In 2019, the Federal Parliament passed the Treasury Laws Amendment Act 2019 that allows the ATO to, among other things, disclose a business’ tax debt to credit agencies. It is meant to compel businesses to deal with their tax debt. The ATO has until recently, not used these powers, but this is beginning to change.
If you require any pre-insolvency advice, our team of accountants is ideally placed to provide professional advice on alternatives to bankruptcy or liquidation. It is always important to seek advice from qualified professionals.
The Australian Securities and Investments Commission and the Australian Financial Security Authority recently released the statistics for insolvency appointments across Australia.
The Australian Federal Government is proposing a simplified small business restructuring process (SBRP). We have covered the key features of the proposal here: The Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 passed the House of Representatives on 8 December 2020 after three readings. It will now be debated in the Senate, and it is set… Read more »
The government has recently extended the JobKeeper program to March 2021, albeit in reduced sums. Other measures have also been extended to 31 December.
Directors facing insolvency often make rash decisions & create further problems. If you’re struggling, take some advice: 6 things NOT to do before liquidation…
A debt agreement or bankruptcy are two options if you are facing financial difficulty – but how do you know which is best for you? The differences are explained here…
Considering a debt agreement? Go in with your eyes wide open: find out what the main benefits are but also understand some of the red flags to look out for…
Would you like to be able to annul your bankruptcy ahead of time? There are options available for getting out of bankruptcy early. These are your options.
