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. ...
PAST ARTICLES
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. ...
Avoid Director Penalty Notice Liability with Small Business Restructuring
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? ...
Superannuation – $450 weekly wage threshold removed
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. ...
Interest Rate Hikes Causes Highest Mortgage Stress in Decades
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. ...
What happens to your builder’s license if your company goes into liquidation?
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. ...
GET IN TOUCH
We’re happy to answer any questions you may have, so please don’t hesitate to call us and schedule a consultation.
BRISBANE OFFICE
Address
Level 10
127 Creek Street
Brisbane Qld 4000
Phone
Phone: 07 3221 0055
Fax: 07 3221 8885
Postal Address
GPO Box 691
Brisbane Qld 4001
GOLD COAST OFFICE
Address
Level 15, Corporate Centre One
2 Corporate Court
Bundall Qld 4217
Phone
Phone: 07 5630 1179
Fax: 07 3221 8885
FOLLOW US
Information
Services
Follow us
Subscribe
- Liability limited by a scheme approved under Professional Standards Legislation.
- © 2026 Pearce & Heers Insolvency Accountants
- Privacy Policy
- Disclaimer