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. ...
PAST ARTICLES
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?...
How voluntary administration saved a Covid-19 impacted business
Voluntary administration can sometimes be the best option for a company in financial difficulty. Especially if a business has been severely impacted by Covid-19. ...
Possible Increase to Statutory Demand Threshold
Statutory demands can currently be issued by creditors who are owed a debt of at least $2,000 by a company. The Federal Government is considering increasing the threshold to $10,000....
When Is Liquidation The Best Option For Your Company?
Is liquidation necessarily bad? Should you avoid liquidation at all costs? Or can liquidation actually be the best thing for your company? This article looks at the key issues of company liquidation....
Further Extension of Covid-19 Insolvency Relief From 1 January 2021
There are new requirements to access the temporary protections afforded to insolvent businesses and their directors due to Covid-19. We can discuss all the options with you. ...
Early warning signs of insolvency
Recognising and admitting that a business is in trouble is a first step to recovery. Identifying the signs of insolvency and acting early provides the business the best chance to turn around....
Insolvent Trading Moratorium Extended
As part of the Federal Government's COVID-19 Measures, it introduced a moratorium regarding trading a business while insolvent, this has been extended to 31 December, but not without conditions. ...
Federal Government Releases Proposed Small Business Restructuring Legislation
The Federal Government has now released draft legislation for small business restructuring being the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020....
Simplified liquidation process; How does it work and what will it cost
The simplified liquidation process is intended to reduce the cost of liquidation and maximise the return to creditors. In this article we look at how the process will work and what it will cost....
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