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
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. ...
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....
When Is Liquidation The Best Option For Your Company?
We look at the key issues of company liquidation, including circumstances where it is beneficial for a company to be placed in liquidation....
Company Liquidation – Risks for Directors Part 1
Part one of Company Liquidation – Risk for Directors. It looks at the risks of ATO Director Penalty Notices, Director / Shareholder Loan Accounts and Personal Guarantees....
Superannuation Guarantee Amnesty Becomes Law
On 6 March 2020, the Federal Government introduced a Superannuation Guarantee Charge (SGC) amnesty. The amnesty allows employers to disclose and pay previously unpaid SGC whilst taking advantage of some benefits. ...
Is my Business Insolvent?
Most businesses we see have been insolvent for many months or years prior to the business owners coming to us. Sometimes this is because business owners don’t know that their business is insolvent or approaching insolvency. ...
ATO Recovery Action; Single Touch Payroll
We have previously written about how the ATO intends to use information it gathers as a result of Single Touch payroll to assist it identify PAYG Tax and superannuation which is not being paid and then take recovery action. The ATO h...
ATO Recovery Action; Credit Reporting Agencies
Article by Mathieu Marcelin, Senior Accountant, Pearce & Heers’ Brisbane Office Legislation has now been passed, by way of the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill 2019, which will allow the ATO to provide information to...
ATO Recovery Action; External Debt Collectors
Article by Johanna Bond, Senior Accountant, Pearce & Heers’ Brisbane Office One of the various recovery tools the Australian Taxation Office (ATO) can use to recover tax debts is to refer tax debts to external debt collectors. ...
ATO Garnishee Notices Issued to Banks
The Australian Taxation Office (ATO) issues numerous Garnishee Notices each year to recover tax debts owed by companies. By far and away the most common type of Garnishee Notice that the ATO issues, is a Garnishee Notice to ...
My business isn’t paying superannuation. What are the consequences?
If you have a business and are not paying superannuation to your employees, you can face penalties. Find out your requirements as an employer, and what happens if you fail to pay super....
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