The Australian Taxation Office (ATO) recently unveiled its Corporate Plan for 2023-2027, placing a magnifying glass over areas like small business tax, multinational tax performance, and more. Amid a rise in insolvencies, the ATO is vigorously pursuing overdue small business tax, with a noticeable shift from the leniency observed during the pandemic. Their message is unequivocal: "Pay up or pack up." This shift mandates a heightened vigilance from taxpayers. The risk of added scrutiny is real whether you're a landlord, work-from-home employee, or investor. It's an urgent call for individuals and businesses to reassess their tax strategies, seek expert counsel, and ensure full compliance to avoid dire consequences. Read More.
Australia's leading home builder, Metricon Homes, stands on the brink of a financial crisis, with mounting concerns that it may join the likes of Privium, Condev, and Porter Davis Homes in recent industry collapse. Homeowners are reeling as the company has given them a harsh ultimatum: either face substantial price hikes for the remaining construction or forgo their deposits. This results from rising inflation, labour and material costs, and global supply constraints. Shockingly, some face an extra $266,000 under a new contract. Amidst these upheavals, the NSW Fair Trading has initiated an investigation following a surge in customer grievances. This has given rise to speculations about Metricon's potential insolvency, with dispute lawyers gearing up to intervene. Read More.
The High Court of Australia has put to rest a long-standing controversy in insolvency law by unanimously deciding that the defence of set-off cannot be used against an unfair preference claim under s 588FA of the Corporations Act 2001 (Cth). The decision was made on 8 February 2023 in Gavin Morton As Liquidator Of MJ Woodman Electrical Contractors Pty Ltd & Anor v Metal Manufacturers Pty Limited, and has significant implications for those working in the insolvency industry. Read More.
Scott's Refrigerated Logistics collapse puts over 1500 jobs at risk due to COVID-19 and recent floods affecting key routes in Queensland and New South Wales. Learn about the impact on workers and the search for a new long-term owner in this article. Read More.
Is your business in financial trouble? This article guides you through the voluntary administration process and why it may be the best action for struggling businesses. Read More.
Do you have outstanding tax obligations in light of the COVID-19 pandemic? The Australia Taxation Office is resuming its debt recovery regime – and you may be at risk. Click the below link to read more about the ATO’s debt recovery strategy post-pandemic, and what can be done to assist you. Read More.