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 […]
Read MoreSEASON’S GREETINGS AND CNS PRECISION ASSEMBLY
The team at Dye & Co. Pty Ltd would like to wish everyone a very safe and Merry Christmas and a prosperous 2020. In lieu of sending Christmas cards, we have made a donation to the benefit of the CNS Precision Assembly. Their website can be viewed here: www.cns.org.au. This donation will assist in the […]
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ATTENTION: RECENT CHANGES TO SUPERANNUATION, DIRECTOR PENALTY NOTICES AND DIRECTOR PERSONAL LIABILITY
On 1 March 2019 the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 received Royal Assent. The effect of this, amongst other changes, resulted in the removal of the three-month grace period relating to Superannuation Guarantee Charge (SGC) debts. As a result, from 1 April 2019 SGC liabilities become personal liabilities of the director […]
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THE CREDIT CONUNDRUM AND THE PPSR
Prior to accepting an appointment as company liquidator, we always conduct a company search. That search includes, amongst other things, a credit check report, which includes details of enquiries, defaults logged etc. Invariably these reports disclose that the company that is about to enter liquidation has a remarkably good credit score. This leads us to […]
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