Australia has some of the longest lag times between employees being paid and taxes being remitted
This is a short historical background to the increasing non- or late payment of tax mainly by small businesses – owing over $33 billion of the $45 billion of collectable debt owed by all businesses – and how an opportunity to address this was, like most significant tax reform in Australia, rejected. The misuse by […]
Bankruptcy Act restructure – when statements of affairs are accepted
AFSA advises that the Bankruptcy Amendment (Discharge from Bankruptcy) Act 2023 (Cth), came into force on Thursday 23 November 2023. See Bankruptcy Act amendment | Australian Financial Security Authority (afsa.gov.au) Problems in the way statements of affairs have been “accepted” by the Official Receiver over many years will, it is said, be rectified by the Bankruptcy […]
