Temporary Insolvent Trading Moratorium – COVID Safe Harbour – The Devil is in the Detail
On 25 March 2020 the Federal Government as part of its Coronavirus Economic Response Package Omnibus Act 2020 inserted a new section 588GAAA into the Corporations Act titled ‘Safe harbour—temporary relief in response to the coronavirus’ This was in addition to laws that also increased the threshold for bankruptcy notices and statutory demands to $20,000, previously […]
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Swimming Against the Tide – Free Webinar
A unique webinar presentation which is designed to assist advisors and business owners alike. Boasting a very impressive line up of presenters that are leaders in their industries. Hear from experts in finance, hospitality, construction, debt negotation and insolvency. The presenters will provide various options and solutions to the most important pain points currently facing […]
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COVID-19 ASSISTANCE
The Stage 4 lock down restrictions come into affect in Melbourne from 11:59pm on Wednesday 5 August 2020. We are acutely aware of the stress this can place on you and your business. Together with the anxiousness and fear that accompanies uncertainty. Please know, that we are here to -assist, -advise, and -answer any questions […]
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THE AUSTRALIAN TAXATION OFFICE, DIRECTOR PERSONAL LIABILITY AND SG AMNESTY FAILURE AMID THE COVID-19 CRISIS!
It has been all hands on deck from all levels of government providing stimulus and law changes to allow business and individuals to manage the devastating financial and economic impact that is the Coronavirus pandemic. As, what feels like an endless lockdown and discussion around Jobkeeper, Jobseeker, Cash flow boost etc, continues, company directors and […]
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CORONAVIRUS COVID-19: BUSINESS SURVIVAL TIPS AND TECHNIQUES
CORONAVIRUS COVID-19 BUSINESS SURVIVAL TIPS AND TECHNIQUES Never before have we witnessed such an immediate and devastating financial and economic impact on a global scale. Many businesses have lost a significant portion of their revenue overnight. The loss in revenue does not have an equitable change in fixed overhead costs on top of the invoices […]
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Anti-Phoenix Legislation – CREDITOR DEFEATING DISPOSITIONS
New legislation to combat illegal phoenixing came into effect on 18 February 2020. The legislation provides additional powers to liquidators, Australian Securities & Investment Commission (“ASIC”), and in certain circumstances creditors by introducing Creditor Defeating Dispositions. The intention is to prevent companies from transferring assets to a newly created related entity and leaving the debts […]
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Company Directors Personal Liability for GST
Company directors can now be personally liable for unpaid GST. The new laws takes effect from 1 April 2020. It does not apply to GST liabilities that have accrued prior to that date. The new laws follow the current Director Penalty Notice Regime that apply to PAYG and Unpaid Superannuation. The law can be summarised […]
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