Options Available For Individuals to Deal with Tax Debts
The most common options for individuals to deal with tax debts are: Pay the debts in full, Bankruptcy, A Personal Insolvency Agreement (PIA)...
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Options for Companies to Deal with Tax Debts
The most common options for companies to deal with tax debts are: Pay the debts in full, Small Business Restructuring (SBR), Liquidation...
Small Business Restructuring; What is the ATO’s Current Position
Small Business Restructuring (SBR) is a method for companies to settle debts they owe to creditors, while allowing the directors to remain in control of the company. The Small Business Restructuring process was introduced in 2021 and can be used by a company to avoid liquidation so that the company can continue trading....
9 Things to know about bankruptcy and tax debts
For individuals struggling with unmanageable debts to the Australian Taxation Office (ATO) personal bankruptcy is an option to enable the individual to obtain a release from those debts and make a fresh financial start in life....
Solutions for Personal Debt
Personal debt can feel daunting and difficult to resolve. Depending on the type, value and number of personal debts you have, there may be various solutions which are open to you. ...
What happens if you pay superannuation late
If you do not pay an employee's superannuation by the due date, you must lodge a superannuation guarantee charge (SGC) statement and pay the SGC to the ATO. The due date for paying superannuation is 28 days after the end of the quarter in which the superannuation was incurred....
Case Study: How We Saved a Business with Small Business Restructuring
Small Business Restructuring is a process by which an insolvent company can settle its debts. With the process mostly being used to settle ATO debts. This is an example of how we have used Small Business Restructuring to help a client in the restaurant industry....
Effects and Consequences of Bankruptcy
If you are seeking relief from debts which you cannot pay, then you may consider filing for bankruptcy....
Can’t Pay Your Company Debts? What Directors Need to Know
When a company is in financial difficulty, directors are often placed under immense pressure to keep the business afloat. However, it’s critical to understand that directors have legal duties that, if breached, can lead to serious personal consequences — including personal liability for company debts, legal claims being brought against them, disqualification from acting as a director, or prosecution....
Consequences of director penalty notices – inaction by directors
Directors who are dealing with financial difficulties of their company often bury their head in the sand. That is however, the last thing a director should be doing. As we have previously written, directors can be personally liable for company debts as a result of:...
Filing for Bankruptcy
If you find yourself in a position whereby you are unable to pay your debts, you may wish to consider filing for bankruptcy. ...
Director loan accounts and liquidation
When a company is placed in liquidation a Liquidator is required to sell or recover that company’s assets. The company’s assets can include things like cash at bank, motor vehicles and stock. However, a company’s assets also includes debts or loans owed to a company. Where a debt or loan is owed by a related party, such as a loan to a director the loan is an asset which a Liquidator will seek to recover. ...
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