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Reference: https://australianinsolvencylaw.com/2019/07/22/the-combatting-illegal-phoenixing-bill-2019 — The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 was reintroduced into Federal Parliament on 4 July 2019. According to the Explanatory Memorandum, the intended laws will: introduce new phoenixing offences that; a) prohibit creditor-defeating dispositions of company property, b) penalise those who engage in or facilitate such dispositions (directors, officers, facilitating advisers), […]

ASIC has just released its Report on Insolvencies for 2017/2018. 84% of insolvencies involve small companies with: 20 or fewer employees Assets of $100,000 or less 39% with liabilities less than $250,000 61% with liabilities greater than $250,000 97% of all small company liquidations result in a return to creditors of Between 0 – 11 […]

Porsche, Range Rover and houses: How Nissan-driving Tim got caught in scam By Sarah Danckert Sydney Morning Herald Article 28 August 2018 Hit with a tax bill, locksmith Tim Batchelor thought the best thing to do was to follow a family friend’s advice and get some help from a city accounting firm. But for the country […]

Collapse of book distributor strands hundreds By Linda Morris 19 August 2018 — 5:31pm The collapse of a “stalwart” Melbourne book distributor has stranded hundreds of tiny publishers and self-published authors in the lead-up to the Christmas buying spree. Dennis Jones & Associates has been the go-between for small publishers and self-published authors and bookstores since […]

Source: John Shepherd via LinkedIn: Single Touch Payroll is a game changer for tax and super reporting and the broader economy. It is an exciting digital initiative as it ultimately unlocks real time salary and wage information for all employees in Australia. For now, it means employers will report payments such as salaries and wages, pay as […]

Advisors who ignore unlawful conduct of clients may be exposed to penalties. In a recent case, Fair Work Ombudsman v Blue Impression Pty Ltd & Ors [2017] FCCA 810, it was found that the external accountant knew of, but ignored, the underpayment of wages by their client. Consequently, the advisor was found to be an accessory […]

ASIC is warning the public not to use a website which promotes financial investments offered by ‘Skyllex’, a company incorporated in Australia. ASIC is concerned that Skyllex’s website https://skyllex.com contains false, misleading or deceptive statements in relation to financial services. The website states that ‘Our activity is totally legal and regulated by the Australian Securities […]

To his staff he was Tony Smith. To banks and financial authorities he was Tony Agius. To investigators he appears to be little more than a puff of smoke left behind by someone who could be living in Asia, possibly Hong Kong or Beijing. Iain Luck and his partner Sarah Taylor who paid $9999 for […]

It was only a matter of time before the scourge of identity theft forced an insolvency practitioner to validate their appointment and Sydney liquidator Steve Kugel has recently been enjoying the inconveniences that flow from discovering an appointor is not who he seems. Kugel was contacted on April 19 by a person identifying themselves as Tony […]