In short: Experts say some parents do cash-in-hand work, salary sacrifice, set up business structures, and lodge late tax returns to avoid child support payments. Services Australia, which administers the scheme, referred 168,082 parents to the Australian Tax Office in 2022-23 for having overdue tax returns. What’s next?: The federal budget allocated $5 million for…
With the private debt marketplace described as a minefield to navigate, research house Zenith Investment Partners has shared tips to help advisers select the right fund. Private debt is among the growing asset class of alternatives as investors seek alternative sources of income. Types of products can include corporate lending-bilateral, corporate lending-syndicated, PE sponsor-backed lending…
Advertorial ARYZAs new head of corporate insolvency, Tom OConnor. Aryza, a leading provider of financial software solutions, announces the appointment of Tom OConnoras its Head of Corporate Insolvency. With an extensive career spanning over a decade in the insolvency sector and a proven track record in product development and client engagement, Tom brings invaluable experience…
Business failures are on the rise in Britain, with several high-profile names lost already this year. But since the 1980s, the UK has made it a priority to throw a lifeline to struggling companies. It appears, however, that these efforts to enhance the law are being hampered by sloppy language in the media, increasing the…
Insolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is hellbent on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
The Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
The debts of a collapsed group of NSW businesses have blown out to almost $23 million, while other subsidiaries have quietly gone under in recent weeks. News.com.au reported in April that a western Sydney factory had closed down and all workers had been terminated on the spot. It comes after two companies linked to the…
HOUSTON (AP) A federal judge on Friday ordered the liquidation of conspiracy theorist Alex Jones personal assets but dismissed his companys separate bankruptcy case, leaving the immediate future of his Infowars media platform uncertain as he owes $1.5 billion for his false claims that the Sandy Hook Elementary School shooting was a hoax. Judge Christopher…
Australian agribusiness HS Fresh Food, known for its fresh salads, ready-made meals, and pre-prepared vegetable products, has entered into voluntary administration, impacting around 500 jobs. The company, which operates under brands such as Houston’s Farm, Sunfresh, and Gourmet Selections, and supplies to major retailers like Coles and Woolworths, appointed FTI Consulting administrators Vaughan Strawbridge, Joanne…