The ATO Clashes With The Senate Over The Disclosure Of JobKeeper Order
Commissioner of Taxation Chris Jordan has argued public interest immunity against a Senate order that would have required the ATO to publish a list of businesses with a turnover of more than $10 million who were recipients of the JobKeeper wage subsidy. The Senate order, moved by independent senator Rex Patrick, would have also obliged […]
Centrelink Goes After 11,000 Australians for $33 Million Worth of JobKeeper Related Debts
Over 11 thousand Australians have been sent debt notices associated with JobKeeper wage subsides totalling an amount close to $33 million. Services Australia has announced that since April 2021 11,771 welfare recipients had debts raised, following a review of JobKeeper and income support payments. Employment Minister Stuart Robert told parliament that it was the government’s […]
SME Tax Debts Reaches A Record $21 Billion
It can be revealed that, small and medium businesses across Australia owe a total of $21 billion to the ATO (Australian Tax Office). The figures were published according to new data compiled by the Inspector-General of Taxation and Taxation Ombudsman (IGTO). Despite this record figure, the large majority of small business owners have said that […]
Tips for Dealing with Financial Stress
Financial stress can stem from a number of different reasons such as; being stuck in debt, not earning enough to live your desired lifestyle, the expense of raising children or being married to a someone who struggles with money. Here are some tips to help reduce your financial worries and some tips to help you […]
The ATO Resumes Debt Collection Intends Not to Destroy Businesses Post JobKeeper
The Australian Tax Office (ATO) has confirmed that it has recommenced pursuing and enforcing debt recovery. However, the tax agency has reassured businesses that it will refrain from going too hard too soon. Businesses who are struggling with tax debts have been encouraged to re-engage with the ATO as it promises it will not “destroy […]
The ATO Is Flipping the Switch on Debt Recovery
Now that the JobKeeper scheme has concluded, the Australian Tax Office has announced that it will resume pursuing and enforcing debt recovery action. In February, the ATO commenced sending letters to taxpayers to inform them of potential sterner action if they failed to make good on their obligations and had refused to get in touch […]
Recent Changes Made to Director Resignations
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (the Act) was introduced on Thursday 18th February 2021 with the purpose of preventing illegal phoenix activity. These new rules will impact when a directors resignation takes place and will prevent resignations from occurring which would leave a company without a director remaining. The Act will also […]
New Law Will Expand Directors Exposure to Company Debts
A new law is set to be introduced which aims to treat a person as continuing to be a director of a company even after they have resigned. This means the individual will still have continued exposure to all the laws that make them personally liable for any company debts. Directors can be held personally […]
How Buy Now Pay Later is Affecting is Affecting Businesses and Consumers
While many people are still unaware of the buy-now-pay-later industry or how it works, the prevalence in the economy is going from strength to strength. The premise of these buy-now-pay-later arrangements allows consumers to obtain goods/services immediately and pay for them over time. Predominantly the industry makes its money from two sources: merchant fees, and […]
Pitfalls of Cash Flow Loans
We have witnessed the rapid rise of short-term lenders, lending on cash flow. These loans tend to signal the end, rather than the start of the business lifecycle. We see these options as being a six-month indicator for the business to completely fail.