Friday 30 Jul 2021
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Latest Accounting News
Hot Issues
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Year-end tax planning
Home Office & end of 2021 tax year
ATO extends STP finalisation due date
Super transfer balance cap increase from 1 July 2021
ATO extends Division 7A COVID-19 relief
Tax implications - more than one job
Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
10% Super Guarantee from 1st July 2021
End of year financial strategies
Closely held payees: STP options for small employers
Videos to help understand accounting topics.
ATO Small Business Newsroom - May / June
New insolvency rules commence
ATO sheds light on crypto compliance focus
Post Federal budget reflections
Federal Budget 2021 - Overview
Building a more secure and resilient Australia
Federal Budget 2021 - Health
ATO signals crackdown on 4 ineligible work-from-home claims
Taxpayers urged to keep work-from-home records
Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
New insolvency rules commence
ATO promises not to ‘destroy’ businesses as it resumes debt collection
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New insolvency rules commence

 

The measures from 1st January 2021 apply to incorporated companies with liabilities less than $1 million. 

 



       

For those businesses that are “unable to survive”, a new simplified “liquidation pathway” will apply for small businesses to allow faster and lower-cost liquidation.

 

To be eligible to access this new process a company must:

 

  • have total liabilities which do not exceed $1 million on the day the company enters the process – this excludes employee entitlements;
     
  • appoint a small business restructuring practitioner to oversee the restructuring process, including working with the business to develop a debt restructuring plan and restructuring proposal statement.

 

This principle has the potential to allow continuation of a longer term successful businesses hit by short-term or COVID cash flow difficulties.

 

 

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