Dangers of director penalty notices
If a company does not pay superannuation and it also fails to lodge SGC Statements, the directors are automatically liable for the unpaid superannuation and can be issued Director Penalty Notices. ...
PAST ARTICLES
Dangers of ATO Garnishee Notices: A Case Study
This is Case Study of what happened to a client when the ATO issued a Garnishee Notice to their bank. And what our client should have done to avoid the risk....
How to replace the Liquidator of a company
Liquidators are obligated to act independently and in the best interest of creditors. However, there can be times, when creditors look to appoint another Liquidator....
Wrongly claimed JobKeeper? What happens next?
Back in March 2020, the Federal Government rolled out the JobKeeper scheme. The scheme was intended to assist businesses that were financially impacted by the by the Covid-19 pandemic. ...
Success Story: Settling a $785,000 bank debt for $26,000
Can you settle a large debt you owe to your bank for a minimal amount? Read how we helped a client settle for less. ...
Small business restructuring: What are the problems and risks
If you are considering the small business restructuring process, ensure that you consider the issues discussed in this article....
Construction insolvencies to rise in 2021
It is anticipated that from mid-2021 onwards there will be a significant increase in insolvency appointments as various government stimulus packages come to a close....
Business tax debts increase because of Covid-19
As a result of Covid-19 there has been a significant increase in the level of tax debt owed to the ATO. This has seen unpaid tax debt nearly double in the last four years. ...
What Happens to Debts of a Deceased Estate?
The executor or administrator of a deceased estate will have the duty to deal with the deceased’s debts and pay them where possible from the deceased’s assets. The remainder of the estate after the payment of these debts will be distributed to the deceased’s beneficiaries. Some estates, howev...
New rules to stop backdating of directors’ resignations
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020. This law includes provisions to stop directors backdating their resignation as director or at all if it would leave the company without a director....
21-Day Director Penalty Notices – You Can No Longer Avoid Liability by Entering into A Payment Arrangement
The ATO had hit the brakes in collecting tax debts since the start of the COVID-19 pandemic. The ATO however has since the start of 2022 gradually increased its efforts to collect monies owed. ...
What can businesses do now that JobKeeper has ended?
In March, there were still over 370,000 business and 1 million employees taking advantage of JobKeeper. So now that JobKeeper has ended what will happen to those businesses who relied on it?...
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