Our Latest Blogs

The ATO Tax Commissioner and the Second Commissioner have recently given speeches to the Tax Institute and the Tax Teachers Association. Both speeches point to a new and more aggressive approach to debt collection. The attitude adjustment comes on the back of the ATO’s desire to achieve willing participation in the tax and superannuation systems. […]

While there are many, according to research conducted by CCH Australia, the top reason for small business failure is cited by 61% of respondents as being due to an inability to manage costs and anticipate rising costs. Recently the Shop Assistants Union in South Australia reached an agreement to abolish or reduce weekend penalty rates […]

Innocent until proved guilty – Right? Wrong! There is no presumption of innocence according to the Australian Taxation Office who is fighting a parliamentary committee to retain its powers. Currently, if the ATO makes an accusation of tax evasion, a taxpayer is deemed guilty until they prove their innocence. If the ATO raises an assessment, […]

Business confidence has fallen to its lowest level in 18 months. The resources sector is in decline with investment and export prices plunging. Unemployment is at its highest since 2003. To stimulate the economy, the RBA may cut rates to 2% in May and there are predictions of further cuts to 1.75% or below. The […]

The Sydney Morning Herald is reporting that according to the market and leading economists, there is a 92% chance of a further interest rate cut in May 2015. This would see rates drop to 2%. The speculation of further rate cuts is driven by the ongoing weakness in the economy and in particular, the resources sector. Also weak is business and […]

 The short answer is No! Do I have to place my company into liquidation? Again, the short answer is No! However directors do have a positive duty to prevent trading while insolvent – but this can be achieved without liquidating. If I don’t have to liquidate, who will do it? Let’s talk about that. Before we do, you […]

Even when the situation is desperate, liquidation is not your only option. It is only one in a range of options that are available. An unplanned liquidation may not only be a traumatic experience, it may be the wrong decision for you – no matter the price. So before you make a decision on a low cost liquidation based on […]

 If you are trading through a PTY LTD company, the usual rule is that a director is not liable for the company’s debts – however there are a number of ways a director can become liable for company tax debts. The Director Penalty Regime The ATO has power to hold a director personally liable for company tax […]

In a word, Yes. A director can be held personally liable for company tax debts – specifically: unpaid PAYG withholding unpaid superannuation guarantee payments How can a director be liable for company tax debts? If the ATO wishes to hold a director liable for a company tax debt, it must issue a Director Penalty Notice […]