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Normans Briefly

In this issue

Welcome to the September edition of our Corporate and Commercial Briefly.

>   Corporate and Commercial – Data storage using cloud services
>   Corporate and Commercial – Allocation of Profits within Professional Services Firms
>   Employment – Superannuation increases frozen for seven years

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Corporate and Commercial – Data storage using cloud services

Recent events relating to the unauthorised distribution of photographs of Hollywood celebrities have shone a light on some of the pitfalls of using cloud services to store data.

What is a cloud storage service?

Cloud storage is the storage of digital data on multiple servers (often in multiple locations which are mostly overseas) where typically, the server is owned and managed by a third party (host service provider).  These service providers are responsible for protecting and keeping the servers running and ensuring the data remains available and accessible to users of the service.

Click here to read more.



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Corporate and Commercial – Allocation of Profits within Professional Services Firms

On 1 September 2014 the Australian Taxation Office (ATO) released draft guidelines (Guidelines) concerning the level of remuneration paid to principal practitioners in professional services firms (i.e. accountants, lawyers, engineers, architects, financial advisers and medical practitioners). The Guidelines will be applied from the 2014-2015 income tax year.

This area of taxation has long drawn the attention of the ATO, and the Guidelines follow the ATO’s release of Taxpayer Alert 2013/3 in November 2013 which outlined the ATO’s concerns regarding the current trends in structuring and operating professional service firms.

Click here to read more.



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Employment – Superannuation increases frozen for seven years

The previous uncertainty about minimum superannuation contributions beyond the present financial year has now been settled. The Federal Government’s mining tax repeal legislation – to which the superannuation ‘freeze’ proposals have always been linked – passed through Federal Parliament and, on 5 September 2014, received assent and became law.

Click here to read more.



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