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Greater flexibility for accessing company lossesThe government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – will make it easier for companies that have experienced a significant change in ownership or control to carry forward their losses.

101Budget2018WhatsInItForYouIt’s May, which means it’s Budget time. In the last full Budget before the next Federal election, the Treasurer delivered an election Budget with enough sweeteners for everyone including businesses, income tax relief for individuals, measures to boost superannuation, and help for older Australians.

The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison. In the last full Budget before the next Federal election, ScoMo delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you?

099FederalBudget2018SpecialEditionOn Tuesday, 8 May 2018, Treasurer Scott Morrison handed down the 2018–2019 Federal Budget, his third. In what is widely perceived to be an election Budget (and certainly the last full Budget before the next Federal election), the Treasurer forecast a return to a modest deficit of $2.2 billion in 2019–2020 and an increase to surplus in 2020–2021. In the lead-up, the Treasurer signalled the need to “exercise the restraint that has been so important in ensuring that we bring that Budget back to balance”.

083InsolventTradingNewSafeHarbourDefenceInsolvent trading. If you’re a company director you know only too well that those two words are bad news. The good news is that the law that has held directors personally liable for corporate debt in cases of insolvency has recently changed, giving directors a “safe harbour” to encourage them to save their business from liquidation for the benefit of the company and its creditors before it’s too late. But only in limited circumstances.

075TaxDebtsToAffectYourCreditScoreTax debts could soon affect the credit scores of businesses, with the government’s introduction of draft legislation to allow ATO to share debt details of businesses to credit rating agencies. The proposal only applies to businesses that meet certain conditions and there are also safeguards to protect businesses that make an effort to resolve their debt.

037PavingTheWayToInnovateInnovation is fundamental to drive future productivity in Australia. Readily available finance is critical to make this possible, especially if you plan a start-up, and absolutely vital if your venture is a new fintech (financial technology) company. Here we explore some of the recent changes to law, which could help pave the way to a successful fintech business or early-stage innovative start-up.