News & Updates

• ATO and DPNs – Beware! Peter Hillig 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.

• Director Identification Number Regime Now in Place Rommel Alfonso 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.

• Severe Consequences for 'Shady' Pre-Insolvency Advice Peter Hillig 02-12-2021

  Pre-insolvency advice is firmly in the spotlight following a recent Court case involving fraudulent asset stripping before a liquidation...

• Director Resignation Changes Peter Hillig 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.

• ATO - Change in Debt Collection Approach - Directors Beware! Peter Hillig 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.

• 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.

• Alert to Advisors - Potential Personal Liability Mike Smith 12-11-2020

  The Treasury Laws Amendment (Combating Illegal Phoenxing) Bill 2019 (“the Bill”), received Royal Assent on 17 February 2020.

• Covid-19 Safe Harbour Protection for Directors Rommel Alfonso 04-09-2020

  Directors are generally personally liable for debts a company has incurred whilst:

• 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.

• 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.