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How do you liquidate your company

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....

How the ATO can garnishee your wages

How the ATO can garnishee your wages

Some people unfortunately incur unmanageable tax debts.  This can be income tax, or perhaps PAYG Tax or GST from a sole trader business or director penalty debt.  Once this tax debt reaches a certain level it can be difficult to ever pay given interest and penalties can keep accruing....

Can you start a business after going bankrupt?

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....

ATO issuing nearly 200 director penalty notices a week

ATO issuing nearly 200 director penalty notices a week

The ATO has however, started taking recovery action to recover tax debts owed. This has included issuing a large number of director penalty notices and beginning to disclose business tax debts to credit reporting agencies....

ATO to start issuing Director Penalty Notices again

ATO to start issuing Director Penalty Notices again

Throughout the Covid-19 pandemic the ATO has mostly ceased taking any type of recovery action to recover debts which it was owed. Recently, the ATO’s approach to debt collection is changing and we have seen a number of warning letters from the ATO....

Hospitality Business Can’t Pay Its Debts – What Are The Options?

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. ...

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 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. ...

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. ...

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....

21-Day Director Penalty Notices – You Can No Longer Avoid Liability by Entering into A Payment Arrangement

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. ...

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