Small business directors who confess their late tax statements under the failure to lodge penalty amnesty program may not be spared from other Australian Taxation Office crackdowns, including the use of lockdown director penalty notices, a leading restructuring expert has warned. Announced in the 2023-2024 federal budget, the new Australian Taxation Office (ATO) amnesty allows…
Aug 14, 2023 5.00am The new local country head of a major New York-headquartered professional services firm best known for restructuring bankrupt investment bank Lehman Brothers says the timing is perfect for it to bring its business to Australia and compete with its larger rivals. But it has been a long time of planning well…
Insolvencies will surge over the next few months as economic pressures combine with increasingly aggressive debt collection by the ATO and big 4 banks, Insolvency Australia says. Director Gareth Gammon said there had been a significant increase in winding-up applications and ATO-initiated court recoveries, particularly in the second half of FY23. Over the past year…