Commercial & business advice
Intellectual property may not be as tangible as plant, property and equipment, but for many businesses its value exceeds the dollars on a balance sheet. When it comes to selling a business, IP can have a critical impact on the success of the deal for your clients.
Your brand is the first thing your customers recognise you for, and the last thing they remember. Redchip hosted a gathering recently to share our ideas about an important conversation we believe business advisers should be having with their clients.
Despite what many people think when starting up a business, the simple act of registering a business, company or domain name does not provide any proprietary rights.
When was the last time you needed someone to make the call and they did? No hesitation, no prevarication. They gathered the info they needed, spoke to the subject matter experts, and made a decision.
As we face an increasingly digital world – and come to understand that it’s not going away – there’s a mixture of emotions and questions: Does this new technology threaten my livelihood? Do I need to change my business model to compete/keep up with these developments? What is the opportunity to use this technology to my clients’ and my business’ benefit?
Nowhere in the values we operate by, or the behaviour we expect of our team, will you see disruption for disruption’s sake. This business has been built with one driver – getting the deal done for our clients. Sometimes that takes lateral thinking, but in most cases it’s about considering the opportunities and risks inherent in any situation and working to manage our clients’ exposure and maximise the outcomes.
The Australian Treasury has recently released the draft legislation Tax and Superannuation Laws Amendment (2015 Measures No. 6) Bill 2015: Small business restructure rollovers. This draft legislation is the follow up to the Government’s announcement in the 2015-16 Budget that a rollover would be introduced to allow small businesses to change their legal structure without incurring a capital gains tax (CGT) liability.
The ATO has recently issued Tax Determination TD 2015/19 which deals with payments made to partners retiring from a partnership. The Commissioner is concerned that many of these payments are not being appropriately dealt with in accordance with section 92 of the Income Tax Assessment Act 1936 (ITAA). Specific characterisation of any payment received is required.
It can be a fine line between what constitutes an employee and an individual contractor. We have seen a shift away from ‘traditional’ employment over recent years, with flexible working arrangements and freelancing becoming increasingly common. Accompanying this trend is the risk of businesses engaging workers as contractors when they should actually be treated as employees.