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Liquidators-Australia

2 years ago

Bankruptcy Australia-Liquidations

My business is in trouble. Should I appoint a liquidator?

When a company director finds him or herself in an impossible financial position they are often given well-meaning advice from their accountant or financial advisor to appoint a liquidator this advice can unfortunately hurt them even further. Many people believe that because you are paying the liquidator they will look after your best interests and help you to get the business and you back on your feet. NOTHING IS FURTHER FROM THE TRUTH. A liquidators first priority in these circumstances is to themselves.

Business debt can come about very easily. A few slow months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have company debts that are out of control then give us a call. At Liquidators Australia we are business debt specialists. For a completely free consultation call Liquidators Australia on 1300 795 575.

What is the best strategy when liquidating a company?

There is just one single key PREPARATION. If you simply prepare yourself before you hand over the control to a liquidator most of the stress can be handled in a way that will work for you not against you. Although this sounds simple there is an enormous amount of regulation and rules in place in this process, always get some advice about this. If you are not sure what you should do and just need some advice simply give us a call on 1300 795 575. Bankruptcy Experts Australia specialises in pre-liquidation strategies.

What If I have received a notice from the Tax Office ?

If you have received one of these notices WARNING: DO NOT LET THEM EXPIRE. Call us as soon as you get one so we can help you work through your options. As soon as we have assessed the financial state of your business we will propose an action plan for you to consider. Remember we can help you no matter where you are in Australia, a computer and a phone is all you need and we will take care of the rest, simply call for a Free Consultation over the phone. Then the choice is yours whether you proceed or now. Call us for a free consultation today 1300 795 575. Remember we work to obtain the best and most favourable outcome for you – not the creditors.

2 years ago

Liquidators Australia

Liquidators Australia
ATO – DIRECTOR’S PENALTY NOTICE
Directors Be Warned

It is really important that every company director is aware of the recent changes introduced by the Australian Taxation Office and the extra legal obligations imposed on them and how they will impact you and your business. If you have a PAYG tax debt then you may be served with a Director Penalty Notice by the ATO.

What does it mean if I have a Director’s Penalty Notice?

The aim of a Director Penalty Notice is to make you the directors of your company liable for their company’s unpaid tax debt. As a director, you will no longer be able to avoid personal liability for a PAYG tax debt, which comes with a Director Penalty Notice, if the following applies:

  1. Your debt is older than three months and or your debt was not reported to the ATO within 3 months of the due date.
  2. As a director, you may also be liable for your company’s unpaid superannuation liability when you get a penalty.
  3. Directors, and associates of directors, may now also be liable for a new personal income tax liability. This will make directors and their associates possibly liable for a company’s unpaid PAYG withholding liability.
Do I have any choices?

Yes. If your business has a tax debt or you have received a Director Penalty Notice it is vital that you seek professional advice. We have various options you may wish to consider. Simply call us on 1300 795 575.

What if I ignore the notice?

There can be significant consequences for not complying with the ATO’s notice. This can include losing personal assets such as cars, property or shares and personal bankruptcy for the company’s debts.

My business is in trouble. Should I appoint a liquidator?

When a company director finds him or herself in an impossible financial position they are often given well-meaning advice from their accountant or financial advisor to appoint a liquidator this advice can unfortunately hurt them even further. Many people believe that because you are paying the liquidator they will look after your best interests and help you to get the business and you back on your feet. NOTHING IS FURTHER FROM THE TRUTH. A liquidators first priority in these circumstances is to themselves.

Business debt can come about very easily. A few slow months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have company debts that are out of control then give us a call. At Liquidators Australia we are business debt specialists. For a completely free consultation call Liquidators Australia on 1300 795 575.