Effect of Insolvency on ATO’s Garnishee Power

With the recent spotlight on the alleged overzealous use of debt recovery tactics such as s260-5 Garnishee Notices by the Australian Taxation Office (“ATO”) to recover taxation liabilities, it is worthwhile to examine the legislation surrounding and impact of these notices on individuals, businesses and the effect of an insolvency appointment. The Legislation Section 260-5 … Continued

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DOWN, AND DOWN WE GO

Well the RBA has done it again, we are now at the lowest interest rate levels since the establishment of the RBA, and with the (predicted) change I am yet to hear a cry of, “Great news this will work, just watch everything change.” We are continually being advised by learned experts that we are … Continued

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AFSA’S STATISTICS

The Australian Financial Security Authority (AFSA) has just released its June 2016 quarter statistics and they show a significant jump in the number of personal insolvency cases in the quarter, with a total of almost 8,000 insolvency matters commenced during the period. The numbers for this quarter compare favourably with the years 2007 to 2012 … Continued

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