Beware the new laws tackling Phoenix activity

Illegal Phoenix activity is when a new company is created to continue the business of an existing company that has deliberately liquidated to avoid paying outstanding debts, including creditors, taxes and employee entitlements. Throughout February to April 2020, the Treasury Laws Amendment (Combatting Illegal Phoenixing) Bill 2019 was passed by Federal Parliament and the relevant [...]

2020-09-10T03:37:48+00:00September 10th, 2020|Business Advice, Corporate Advisory|Comments Off on Beware the new laws tackling Phoenix activity

ATO target high-risk small businesses

Businesses that trade mostly on a cash basis are currently being targeted by the ATO in efforts to uncover undeclared revenue.   Common business types they are cracking down on are cafes, bars, restaurants and hair & beauty salons as these types of businesses predominantly deal with cash. If the ATO were to audit your [...]

2017-06-26T15:47:23+00:00May 8th, 2017|Business Advice, Contracts, Employment Law|15 Comments

ATO Debt will soon show on Credit Reports

In an effort to get paid faster, the Australian Taxation Office, from 1 July 2017, will start reporting overdue small business tax debts to Credit Rating Bureaus.   Initially the measure will only apply to businesses with Australian Business Numbers and tax debts over $10,000 that are at least 90 days overdue. It will not [...]

2017-06-26T16:38:34+00:00April 10th, 2017|Uncategorized|4 Comments

Foreign Resident Capital Gains Withholding Payments

Last year laws were passed legislation and came into effect from 1 July 2016 that relate to property sales with a market value of $2 million or more.  If a contract of sale is entered into on or after 1 July 2016, the vendor will now need to apply to the ATO for a clearance certificate. [...]

2017-06-26T17:15:50+00:00April 3rd, 2017|Contracts|118 Comments