The 80¢ Per Hour Work-From-Home Deduction Method Has Been Extended Until 30th June 2021
A significant number of Australian business owners and employees are working from home as a result of the covid-19 pandemic. A direct consequence of working from home is that additional expenses are accumulated by workers in relation to their income-producing activities. These additional expenses include more money spent on lighting, heating, clean and cooling. Working […]
An Overview of the Small Business Insolvency Reforms Introduced on 1st January 2021
On 1st January 2021 the Australian federal government’s small business insolvency reforms came into effect thus replacing the temporary insolvency protections which were introduced on 25th March 2020 during the peak of the covid-19 pandemic. The reforms in the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 were passed through federal parliament on Friday 11th […]
The Benefits of Debtor in Possession & The Implications of the Small Business Insolvency Reforms Introduced on 1st January 2021
On 11th December 2020 Federal Treasurer Josh Frydenberg announced that the Australian Government would be making changes to Australia’s insolvency framework to help small businesses who have been affected by the economic impacts of COVID-19. The proposed changes came into effect on 1st January allowing businesses with liabilities of less than $1 million to restructure […]
Insolvency reforms and debtor in possession
In its bid to continue to assist small businesses experiencing financial distress during the pandemic, the federal government has proposed new insolvency reforms for SMEs with liabilities of less than $1 million, these are referred to as debtor in possession and are similar to Chapter 11 in the United Stated. These reforms will require struggling […]
C&D Adapting to rapidly changing landscape
Over the next few weeks, there will be a new colour and a change of logo to the C&D presence as we continue to adapt to the changing economic landscape. The last six months have been challenging for most businesses and we have been in the same boat. Whilst missing our Yeronga home, the opportunity […]
Moving office
The team has relocated to 110A Hoff Street Mt Gravatt and will be operating from here for the rest of 2020. The change has brought a further flexibility that we feel better aligns with the changing marketplace and hopefully will allow us to be more adaptable. We are retaining the offices in Geelong and Sydney, […]
Do The Assets In A Self-Managed Superannuation Fund Vest In The Trustee?
With the continued rise of Self-Managed Superannuation Funds (“SMSF”) bankruptcy trustees are frequently considering the effect bankruptcy has on the fund and if they have any interest in the fund. A bankrupt needs to be aware that they cannot sit back and do nothing in order to protect their SMSF. SMSF and Bankruptcy SMSF’s are […]
The Need for Tax Due Diligence
Asset protection for ATO claims
It relates to the Australian Taxation Office (ATO). The ATO can issue garnishee notices under section 260-5 of Schedule 1 of the Taxation Administration Act 1953 (TAA). Under the notices, the Commissioner is empowered to recover tax and related liabilities, including judgment debts and certain other debts from third parties who owe money to or […]
Selling on retention of title
Introduction You may not be aware of it, but a business which sells goods on ‘retention of title’ terms relies heavily on the Personal Property Securities Act 2009 (PPSA) for protection against its insolvent customers. Best Practice Best practice for businesses selling goods on this basis is to have a dated master agreement signed […]
