The safe harbour protection is only available where:
- A course of action is developed, which at the time, was reasonably likely to lead to a better outcome than an immediate external administration. This course of action should be capable of compliance within a reasonable time frame.
- Employee entitlements, including superannuation, have been paid when due.
- The company is up to date with its tax reporting obligations.
Safe Harbour requires the appointment of an appropriately qualified entity or entities as the case may be. Appropriately qualified, means fit for the purpose of executing the elements of Safe Harbour and may involve more than one advisor.
We are experts in these types of engagements and have significant experience across a number of industry sectors in successfully acting as the Appropriately Qualified Entity in undertaking the Better Outcome Test analysis as well advising on Safe Harbour generally.
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Getting advice as early as possible can put you in a much better position and provide some peace of mind. Get in touch to discuss your situation.