Chartered Accountants

Latest News

Does your business have a company Power of Attorney?

An individual power of attorney gives an attorney legal authority to manage a person’s assets and financial affairs.

.

A company power of attorney authorizes a person or persons to act on behalf of a company and/or sign certain documents on its behalf.

When granting a company power of attorney, it could be:-

  1. Limited power, for routine transactions
  2. For specific purposes
  3. General powers

And, be aware the director will remain liable for an attorney’s actions.  The company may want to consider appointing two persons to act jointly as attorney.

A complete estate plan for a family should consider a power of attorney for all companies in the group, in addition to the personal and financial affairs of the individuals involved.

 

 

 

 

AcctWeb

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.