As we have set out in previous articles the ATO can make company directors personally liable for unpaid PAYG Tax, GST and superannuation by issuing a Director Penalty Notice. If a director receives a 21-Day Director Penalty Notice they can avoid liability by using Small Business Restructuring (SBR). But how does this work? ...
The federal government recently passed a legislation in respect of the $450 a month wages threshold before an employer is required to pay superannuation. Formerly, employers were only required to pay superannuation for employee wages if the employee earns more than $450 a month. ...
The Australian inflation rate has been soaring as a result of the pandemic, supply chain disruptions and the war in Ukraine. Economists are predicting continued increase in inflation rates and the Reserve Bank of Australia has been quick to act. The RBA has so far increased the cash rate (at September 2022) to 4.35% meaning many mortgage rates are 5% or more. ...
If you are in the building industry in Queensland, chances are you or your company holds a license issued by the Queensland Building and Construction Commission (“QBCC”). The QBCC is a statutory body set up to regulate the construction or building industry. ...
The small business restructuring scheme was introduced during the COVID-19 pandemic to streamline business debt restructuring and reduce costs. It has been 18 months since it became operational, and many struggling businesses have opted to take advantage of the scheme....
Generally, bankruptcy goes for three years. Once this three-year period is over you are discharged from bankruptcy, meaning the period of your bankruptcy ends. So, what happens when your bankruptcy ends?...
Some property which a bankrupt obtains after bankruptcy is able to be collected and sold by their bankruptcy Trustee. This type of property is known as after acquired property. So what assets are (and are not) after acquired property and able to be sold by a bankruptcy Trustee....
If you go bankrupt some assets which you own may get sold. And this may include your car, depending on certain factors....
We successfully negotiated a client's $246,000 debt down to $30,000. The client, personally liable for her failed business's lease debts, faced bankruptcy or debt settlement. We offered $30,000 over time, which the landlord eventually accepted. The funds will come from our client's husband, who will acquire her $20,000 Landcruiser. Our client was thrilled with the outcome. Need debt settlement help? Contact us for a free consultation....
When deciding whether to go bankrupt it is important to know whether there will be any affect on your partner’s assets. If bankruptcy will affect your partner’s assets, there may also be steps you can take to minimise the impact of this....
Liquidating your company involves appointing a Liquidator to sell the company's assets and distribute the proceeds to creditors. Shareholders typically resolve to place the company in liquidation, either by unanimous agreement or through a special resolution at a shareholders' meeting. The Liquidator will then handle the liquidation process, with your assistance in providing records and information. Costs vary depending on the company's assets, but upfront fees are usually required if assets are limited. For more information or assistance with liquidation, contact our Brisbane or Gold Coast office....
Bankruptcy can provide relief from most debts, but it comes with obligations like paying income contributions if your earnings exceed a certain threshold. While many comply, falling behind on these payments can have severe consequences. These include garnishing wages, setting up monitored bank accounts, or even extending the bankruptcy period up to eight years. If you're struggling with these contributions, it's crucial to engage proactively with your Trustee, possibly renegotiating your payment plan. Need assistance or advice on managing bankruptcy obligations? Contact Pearce & Heers for guidance....
Address
Level 12
127 Creek Street
Brisbane Qld 4000
Phone
Phone: 07 3221 0055
Fax: 07 3221 8885
Postal Address
GPO Box 691
Brisbane Qld 4001
Address
Level 15, Corporate Centre One
2 Corporate Court
Bundall Qld 4217
Phone
Phone: 07 5630 1179
Fax: 07 3221 8885
