Recent content by velohead

I like this course of action. But what if they say they can pay my normal salary, but don?t have the funds to pay unbudgeted items. Does it count as salary per se, and what immediate recourse do I have ?

I managed to get my employer to do a negative salary sacrifice, so they paid me an extra $1000 and reduced my YTD salary sacrifice accordingly. Did not want to do too much, just to keep it low profile and under the radar, and have proof that it can be done technically. I will increase next...

I should have added that my SGC and my Salary Sacrifice are say $17,000 so a bit of a worry to loose in one foul sweep. Unlike 2 weeks pay.

Thx for all your replies.. ..a lot of good information to trawl through, carefully. My concerns and non concerns at this point are thus...... Non Concern... a) Annual Leave - I have none to worry about. b) Wages - I get paid fortnightly, so the maximum exposure there is losing 2 weeks...

Yes, s9 of the Corporations Act, thx Terry. http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s9.html Still like to re-iterate that I did not find ATO very helpful regarding the scheme. A long term collegue tells me that they were paid (pre 2004) by quote "SUPER GUARNTEE...

How do you define "Directors" ? We have a small team... 1x Chairman 1x CEO Chief Executive Officer 1x CFO Chief Financial Officer 1x Board with say 4 or 5 non-executive directors.

Thanks for all your replies, still trawling through to fully digest them. I should mention that the company is listed on ASX. (Glad I am not a shareholder). Not sure how that affects any director liability. I believe that we don't have any bank debt per se, but I believe funds have been...

Not worried about my leave. We had to take forced leave over Easter (and Christmas) so I have no annual leave left. Those that had no leave took unpaid leave.

Hi All, I am a PAYG (Pay as you go) employee. Sad situation, my employer is likely to go bust, due to inability to pay it's bills. I believe that directors have to draw the line in the sand before they *trade whilst insolvent*. We are now mid way through May 2014, with 1? months to go...

Something I was not aware of, so thanks for the heads up on that.

I agree, once you have a starting point (ie a value that will be recognised as being true and fair), and an estimate of economic life (ie over how many years to depreciate), then it is a case of just applying the rules.

Well, they did go out to the year 2023, but that assumes nothing changes. But I do have a spreadsheet that does depreciation, which I prefer. Back to the main question. Yes, I will be claiming Body Corporate fees as deductions, so I see what you say about "double counting".

Yes, I'm using a professional service. But they only do the first year. Still unsure about subsequent additions to common areas, and also disposals from common areas. Must be a potential nightmare ? Best to ignore ???

Must be a bit of a nightmare with new additions, and old disposals. Any advice on that ?

Hi All, I have just purchased a unit/flat and have just received the depreciation schedule. It seems to be a mix of items that are....... a) in the unit b) in common areas, with a value based on total value divided by the number of units. I only expected to see items IN the unit...