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Stay up to date with the latest news and information in the insolvency, forensic, turnaround and advisory industry. Looking for further information regarding insolvency, turnaround and forensic advice? Contact a member of our team today.

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Tax Debt and Consequences of Failure to Pay

Dealing with outstanding tax debt is a situation many businesses find themselves facing and remains an ongoing issue for the ATO. In 2018-19, small business accounted for $16.5 billion in collectable debt at the ATO, an increase of $2.6 billion over 2 years, with many businesses facing short term cash flow problems which prevented them from meeting their obligations. The ATO have a number of solutions in place to assist…

Tags: 2020

March 25, 2020

AFSA – Personal Insolvency Statistics in Review

With the release of the latest personal insolvency statistics from the Australian Financial Security Authority in December 2019, annual personal insolvency figures covering bankruptcies, debt agreements and personal insolvency agreements have fallen notably across the board. In 2018-19 there were 27,058 new personal insolvencies, a decrease of 15.1% compared to the previous year. Of these new personal insolvencies, bankruptcies accounted for 15,329 falling by 8.8% year on year, along with…

Tags: 2020

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: 2020

February 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: 2019

December 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 Stead

Surviving 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 Vardy

Disclosure 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 Stimpson

Fast 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: 2019

How 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: 2019

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