In this low interest rate environment, the ability of self-managed super funds (SMSFs) to generate returns sufficient to maintain lifestyle expectations is paramount. People with SMSFs, plus accountants and financial advisors who may have missed a quiet but significant about-face by the ATO just a few days before Christmas, could benefit by reading on. Read More
The Tax Office will act more swiftly to recover unpaid tax and initiate bankruptcy procedures as outstanding annual debt climbs beyond $20 billion. Read More
Although rules for extinguishing penalties arising from director penalty notices (DPNs) were changed on 30 June 2012, Macks Advisory is amazed by directors’ failure to take advantage of this. Some 3,000 directors who might have been able to extinguish penalties under the old rules have been snared by new deadlines. Read More
It’s served the nation well, but Macks Advisory believes it’s time for Australia’s insolvency system to be updated. It’s been virtually unchanged since the introduction of voluntary administration in 1993. We believe the regime needs reform to accommodate problems arising from the increasing number of cross-border transactions and insolvencies. Read More
In love, business, sport, politics, indeed in so much of life, timing has everything to do with what goes well and what doesn’t. A case in point is Doka Formwork Pty Ltd’s miss-timing that cost the company more than $1m. Read More
A Personal Properties Security Register (PPSR) was established under the Act in 2012, its aim being to register a person’s or a business’ security in a company for various reasons, especially in the event of the company’s insolvency. But problems began to arise to an extent the Federal Government believed changes were necessary. Read More
