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PAST ARTICLES

Total Collectable Tax Debt Increases to $38.5 Billion

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

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

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....

Asset structuring for directors to avoid insolvency risks

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? ...

Case Study: Lockdown Director Penalty Notices for Unpaid Superannuation

Case Study: Lockdown Director Penalty Notices for Unpaid Superannuation

If your company is in financial difficulty, there are numerous risks involved, including the risks of lockdown Director Penalty Notices....

ATO Security as Part of a Payment Arrangement; What are the Risks?

ATO Security as Part of a Payment Arrangement; What are the Risks?

If you owe an ATO debt you can’t pay, you can seek to negotiate a payment arrangement with the ATO. If the ATO refuses to enter into a payment arrangement, then it may be an option to offer the ATO security to support the payment arrangement. ...

Granting the ATO Security as Part of a Payment Arrangement

Granting the ATO Security as Part of a Payment Arrangement

If you can’t pay an ATO debt then you can seek to enter into a payment arrangement with the ATO. This can be done for both company and personal tax debts. ...

How to remove a Bankruptcy Trustee

How to remove a Bankruptcy Trustee

If you are a creditor of a bankrupt estate, you may not be happy with the steps taken by the Bankruptcy Trustee. This can include steps taken to ...

Dangers of director penalty notices

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. ...

How to replace the Liquidator of a company

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....

Small business restructuring: What are the problems and risks

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

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....

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