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“Who you choose will make a difference”
The overregulation is costing NSW businesses in the vicinity of $8.5 billion in compliance costs. A report on the website of NSW Business Chamber highlights the chief features of the Red Tape survey.
Red tape is responsible for the loss of 220 million work hours and is sheer plight for companies which have more than 200 staffs. It is such companies that are bearing maximum brunt; paying a mammoth $386,0000 due to local, state and federal regulations.
No surprise then that organisations feel they are being overregulated and that it is not a healthy fact.
You can read the original article here.
What’s your take on the fact- big businesses which provide high number of jobs (service to the nation) are being penalised even more?
In an article for the website Property Observer, Jessie Richardson talks about buying properties which already have tenants on board. While running rental income and advertisement savings are clearly the upsides of a property with existing tenants, there are a few downsides you should be prepared to counter, too.
You can barely revoke a lease agreement and this can be a problem if you have owner-occupancy in mind. Miss Richardson also talks about the dubious penchant of sellers to give out their property on rent a few weeks before selling it off, thus presenting a picture of an easily rentable property.
Agreeably, it is a great lure for investors and thus they should clearly conduct their Due Diligence before buying a property with existing tenants. Prospective buyers should also talk to the property managers and discuss the status quo as transparently as possible.
You can read the original article here.
A Hawkesbury and a Pymble agent have been convicted on grounds of trust account fraud, writes Miriam Bell in an article for the website Your Investment Property. Louise Sultana, Director of BLM enterprises has used her company’s sales and rental trust accounts to cumulatively misappropriate $263,701.65.
While she has to spend 18 months behind the bars, the Pymble agent will be imprisoned for 14 months for misappropriation of trust funds to procure illicit drugs for his wife (who was suffering from withdrawal symptoms of a failed surgery).
NSW Fair Trading is definitely taking right steps in connection to crimes that can have as much as 10 years’ prison term attached to them.
You can read the original article here.
Telstra has come up with a transparency report, the first of its kind from the company, aiming to furnish the type and volume of customer data requested by the Australian law enforcement regulators. A pdf upload on the website exchange.telstra.com.au discusses the report.
Between June-December 2013, law enforcement agencies have submitted in excess of 40,000 requests. Nearly 90% of such requests are pertaining to customer information and records. Telstra has categorically explained that the company only submits those information to the agencies which are in keeping with the law. It is worth noting that Telstra did not furnish any details about requests made by the Australian Intelligence Agencies.
You can take a look at the contents of the transparency report here.
An article on the NSW Business Chamber’s website talks about the robust economy ahead but treads circumspectly while predicting for the business world. Businesses are sanguine about moving in the right direction but still profitability and sales revenue trail below the zero mark.
Even staff numbers and capital investments, though treading in the red, are showing signs of growth. Cost reduction and cutting red tape can jointly take businesses towards the pinnacle. The article asserts that we can be overconfident about the economy at our own peril and it is time to look for sustained growth instead.
You can read the original article here.
What government initiatives do you predict for the business world in 2014?
Australian Transaction Reports and Analysis Centre (AUSTRAC) has released two separate guides for hotels and clubs using electronic gaming equipment. This is to help them from accidentally facilitating money laundering and terrorism financing. The Compliance and Risk Assessment Guide can be perused on AUSTRAC’s official website.
The guides clearly delineate what may be referred to as suspicious customer behaviour and also puts a step-by-step process in place for identifying risks at a gaming venue, developing a risk-management plan and encouraging methodical bookkeeping and reporting.
You can take a look at the guides here.
As a shareholder of a proprietary company you have got certain rights. Disputes about such rights can emerge in cases which may include, but is not restricted to, accessing the company register, members initiating legal action against the directors, and company acting in defiance of members’ interest. An article on Australian Security and Investments Commission (ASIC) elaborates on the subject.
In case you are looking to resolve a dispute about your rights you can seek legal recourse or apply for a court order apart from seeking the primary option of talking to the company.
In regards to the rights of a shareholder in a proprietary company, ASIC has come up with an information sheet 188.
You can read the original article here.
As a member, have you been enjoying complete access to company’s policies?
UK’s celebrity chef Heston Blumenthal is crying foul over the international trademark violation on his Berkshire (UK) based three-Michelin-star restaurant, The Fat Duck. His Sydney-based lawyers have sent a missive to Katie Norris, a cafe owner in Oakleigh South, for infringing on the patented name, reports Melinda Oliver for the website smartcompany.com.
While Norris’s lawyers have decided against fighting the issue, they have sought more than a week’s time (originally allocated) for changing the signage and substituting market collaterals.
Norris’s biggest fear is that a change in name (the cafe is expected to be called The Loose Goose from now on) may create apprehensions in clients’ mind. After all, you cannot put them to sword for assuming that the place has been sold off and new owners have taken over.
Norris committed the mistake of searching only the local trademarks while looking to name her establishment. This is primarily why she fell into the trap of international trademark violation.
Renowned patent attorney, Callinan’s John Carroll, has suggested along the lines of checking all the international trademarks before finalising a business name. He has also advised about seeking goodwill compensation from any big company who wants you to change your establishment’s name.
You can read the original article here.
Have you come across such a situation. If yes, how did your lawyers react to it?
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