If the tax office is a creditor of your bankruptcy, any refund you are entitled to during the period of bankruptcy may be retained by the tax office to offset the amount owing. Continue reading
Tag Archives: insolvency and liquidation and personal bankruptcy
The worst is yet to come – BIS Shrapnel
BIS Shrapnel says that despite the recent run of financial good news, the economy will experience falling household incomes, unemployment and a 17 per cent decline in business investment over the next year. Continue reading
Chartwell officers arrested on criminal charges instigated by ASIC
Mr Ian Rau, a former company secretary of Chartwell Enterprises Pty Ltd (Chartwell), was arrested in Brisbane on 11 August 2009 and criminally charged with 19 offences bought by ASIC. Continue reading
Can you borrow after Bankruptcy?
It is stating the obvious to say Bankruptcy has a negative effect on ones credit file but we must appreciate, bankruptcy is a necessary last resort for many people.
While bankruptcy generally last for 3 years, the effects of declaring or being forced into bankruptcy will be felt for many years after the bankruptcy has ended. Continue reading
Tax fraud can lead to jail and other penalites
Tax fraud and tax evasion – we hear those terms regularly these days. It might be thought they refer only to the extreme end of the spectrum and to highly contrived and complex arrangements. Well, yes and no. Continue reading
TRUCK drivers, electricians and sales people targeted by the ATO
TRUCK drivers, electricians and sales people – watch out. The tax office is cracking down on people who make frivolous work expense claims!
The ATO also plans to go after wealthy tax evaders and employers who under-pay superannuation entitlements. Continue reading
A majority of fraud committed by management staff
The majority of fraud cases in Australia are committed by management staff who divert company funds into their own bank accounts, according to a KMPG study. Continue reading
An example of the ATO holding a director personally liable for PAYG
THE tax office is chasing failed Kleenmaid founder Brad Young for $1 million.
The Deputy Commissioner of Taxation has lodged a claim in the Supreme Court of Queensland against Mr Young for $1,033,855, plus interest and legal costs.
The ATO alleges that Mr Young - whose up-market whitegoods company collapsed owing $82m to creditors - failed to pay 14 months’ worth of “pay as you go” deduction debts.
Under Australian tax law, the directors of a company may be held personally liable for PAYG debts - unless they make a repayment plan with the tax office, appoint an administrator or start to wind up the company.
The statement of claim by the tax office, filed in the Supreme Court in Brisbane on July 10, says that Mr Young was a director of Kleenmaid Retail Pty Ltd from September 1, 2007, until February 23 this year.
It lists the company’s monthly PAYG deductions as ranging from $51,835 to $111,171 during Mr Young’s time as a director.
“The defendant is liable to pay to the commissioner the total sum of the penalties, which is $1,033,855,” the statement of claim alleges.
If you receive a director penalty notice – you must act on it before the 14 day period expires. if you fail to do so, you will be in the position of these directors.
Call Liquidation Direct for insolvency advice on 1300 767 525 or 1300 100 285
Calculating a bankrupts income contributions
Insolvency and Trustee Services Australia has provided updates as to thresholds and limits for bankruptcy, Part IX Debt Agreements and Part X Personal Insolvency Agreements.
A Bankrupt is required to make compulsory contributions to their bankrupt estate once their income exceeds the following thresholds. Continue reading
Part X Personal Insolvency Agreement Update
Insolvency Trustee Services Australia has updated the thresholds and limits for Bankruptcy, Part IX Debt Agreements and Part X Personal Insolvency Agreements.
A person can propose a Part X Personal Insolvency Agreement if their unsecured debts are greater than $83,647.20.
A person can propose a Part X Personal Insolvency Agreement if their divisible property is above $83,647.20.
A person can propose a Part X Personal Insolvency Agreement is their after tax income is greater than $62,735.40
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