ATO focusing on recovery of unpaid super and large tax debts
Collectable tax debt has significantly increase to nearly $40 billion. The ATO is starting to target recovery. ...
PAST ARTICLES
Why get advice from an insolvency practitioner
Insolvency Practitioners can provide services beyond formal appointments. They can provide invaluable advice to directors. ...
ATO Director Penalty Notices; A simple summary of how they apply
The ATO can make company directors personally liable for unpaid GST, PAYG Tax and superannuation. The ATO does this by issuing directors with Director Penalty Notices....
Case Study; Director jailed after following dodgy pre-insolvency advice
A former director of Cap Coast Telecoms, Richard Ludwig has recently been jailed for five years with a non-parole period of 20 months. Mr Ludwig had previously pleaded guilty to dealing with proceeds of crime and breaching his duties as a director. ...
Case Study: How we settled a lease debt for $10,000
If you or your company owes a lease, or other type of debt you cannot pay and you would like to consider all options available, please contact us for a free no obligation consultation....
Queensland bankruptcy numbers still down
It was thought there may be an increase in personal insolvencies/bankruptcies in the second half of 2021 but this has not turned out to be the case. What will 2022 bring? ...
Can Your Bankruptcy Trustee Sell your Cryptocurrency?
Cryptocurrencies are fast becoming a popular investment for Australians considering its exponential growth in value over the past decade. Over the last few years, we find more bankrupts owning cryptocurrencies in one form or another. ...
Total Collectable Tax Debt Increases to $38.5 Billion
The ATO’s recent report on its activities for the 2021 financial year has shown that total tax debt, which the ATO considers is collectable, has increased to $38.5 billion. This compares to $26.5 billion for the 2019 financial year. ...
ATO Garnishee Notices Issued to Debtors
The ATO can issue Garnishee Notices to debtors who owe money to a company. But how does the ATO know who owes your company money and how do Garnishee Notices issued to debtors work in practice?...
ATO begins effort to compel businesses to comply with tax obligations
The ATO is aiming to compel businesses with significant overdue tax debts to comply with their tax obligations, by using credit agencies....
Can you transfer your house before bankruptcy?
We are often asked by clients who are insolvent if they can transfer their interest in the family home to their husband or wife and then go bankrupt? ...
Asset structuring for directors to avoid insolvency risks
No one wants their company to go into liquidation. But if your company does, you want to be in the best position to minimise your personal financial risks. So, how can you do this? ...
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