News & Updates

• Australian Taxation Office - Statutory Garnishee Notices 01-09-2011

  The Commissioner of Taxation (“Commissioner”) has a number of options to enforce the collection of outstanding company taxation debts. An option that we are seeing being used more often by the Commissioner is the issuing of a “Garnishee Notice”. A Garnishee Notice to an entity (including an individual) owing money to the tax payer directs that debtor to remit that money to the Commissioner and not the taxpayer. Read More

• Tax Changes - Expansion of Director Liability Provisions 01-09-2011

  In the May 2011 Federal Government budget, the Government announced further measures to strengthen the Taxation Legislation to counter “fraudulent corporate phoenix activity”. The Government describes this activity as involving: Read More

• Major Change to Registering Security Interests – Personal Property Securities Reform Peter Hillig 06-06-2011

  PPS stands for Personal Property Securities.  Arguably, it is the most fundamental change to company law since the introduction of the voluntary administration regime in 1993.  It is set to commence in October 2011. Read More

• Recent Developments in ATO Debt Collection Powers and Changes to Bankruptcy Law Peter Hillig 02-08-2010

  1. Changes to ATO Director Penalty Notices There have been recent amendments to the Income Tax Assessment Acts in regard to unpaid company taxes. The amendments have been consolidated under the Tax Laws Amendment (Transfer of Provisions) Act 2010 which came into effect on 1 July 2010. Read More

• Professional Advice re Solvency of Business Peter Hillig 03-05-2010

  Directors of a company are under a positive obligation to ensure that the company does not trade whilst it is insolvent. Should the company continue to trade whilst it is deemed insolvent directors may attract a personal liability for all unpaid debts incurred during the period of insolvency. Read More

• Professional Service Provider in Phoenix Activity Peter Hillig 05-01-2010

  The Australian Securities and Investments Commission (“ASIC”) has recently taken action against a Sydney Lawyer for his “involvement” in phoenix activities by the directors of eight (8) companies. Read More

• Valuations and Family Law Peter Hillig 01-09-2009

  The issue of valuing businesses and minority shareholdings in closely held family companies is an interesting area for valuers preparing a valuation for use in Family Court proceedings. Read More