ATO Raising the Stakes in the Crack Down on Self Managed Super Funds

There has been an increase in media attention surrounding the ATO’s toughened stance on prosecuting non compliant self managed super funds (“SMSF’s”) in the last 18 months. This article seeks to explain the reasons behind the Australian Taxation Office’s (“ATO”) crackdown on non complying SMSF’s, the penalties which are imposed on a non-compliant fund and … Continued

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Tax Debts Trigger Companies to go Insolvent

Many companies are continuing to hold off their tax liabilities, which often has resulted in companies being forced to appoint an external Administrator. According to the Australian Taxation Office, there is over $10 billion outstanding in collectable liabilities, most of which comprises of the business sector. Numerous businesses carry some degree of debt baggage. Some … Continued

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A Dry, Hard Country

Famous Australian writers have used words like a dry, hard country for many years but most of us always thought and believed they were referring to Australia’s unique landscape and its inflicting climate. Now, more than ever, the increasing drought of discretionary spending is really beginning to take hold and proving to be a new … Continued

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How healthy is your Business?

The Insolvency & Trustee Service Australia (ITSA) held its 6th annual congress in July last year. Updated figures were discussed relating to the current trend of bankruptcies. Over 30,000 people became bankrupt in the last financial year. Of these, New South Wales had the highest. Bankruptcies are generally classified as either business or non-business related. … Continued

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