Tag: insolvency

Calls for Targeted Stimulus Package to Assist Hospitality Venues Post JobKeeper

Restaurateurs and café owners across Queensland are calling for the Australian Government to create a targeted stimulus package to support the hospitality industry. This comes as Brisbane was placed into a three day lockdown earlier this month to combat the recent announcement locally acquired covid-19 cases being detected in the Greater Brisbane Region, Gold Coast […]

The ATO Is Set To Turn the Tide on Insolvencies

Following the discontinuation of JobKeeper and other government support measures which were introduced at the peak of the covid-19 pandemic, the ATO is set to ramp up enforcement in line with the governments ambition to revert to a “business as usual approach”. It is not expected that the ATO will be overly aggressive but they […]

Australian Businesses in a World after JobKeeper

Business owners, insolvency experts and bureaucrats are cautiously awaiting to see how the end of JobKeeper is going to impact the Australian economy over the coming weeks. Insolvency laws were introduced during the peak of the covid-19 lockdown to protect businesses. On top of this the $90 billion JobKeeper wage subsidy scheme made it possible […]

Hospitality Venues in Brisbane Endure First Lockdown Post JobKeeper

Restaurants, cafes and other hospitality establishments located in Brisbane are expecting to take a massive hit as the city enters Australia’s first covid-19 lockdown since the end of JobKeeper. Under the new lockdown rules, hospitality venues are only able to serve take-away or home delivery options to their customers. Non-essential businesses such as; gyms, cinemas, […]

Thousands of Employees Face Redundancy as JobKeeper Ends

The JobKeeper scheme ended on Sunday 28th March. The ATO has warned employers that they could potentially lose access to the wage subsidy payments if they deny workers their redundancy entitlements.   The Treasury has estimated that up to 150,000 employees across the country are likely to lose their job as a result of the […]

Insolvencies Increased by 61% In February 2021

Last month saw the number of insolvencies in Australia rise by 61%. The official statistics released by CreditorWatch indicate that insolvencies increased from 254 external administrations at the start of February to 408 administrations by the end of February 2021. With JobKeeper set to end on 28th March 2021, it is anticipated that the number […]

250,000 More Australians Might Be Unemployed When JobKeeper Ends

Another 250,000 Australians could potentially find themselves unemployed when JobKeeper ends on 28th March 2021. The end of the scheme is anticipated to lead to thousands of businesses failing across the country. This will consequently lead to anywhere between 125,000 and 250,000 people left without a job.   There are many businesses that would’ve already […]

Why It Is Important for Businesses to Assess Their Viability Before JobKeeper Ends

The JobKeeper scheme will end on 28th March 2021. Since September 2020, over half a million businesses across the country have graduated from the scheme. Despite the schemes success at helping businesses survive during the pandemic there are a number of businesses struggling in industries such as aviation, tourism and the arts and recreation services. […]

Treasury is considering an increase to the current Statutory Demand Threshold

The impact of the covid-19 pandemic has forced the government to make a huge number of changes to Australia’s insolvency framework. The Treasury is now deliberating about whether or not the current monetary threshold at which a statutory demand can be issued by a creditor should remain at $2,000 or should be permanently raised to […]