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Tracking Company Directors to Combat Phoenixing Practices
Contact: Mark Poretti On 1 October 2018, Treasury announced a suite of proposed reforms to the multiple business registers currently administered by the Federal Government. Amongst these reforms, Treasury has included an amendment to the Corporations Act 2001 (Cth) introducing a “Director Identification Number” requirement (DIN Scheme). The DIN Scheme is the latest Federal Government […]
GST Payable on Settlement – Update
Contact: Michael James On 28 March 2018, the Federal Parliament passed the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 introducing the new Residential Withholding Payment scheme (RW Scheme). This means that from 1 July 2018, purchasers of ‘new residential premises’ or ‘potential residential land’ attracting the RW Scheme must withhold the GST amount […]
Navigating Safe Harbour Provisions – Is it now safe to fail in the Insolvency Harbour?
Contact Maurice Falcetta Recently the Australian insolvent trading laws have considerably changed. Now they include a “safe harbour” for directors from personal liability during insolvent trading. This safe harbour gives directors greater flexibility to regulate risk and navigate companies out of financial difficulty. The provisions have been in effect since 20 September 2017. The Safe […]