mining boom to an ‘ideas boom’.
Assistant Treasurer and Small Business Minister Kelly O’Dwyer recently announced changes to crowd-sourced equity funding (CSEF) regulations, paving the way for increased access to funding for startups and small businesses.
The Federal Treasury has released for public comment Exposure Draft legislation, the Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015: Small business restructure rollovers to amend the Income Tax Assessment Act 1997, to enable small businesses to defer tax consequences arising in relation to the transfer of capital gains tax assets, depreciating assets and trading stock revenue assets that occur in the context of a business restructure.
A spokesperson for Treasurer Scott Morrison has confirmed that the government will consider abolishing the Capital Gains Tax on investments in startup companies. The policy was proposed by back-bencher David Coleman as a way of encouraging investment in innovation.
Protection of small businesses against unfair contract terms moved one step closer yesterday following the support by the Senate of the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015.
On the 26th of August, the first of the proposed legislative changes were passed by the Federal Government to begin the implementation of its 2015 budget package for Small Businesses and Start ups.
There have been a number of legal developments in the small business sector which should be welcomed as wins for small business operators. This alert provides a summary of three of those developments that are particularly relevant following the Australian Competition and Consumer Commission’s release of its Small Business in Focus report for the six months to June 2015.
The Federal Government has announced as part of its 2015 Federal Budget, a $5.5 billion package for business which is aimed to encourage entrepreneurship, growth and the creation of jobs. Small Business, being entities that that have an annual turnover of less than $2 million, make up 90 percent of incorporated business and have been the winners in the 2015 Budget.
The Government released draft legislation yesterday in relation to extending the unfair contract term protections to small businesses.
Once the legislation has been passed, a court will have the ability to declare an unfair term in a standard form small business contract void. Under the proposed legislation, a contract will be a small business contract if: