The SGC Amnesty & Director Penalty Notices – A double edged sword
Key takeaway Be mindful of the disqualification criteria of the Superannuation Guarantee Charge (“SGC”) Amnesty and exposure to Director Penalty Notice (“DPN”) liabilities The COVID-19 related events of 2020 have meant that the much awaited SGC Amnesty pretty much snuck under the radar until its recent conclusion on 7 September 2020. Some anecdotal […]
Court Appointed Receiver & Manager – a dispute resolution mechanism
People do not always see eye to eye – it is human nature. Inevitably, disputes arise within the context of business – between directors and shareholders – and these disputes can cripple an otherwise viable business and operations into the dire situation of facing insolvency. A resolution mechanism that we have been involved in over […]
SGC amnesty is expiring soon
A common thread of the insolvency matters that we administer is the late or non-payment of employee superannuation. Additionally, it still staggers us that directors do not know how the Superannuation Guarantee Charge (“SGC”) system works and how to report late super to the ATO. This lack of knowledge opens up exposure to the Director […]
Not a matter of if, but when.
The Australian economy has faced unprecedented challenges in 2020, with the bushfire crisis at the turn of the year followed by floods and then of course, the COVID-19 pandemic, which continues to wreak havoc, especially in Australia’s two most populous states. With the national economy taking hit after hit and no respite on the horizon, […]
Out of reach – Early access COVID-19 super and bankruptcy
As we know, individuals that have had their employment and income impacted by COVID-19 have been allowed, subject to certain criteria, to access two amounts of $10,000 from their superannuation fund – the first tranche in the 2019/20 financial year and the second in the 2020/21 financial year. The purpose of this article is to […]
Did someone say Cake!? – July is full of birthdays
Many people are eager to celebrate their birthdays. And if someone’s birthday falls on a weekday, they’ll be spending a precious chunk of that day at work. This month we are lucky enough to celebrate not only one, but four birthdays. Laura (9th July), Louise (10th July), Myself (Alanah, 13th July) and our spiritual leader, […]
By Who’s Authority? – Unfair Preference Recoveries from a terminated DOCA
On 15 May 2020, the Federal Court of Australia, in the matter of Ready Kit Cabinets Pty Ltd (In Liquidation) v Deputy Commissioner of Taxation [2020] FCA 632, ordered that payments (“Payments”) made by Ready Kit Cabinets Pty Ltd (In Liquidation) (“RKC”) to the Deputy Commissioner of Taxation (“DCoT”), while a Deed of Company Arrangement […]
World Blood Donor Day
Every year on 14th June, the world celebrates World Blood Donor Day. I’m sure it goes without saying how important a day like this is too many lives. This day is to not only celebrate and express the appreciation to blood donors, but to also raise awareness about the need for safe blood globally. Giving […]
COVID-19 and the move to an online meeting place
Over the last few months, we at HLB Insolvency, and I am sure many other businesses too, have learnt a great deal about the strengths of our technology platforms in the home workplace. Weekly team Zoom meetings are becoming the norm and are a great way to stay in touch ‘face to face’ and keep […]
Update – Director Identification Numbers – Reform about to receive Royal Assent
You may recall that last year I wrote an article about the concept of Director Identification Numbers (“DIN”). You can read the article here. Mistaken Identity – Not anymore Serving as a quick update, I can advise that The Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019 has been passed in both houses […]