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As professional advisors, we need to keep abreast of the changing landscape, in particular, the ever evolving tax laws. The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 received Royal Assent on 1 March 2019. This Bill amends the reporting timeframes for superannuation regarding whether a Director Penalty Notice (“DPN”) is either lockdown or non-lockdown. There has been no change for PAYG and the three-month from due date rule continues...

It has been some time now since the Federal Government introduced the Bankruptcy Amendment (Enterprise Incentives) Bill which proposes to reduce the period of bankruptcy from 3 years to 1 year. However, a Trustee in Bankruptcy will retain powers to extend the term in the event of misconduct. The amendments also include measures to extend the income contribution obligations of discharged bankrupts for a minimum period of two years following...