Australian Securities and Investments Commission (“ASIC”) has released the following summary and observations after a review of statutory reports lodged by liquidators, receivers and voluntary administrators for the year ending 30 June 2016. • 10,078 external administrator reports were lodged, with NSW accounting for 38.2%. • Of those, 79% related to companies with less…
Read More
Two taskforces targeting phoenix businesses and the misuse of trust structures led by the ATO have been newly prescribed, enabling the ATO to share tax-related intelligence and data with other agencies. The Trust Taskforce comprises the ATO, Australian Federal Police, Australian Crime Commission, Commonwealth Director of Public Prosecutions, Australian Securities and Investments Commission, Australian Government…
Read More
In June last year, the government announced significant changes to the Director Penalty Regime. At that time, the ATO’s powers were expanded to enable pursuit of PAYG and Superannuation Guarantee debts from directors personally in circumstances where such debts remained unpaid and unreported for more than three months past the due date for lodgement. Until…
Read More