ATO debts to be reported to credit agencies

The Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) included an announcement that from 1 July 2017 the Australian Taxation Office (ATO) can disclose to Credit Reporting Bureaus the tax debt information of businesses that have not effectively engaged with the ATO to manage those debts. This will be a new and unprecedented power for…

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PPSR pressure after increased insolvency levels

The importance of registering on the Personal Property Securities Register (PPSR) has become increasingly evident as Australian companies see a steady increase in insolvencies and fall in cash flow.   Total Australian insolvency appointments were little changed at 3,690 in the June quarter 2012, but are noticeably higher than Global Financial Crisis (GFC) levels of…

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