News & Updates
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ATO Director Penalty Notice (DPN) Changes: What do they mean for you?
27-05-2022
The Australian Tax Office is flagging an important change in its approach to debt collection and insolvency, with a return to full-time status for its collections department and a renewed focus on the recovery of debts owing.
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Director Identification Number Regime Now in Place
02-12-2021
The Director Identification regime is now in place and all Directors, both existing and new appointments, will need to apply for a unique identification number.
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Severe Consequences for 'Shady' Pre-Insolvency Advice
02-12-2021
Pre-insolvency advice is firmly in the spotlight following a recent Court case involving fraudulent asset stripping before a liquidation...
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Director Resignation Changes
26-10-2021
Effective 18 February 2021, if a person stops being a director of a company, they or the company, must notify ASIC within 28 days.
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ATO - Change in Debt Collection Approach - Directors Beware!
26-10-2021
As the Government shifts its COVID 19 response from cash injection to cash recovery, we were interested to listen to a presentation from the Australian Taxation Office (“ATO”) on their debt collection strategy as we navigate our way through the pandemic.
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Small Business Restructuring Reform
03-02-2021
On 1 January 2021 some of the most significant changes in insolvency law in three decades were introduced following amendments to the Corporations Act.
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Alert to Advisors - Potential Personal Liability
12-11-2020
The Treasury Laws Amendment (Combating Illegal Phoenxing) Bill 2019 (“the Bill”), received Royal Assent on 17 February 2020.
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Covid-19 Safe Harbour Protection for Directors
04-09-2020
Directors are generally personally liable for debts a company has incurred whilst:
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The Dangers of Lending to Loved Ones
02-03-2020
Given the costs associated with the acquisition of real estate in the current market, it is becoming common for parents to advance funds (unsecured) to their children in order to assist them in buying their first home. The funds advanced usually form part of, or all of the deposit for the property, which assists their children obtaining finance to purchase the property.
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Impending Changes to the DPN and PPSR Update
30-09-2019
Readers will recall that our June 2019 Newsletter discussed the recent changes to the Director Penalty Notice (“DPN”) Regime in respect to superannuation.