Dealing with a wind up notice
Wind-up notices are a type of statutory demand that’s typically served by creditors, including the ATO, to enforce the payment of debt by a business. The wind-up notice, usually made under section 459E of the Corporations Act (‘the Act’), requires a business to appear in court with its creditor to determine whether the business is […]
Business Garnishee Notice
A garnishee order is a serious matter, as it means a court order has been made to allow creditors to recover debt from third parties. They can do this in a number of ways, including taking money from the debtor’s bank account and/or from their salary. If you are issued with a garnishee order you […]
Basics of a Creditor’s Meeting
When push comes to shove and the debts can’t be paid, putting a business into voluntary administration can be a sensible move. It’s important to not fear voluntary administration, as it’s a way to restructure the business and hopefully get back on track. In this situation, an administrator takes control of a company, reviews the finances and […]
Our guide to Voluntary Administration
What is voluntary administration? Voluntary administration is an insolvency procedure involving the appointment of an external administrator, known as a voluntary administrator. Usually it’s initiated by the company’s directors or by a secured creditor. Voluntary administration is a process for a business in financial strife and it helps determine the next best course of option for the […]
Shutting down your business
Whether you’re closing down your business by choice or have been forced to do so, it is an involved process with strict compliance requirements. How you shut down will depend on your business structure and why you’re no longer operating your business. Where possible, plan ahead so you can get professional advice, fulfil compliance requirements, […]
What is a provisional liquidator?
Provisional liquidation is a temporary measure used to protect the assets of a company in certain situations. The law on provisional liquidation allows the provisional liquidation process to be activated only under certain circumstances. Whether you’re a creditor, shareholder, or director of a company, you might be considering provisional liquidation to protect and preserve the […]
Early Release of Super
From 1 July 2018, responsibility for the administration of the early release of superannuation benefits on compassionate grounds will be transferred from the Department of Human Services (DHS) to the ATO. Superannuation benefits can be released on compassionate grounds to meet expenses related to medical treatment, medical transport, modifications necessary for the family home or […]
Profit motive for asset acquisition
A profit that arises from the carrying out of a profit-making undertaking or plan (that is, one with a profit-making intention) will be assessable as statutory income where the proceeds of the profit-making undertaking or plan are not otherwise assessable as ordinary income. Any capital profit on the disposal of assets acquired before 20 September […]
Tax of Foreign Income For Australian Residents
Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income […]
Bitcoins and SMSFs
While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register. What makes bitcoin work, where previous attempts at electronic cash […]
