News & Updates
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Expansion of Director Liability Provisions (PAYG & SGC) Now Law
27-07-2012
Changes foreshadowed in our June 2012 Newsletter expanding the Director Penalty provisions contained within the Taxation Administration Act, 1953 (“TAA53”) became law (on 30 June 2012). Read More
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Proposed Changes to Corporations Act (Phoenix Activity) and Taxation Act (Director Penalty)
22-06-2012
PHOENIX ACTIVITY The Federal Government considers “fraudulent phoenix activity” to be situations where a director intentionally transfers assets of a company (“transferor”), at a reduced or nominal value, to a new company controlled by that director (or his/her nominees) which effectively denies creditors access to those assets to pay the debts of the transferor company. Read More
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Personal Property Securities Act ("PPSA") Now Law
22-03-2012
After several false starts, PPSA is now in operation! The PPS Register (“PPSR”) went live on 30 January 2012. The PPSR can be accessed at the following web address: https://transact.ppsr.gov.au/ppsr/Home. Searches of the register attract a fee (starting from $3.70 for a basic search). Read More
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March 2012 PPSA Newsletter Practical Worked Examples
22-03-2012
In recent times, we have been including articles in our newsletters on the introduction of the PPSA. Our March 2012 newsletter makes specific reference to the terms: Read More
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PPS Reform - Understanding Security Interests: Perfection and Priorities
23-11-2011
Our previous update on the Personal Property Securities Act (“PPS”) reforms outlined the following aspects: Background to the PPS Reform and why it is being introduced; Terminology used in the PPS legislation; and How the PPS Register will operate. Read More
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Australian Taxation Office - Statutory Garnishee Notices
01-09-2011
The Commissioner of Taxation (“Commissioner”) has a number of options to enforce the collection of outstanding company taxation debts. An option that we are seeing being used more often by the Commissioner is the issuing of a “Garnishee Notice”. A Garnishee Notice to an entity (including an individual) owing money to the tax payer directs that debtor to remit that money to the Commissioner and not the taxpayer. Read More
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Tax Changes - Expansion of Director Liability Provisions
01-09-2011
In the May 2011 Federal Government budget, the Government announced further measures to strengthen the Taxation Legislation to counter “fraudulent corporate phoenix activity”. The Government describes this activity as involving: Read More
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Major Change to Registering Security Interests – Personal Property Securities Reform
06-06-2011
PPS stands for Personal Property Securities. Arguably, it is the most fundamental change to company law since the introduction of the voluntary administration regime in 1993. It is set to commence in October 2011. Read More
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Recent Developments in ATO Debt Collection Powers and Changes to Bankruptcy Law
02-08-2010
1. Changes to ATO Director Penalty Notices There have been recent amendments to the Income Tax Assessment Acts in regard to unpaid company taxes. The amendments have been consolidated under the Tax Laws Amendment (Transfer of Provisions) Act 2010 which came into effect on 1 July 2010. Read More
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Professional Advice re Solvency of Business
03-05-2010
Directors of a company are under a positive obligation to ensure that the company does not trade whilst it is insolvent. Should the company continue to trade whilst it is deemed insolvent directors may attract a personal liability for all unpaid debts incurred during the period of insolvency. Read More