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...
Company tax debt; solve it with small business restructuring
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....
How we settled a $246,000 debt for $30,000
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....
How do you liquidate your company
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....
What happens if you are bankrupt and don’t pay income contributions
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....
Dangers of granting the ATO security as part of a payment arrangement
Offering the ATO security as part of a payment arrangement can be risky. While it may help negotiate a payment plan, it can also lead to the ATO selling the secured assets if the taxpayer fails to pay the debt. This is especially dangerous for directors who personally guarantee company tax debts, as they become liable if the company defaults. In a recent case, a client's properties were used as security for a company ATO debt, leaving him with no equity and ultimately forcing him into bankruptcy. Seek professional advice before making such decisions....
Can you start a business after going bankrupt?
Starting a business after bankruptcy is possible, but with restrictions. While you can't be a company director for three years, you can operate as a sole trader. Your business name must include your own name, and there are limitations on obtaining credit and operating businesses requiring certain licenses. Profits from your business are considered income for bankruptcy purposes, and you may have to pay income contributions if your earnings exceed a certain level. Despite these restrictions, many people successfully rebuild their financial lives through entrepreneurship after bankruptcy. Need guidance? Contact us for assistance....
QBCC Home Owner Warranty claims; when are they not released by bankruptcy?
Directors of building companies are liable for claims by the QBCC and liquidating the companies will not avoid personal liabilities of the directors. They can either voluntarily declare bankruptcy, or be made bankrupt by the QBCC, but this will not necessarily release them them from all QBCC claims....
Keep your house in bankruptcy through the doctrine of exoneration
The doctrine of exoneration is a presumption that affords protection to a spouse where their partner had taken a loan against a property for their sole benefit e.g. a business loan....
Hospitality Business Can’t Pay Its Debts – What Are The Options?
It is no surprise that hospitality businesses have been significantly impacted by the COVID-19 pandemic and the resultant government policies. ...
Why get advice from an insolvency practitioner
Insolvency Practitioners can provide services beyond formal appointments. They can provide invaluable advice to directors. ...
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