Rodgers Reidy

The ATO reported that during the financial year 2023, over 24,000 Director Penalty Notices (“DPN”) were issued to individual company directors with respect to more than 18,000 companies. Surprisingly, only 1/3 of taxpayers subsequently took action to engage with the ATO.

As most of us were in the midst of holding staff Christmas parties in December, the Supreme Court of Victoria highlighted the importance of accountants providing registered office services in passing on correspondence to their clients in a timely manner, particularly in relation to a statutory demand.

Consider the prospect of revitalising your struggling small business and embarking on a new beginning. A Small business restructure (SBR) can effectively achieve that objective. Financial trouble and insolvency is only one of the many challenges small firms are faced with in the modern economy. Implementing a company restructuring strategy can serve as a viable solution to mitigate  these challenges.

The success of a small company depends on more than the quality of its products and services. To ensure the success and longevity of your firm, you must also have sound financial planning and management.

Business operations have expanded globally in many industries and while growth is good, it does increase susceptibility to fraud and embezzlement.

Forensic accounting, a subset of accounting and financial advisory, can help in situations where these things may have occurred.

An amnesty is a period of time where the consequences of not following a rule are removed.

If your late lodgements and fear of penalty have been keeping you awake at night, you are in luck, thanks to the small business lodgement penalty amnesty. So far, more than 7,000 Australians have taken advantage of the initiative that was announced as part of the 2023-2024  federal budget.

There are always going to be challenges and setbacks in business. It’s par for the course, however, the difference between a business birdie and a business bogie is in how you deal with what is happening. It’s about having the ability to see when things are off course and being willing to adapt and correct the path. Even more important perhaps is the willingness to ask for help, take advice, and then act on it.

The weight of financial stress is heavy and the emotions involved can be overwhelming. In Australia, insolvency has an unfair stigma attached to it, for reasons that really are unknown, but it possibly stems from a lack of understanding amongst the general public about what insolvency is and what it means. Aiko Wang of Rogers Reidy points out the following observation:

With the ATO ramping up its collection activity following the trials and tribulations of the pandemic, the Personal Insolvency Agreement (“PIA”) appears to be returning.

Risk Watch from Rodgers Reidy provides a synopsis of the insolvency market in Australia for September 2023.

Risk Watch from Rodgers Reidy provides a synopsis of the insolvency market in Australia for August 2023.

Risk Watch from Rodgers Reidy provides a synopsis of the insolvency market in Australia for July 2023.