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Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
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Articles

From George and John

Merry Christmas and a Happy new Year to all our clients.
Powerful Superannuation tool on our site.
Gifts Provided to Employees at a Christmas Party – any FBT?
Reminder Tax Break Deadlines
Australian Taxation Office (ATO) Bungled Attack on Foreigners
Tax File Numbers (TFN) and Super Funds
Recognition of same-sex Couples in Super
Attitude of Banks to Insolvency
From the Desks of George and John
3 x Tax Time Checklists
Director Penalties – Workplace Relations Act
Tougher Sponsored Workers Policy
Insolvent Trading Defences
Case Study - Player Management Fee Deductions
Insolvent Trading Defences
If a company is confronted with the prospect of liquidation or a liquidator is appointed, the directors’ role will be under scrutiny.

Is there a personal liability for insolvent trading?

The defences are usually:-

  1. that the company was not insolvent at the time (the claim does not exist); or
  2. the statutory defences under section 588H are available to them.

Directors’ commonly argue “we could have lent it sufficient funds”.  But the courts simply respond – but you didn’t!

To rely on the statutory defence “we relied on competent and reliable person’ carries a very heavy burden of proof.

Another defence is “I had no involvement etc”.  In one case the director claimed that although he was at the business premises, he spent most of the day asleep.  Response by the court – that is not enough, even if we did believe you.

Caution is always needed and advice from someone who knows.

 

 

 



2nd-October-2009