Our Latest Blogs

The Government’s response to the Productivity Commission Inquiry into Business Set-Up, Transfer and Closure has just been released. Recommendation 15.1 (page 27) is for a simplified small liquidation process for companies with debts of less than $250,000. For such companies, the government supports: 1. A substantially reduced investigation into the control of a company and use […]

ASIC has issued REP513 being its enforcement outcomes – July – December 2016. The report focuses on facilitators of serious illegal phoenix behaviours and improper transactions in the face of insolvency. ASIC states: it is intent on disrupting illegal phoenix activity and focusing on facilitators, including rogue insolvency practitioners using a whole of ASIC plan […]

A Senate Committee is conducting an enquiry into the problem of the non-payment of superannuation by companies. The enquiry is concerned that company directors should not be trusted to pay super contributions monthly or quarterly, and that it should be extracted at the source – before it is used to cashflow the operations of the […]

The Government is considering plans to allow the ATO to disclose to credit reporting bureaus the names of Companies who owe tax and who have not effectively engaged with the ATO in managing those debts. Have your say. Here are the results of our recent poll.

Various news outlets have reported that staff at the ATO have rejected a push to extend working hours from 7 hours and 21 minutes a day to 7 hours and 30 minutes.  The ATO management believes an increase of 9 minutes a day will improve productivity and be more in line with community expectations. According […]

A company is required by s.286 of the Corporations Act to maintain books and records that correctly record and explain its transactions and financial position and performance, and would enable true and fair financial statements to be prepared and audited. If a company fails in this requirement, is may be presumed insolvent throughout the period […]

For some Australian business, 2016 has no doubt been a celebration of success. But for 9,465 Australian businesses, the last years has been a nightmare. ASIC has published its Corporate Insolvency Year in Review based on reports from 9,465 Corporate Insolvencies. Here is a snapshot of the most interesting points. 86% of Corporate Insolvencies involve […]

As Consumer Confidence begins to fall, business in Australia is experiencing a new low. This has come hot on the heels of the last week’s quarterly GDP contraction, signally further downturns in Australian business. The National Australia Bank reported a fall to +5 in its business conditions index during November which had previously sat at […]

The Blow Torch is Turned Up Against Pre-Insolvency Advisors In our last Hot Topics update, we highlighted the recent raids on Pre-Insolvency advisors by the Corporate regulator, the ATO and the Australian Federal Police. Now the issue has gained even greater prominence with an incredible story aired on ABC’s 7.30 Report. Posted by Jobs Poll […]