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Treasury Law Amendments (Combating Illegal Phoenixing) Bill 2020
The Treasury Law Amendments (Combating Illegal Phoenixing) Bill 2020, was passed on 5 February and received Royal Assent on 17 February. The Explanatory Memorandum released with the Bill, helps summarise the four measures introduced to combat illegal phoenix activity, detailed as follows: Schedule 1 – New Phoenix Offences (commenced on 18 February 2020) Introduces new phoenix offences to prohibit creditor-defeating dispositions of company property, penalise those who engage in or…
Tags: 2020February 21, 2020
Register your Security on Time!
As you may know the Personal Property Securities Act 2009 (“the PPS Act”), which established the Personal Property Security Register (“PPSR”), came into effect on 30 January 2012. What is surprising is that some seven years later, companies and individuals are still failing to validly register their PPSR interest, resulting in the loss of hundreds of thousands, if not millions of dollars in security. The purpose of the PPSR was…
Tags: 2019December 10, 2019
Insolvency – Recognising the Warning Signs
As accountants, there are a number of financial warning signs you would see your clients experiencing that need further attention. There are also a number of non-financial signs which may be less apparent but are equally as important. Accountants are at the forefront of being able to identify financial warning signs of distressed companies and are in a good position to assist clients obtaining professional advice and mitigating their risks…
Tags: 2019 Christine SteadSurviving the Christmas Cash Flow Hangover – A Retail Focus
Fast forward to February 2020, to a time when Christmas Day has been long forgotten and the New Year has come and gone. January has been slow and spent recovering, or battling your competitors for your slice of the January sales. You are sitting down enjoying your morning coffee going through your emails, when you are reminded that your December Business Activity Statement is due in a matter of days….
Tags: 2019 Darren VardyDisclosure of Business Tax Debts Under New Reporting Laws
On the 22 October 2019, the Government passed new reporting laws permitting the ATO to release tax debt information of businesses to registered credit reporting bureaus (CRBs). The law received royal assent on 28 October 2019. Under the law, tax debt information of a business may only be released by the ATO provided the business meets all the following criteria: “it has an Australian business number (ABN), and is not…
Tags: 2019 David StimpsonFast Four – A Collection of Four Short Insolvency Topics
1. So Bankruptcy lasts 3 years right? Not for fictitious Ken who completed and dated his statement of affairs (the document that kick starts the bankruptcy period) (SOA) before he was even made a Bankrupt by the Court. Some key lessons from this case: (a) don’t be too over-eager and pre-date your SOA; (b) when you submit your SOA, make sure it has been received and accepted; and (c) ask…
Tags: 2019How Often Do You Lose a Potential Client Over Fees?
In a recent conversation with a lawyer, it became apparent that this question does not necessarily have a quantifiable answer. When discussing the payment options that this lawyer offers to his clients, an important question was raised, “what do I do if I am losing clients over fees, and how do I remain fee competitive and increase revenue from new clients?” Professionals (particularly accountants) often mention they are conflicted with…
Tags: 2019SV Partners Opens Adelaide Office
SV Partners is pleased to announce the opening of our new office presence in Adelaide. For over 16 years, SV Partners has been proudly offering specialist accounting and advisory services to professionals and their clients along the eastern seaboard, Perth and now, with its newly established presence in Adelaide. With this expansion, SV Partners welcomes two new members to the team, Stuart Otway and Alan Scott. They bring a wealth of…
Tags: 2019December 2, 2019
Expressions of Interest – Soapbox Pty Ltd (Administrator Appointed)
Soapbox Ai is an online workflow automation system. The Company has developed its own software and licences the software to users via annual subscriptions. Revenue $306,553 FY19. Urgently seeking Expressions of Interest Jason Porter of SV Partners as Administrator of the Company is seeking urgent Expressions of Interest from interested parties for the purchase of the Intellectual Property owned by the Company. The IP of the Company holds significant...
October 25, 2019
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