In Zhang v Golden Eagle International Trading Pty Ltd and Ors  NSWCA 25, loss of superannuation was calculated at 11% of the net loss of earnings. This is effectively a short cut to calculating loss of superannuation in personal…
We have been amazed at the number of people who are being asked to sign a "Statement of No Advice" by their financial Advisors. Why would the advisors ask you to do that? They don't have to take responsibility for…
We were recently engaged by the liquidators of a security company to determine the value of goodwill arising from the transfer of the business to a phoenix company.
How we calculated the future needs in a disputed estate by using superannuation and effective tax planning to provide a solution that enabled a quick settlement.
The payroll is the largest expense area for many organisations, and one which should be controlled carefully. Nevertheless, payroll fraud accounts for 17% of all fraudulent disbursements suffered by organisations. There are three main types of payroll fraud – Ghost Employees, Overcompensation, and Bonus and Commission Schemes.
We were recently engaged to calculate the economic loss of a taxi operator who was significantly injured in a motor vehicle accident and was off work entirely for around 3 months.
The plaintiff argued to his solicitor that he had lost a fortune as a result of the accident. His tax returns only showed a very low taxable income. For those of you who have worked with taxi drivers in personal injury, you will know that they tend not to declare very much in their tax return. On face value, the plaintiff’s claim did not look very good at all. The solicitor listened to his client and engaged us to prepare a report.
During the initial conference with the plaintiff, it became apparent that the plaintiff was not a taxi driver, but a taxi operator with 14 taxis under management and the plaintiff had a clear and concise understanding of how his business worked and its future direction.
One of the first things that we do when listening to the plaintiff’s story is compare that with the story of the financial statements. Financial statements and income tax returns tell us a story, they provide evidence of the transactions of the business. We were able to establish that the plaintiff’s story was turn and that he had in fact lost over $300,000 per year as a result of the accident, yet his tax returns had only shown an income in the year of the accident of $25,000.
One of the most common forms of employee fraud that we have been seeing for quite some time involves access to internet banking. Businesses often have two signatories for company cheques but allow full single user access to their internet banking. The result is an accident waiting to happen.
An internet banking fraud of $20 million was reported today in the Sydney Morning Herald involved the payroll manager of listed white goods retailer, Clive Peters.