tax debt

Business closures Australia - Is the Post-COVID apocalypse still coming?

When COVID first hit, businesses Australia-wide, understandably, freaked out. Will people stop buying? Will revenue dwindle? Will I have to lay off staff? Will I be able to pay my bills?

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Topics: Bankruptcy, Company Liquidation, Tax Debt, Director Advice, Turnaround & Restructuring, business restructuring, reduce business debt, company insolvency, business closures Australia, business viability, assessment tool, company turnaround, small business restructure, Liquidation

10 Common questions asked by worried directors, answered.

Making the right decisions for your business when you’re facing financial difficulty can be tough – especially when you’re being chased for payment, trying to get cash in, and feeling isolated and overwhelmed. Fear, uncertainty and questions abound.

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Topics: Bankruptcy, Company Liquidation, Personal Insolvency, Tax Debt, Director Advice, Turnaround & Restructuring, Business Debt, company insolvency, common questions

Director Penalty Notice – What they are and how to avoid them

With many businesses still suffering from the financial fallout of COVID-19 and the ATO already tightening up debt recovery in early 2021, directors are at a higher risk of being made personally liable for outstanding tax debts and receiving a director penalty notice (DPN).

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Topics: Personal Insolvency, Tax Debt, Business Debt, Director Penalty Notice, DPN, business tax, GST, business finance, tax debts, insolvent trading

Benefits of the New Small Business Restructuring Process (& How to Prepare)

Are you or a client still struggling with ATO and other debt accrued during COVID-19? If so, the good news is extended help is here.

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Topics: Tax Debt, Director Advice, Turnaround & Restructuring, Business Debt, Advice For Accountants, turnaround, insolvency reforms, business restructuring, COVID ATO debt, COVID business recovery plan, restructure business, reduce business debt, small business restructuring, restructuring process, insolvency advice, business support COVID-19, debt

Unpaid GST Now Included in the Director Penalty Notice Regime

The Treasury Laws Amendment (Combating Illegal Phoenxing) Bill 2019 received Royal Assent on 17 February 2020 and will commence from 1 April 2020. The new legislation allows the Australian Taxation Office (ATO) to recover a company’s unpaid GST amounts from its directors personally through a Director Penalty Notice (DPN).

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Topics: Tax Debt, Director Advice, Business Debt

How to Stop a Garnishee Order

If you’re struggling with overwhelming debt, it’s possible your creditors may seek alternate measures to get their debts repaid. One of these options is to pursue a default judgement from the courts in the form of a Garnishee Order. A Garnishee Order will not be served on you personally, instead, it will require your bank, financial institution, employer or other third party to redirect the money you owe to the creditor directly. In other words, a creditor can bypass you completely and access your funds without you knowing. It’s likely you won’t find out about the Garnishee Order until you see your bank statement or pay slip.

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Topics: Personal Insolvency, Tax Debt, Business Debt

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