ATO to Report Business Tax Debts to Credit Reporting Bureaus

Current as of February 2017   From 1 July 2017 the ATO will be allowed to disclose tax debt information to Credit Reporting Bureaus. The new measure will only apply to businesses with an ABN that have a tax debt of more than $10,000 overdue by more than 90 days, where the taxpayer hasn’t effectively engaged with the ATO to … Read More

Small Business Insolvency Reforms 

Current as of 26 February 2021   As discussed in our previous newsletter, Covid-19 has seen an unprecedented amount of Government stimulus and legislation. This includes the new Small Business Insolvency Reforms which commenced from 1 January 2021 which have continued from the insolvent trading “Covid-19 Safe Harbour” provisions which ceased on 31 December 2020. These provisions provided company directors … Read More

Safe Harbour protection measures from insolvency finished on 31 December 2020 – so what are your options now?

Current as of 28th January 2021   Safe Harbour protection measures from insolvency finished on 31 December 2020 – so what are your options now? The Covid-19 pandemic has seen an unprecedented amount of legislation rushed through parliament to help stimulate, support and protect businesses. One piece of that legislation provided temporary protection for directors by relieving them of liability … Read More

Directors now protected from insolvent trading

CURRENT AS AT 28 AUGUST 2018   Is your company unable to pay its debts? Section 588G of the Corporations Act 2001 imposed a duty on a director to prevent a company from engaging in insolvent trading. If a director allowed their company to continue trading after it became insolvent and allowed their company to incur debts, then they became … Read More

More tax savings for small business

Current as of February 2018   From 1 January, 2018 certain types of insurance for small business are no longer liable to stamp duty. To qualify as a small business, the entity must: Be carrying on a business, and Have aggregated turnover of less than $2 million The exception will apply to: Commercial vehicle insurance (being motor vehicle insurance for … Read More

Share Transfer vs Share Buy Back – what’s the difference?

Current as of April 2017   Where two or more unrelated shareholders trade through a company, there often comes a time where they part ways, presenting a need for one of the shareholders to exit the company. Broadly, this can be achieved either by the departing shareholder selling his shares to the remaining shareholder, or alternatively by the company itself … Read More

How to access invaluable financial information about your competitors

Current as of April 2017   The regulatory and compliance requirements enforced by the Australian Securities and Investments Commission (ASIC) for Companies are often seen to be a burden – but they can also prove to be a useful source of data. Aside from providing investors with safeguards in the manner in which directors carry out their duties in the … Read More

Use of social media can open you up to a Tax Audit

Current as of April 2017   Posting images and content online showing your latest holiday or purchase seemed like a good idea at the time! Just remember who might be looking at your social media as well. The ATO has always looked at different ways to data match what taxpayers declare in their tax returns against information available from other … Read More

February 2017 Newsletter

Current as of March 2017   ATO TO REPORT BUSINESS TAX DEBTS TO CREDIT REPORTING BUREAUS From 1 July 2017 the ATO will be allowed to disclose tax debt information to Credit Reporting Bureaus. To avoid being impacted by these new measures you should read our full article. SMSF PROPERTIES – WHAT CAN AND CANNOT BE DONE TO THEM? Are … Read More