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The Grizzly Bear Hibernates for the…COVID-19 Pandemic.
The native North American Grizzly bear and the ATO. Can there be similarities between an animal and a sovereign regime? Let’s compare the two and find out:
November 24, 2021
ATO Breaks Their Silence!
Reading Time: < 1 minute An official statement by the Australian Taxation Office (ATO) today indicates debt recovery actions will recommence in New South Wales, Victoria and ACT “after a general pause during lockdowns”. The ATO’s initial focus will be on taxpayers with higher debts and superannuation guarantee debts, and that all other taxpayer debts (smaller non-super guarantee debts) will be pursued in the new year. The ATO is using...
November 17, 2021
Let’s Do a Deal! Reaching Settlements with Creditors – What are my Options?
Reading Time: 5 minutes Sometimes an individual (Debtor) finds themselves “in over their heads” with debt – we consider this to be unmanageable debt. In an effort to avoid bankruptcy (or have the restrictions of bankruptcy removed), a Debtor can seek to settle / compromise their debt by paying some of the debt they owe. There are a number of ways this can occur: An informal settlement A formal settlement...
SV Does the Business
Reading Time: 4 minutes When a company is placed into liquidation, many people make an assumption about the company’s affairs and the ability to make any realisations from the company’s business. This assumption is typically that there is no prospect the liquidator could achieve a sale of business. Because of this assumption, directors of companies often continue trading businesses (frequently at a loss) until they believe there is no prospect...
Personal Insolvency Agreements – Risks and Benefits
Reading Time: 4 minutes Personal Insolvency Agreements (PIAs) are an alternative to bankruptcy. They are designed to bring about a better return to creditors of an individual who is insolvent than would result if the individual was to be declared bankrupt. Benefits of a Personal Insolvency Agreement Flexible – there is freedom as to the terms of the proposal that may be put to the unsecured creditors, the terms...
Director Identification Numbers
Reading Time: 5 minutes Illegal phoenix activity is a process whereby directors of a company transfer an ongoing business and assets to another entity and then leave the old company to be liquidated. A report commissioned by the Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC) and the Fair Work Ombudsman in July 2018 estimated that the annual cost to the economy of illegal phoenix activity was between...
ATO & Credit Reporting
Reading Time: 2 minutes As reported in a previous article, in late 2019 the Australian Taxation Office (ATO) was given the power to release information to credit reporting agencies concerning the tax debts of a business in certain circumstances. Those circumstances are: The business has an Australian Business Number (ABN), and is not an excluded entity; The business has one or more tax debts, of which at least $100,000 is...
Dependants to be or not to be in Bankruptcy – Assessing Dependants in Bankruptcy
Reading Time: 4 minutes A Trustees’ decision whether a person is a dependant or not can affect the ability of a bankrupt to reduce their income contributions liability. From a trustee perspective, assessing the liability is sometimes challenging, particularly with consideration as to whether a person is a full dependant of the bankrupt or not at all during a contributions period. Is the Person a Dependant? A person is...
Getting out of Bankruptcy: Annulments
Reading Time: 4 minutes As daunting as it may be, if you have been declared bankrupt, there are options available to you to seek to end your bankruptcy earlier than would otherwise occur (ordinarily, bankruptcy lasts 3 years from the date of lodgment of a Bankruptcy Form). For instance, you may seek to obtain an annulment of your bankruptcy. The term “annulment” is commonly used to describe the end brought...
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