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In recent months it has been evident that the ATO has adopted an increasingly stringent stance with their enforcement activities in an attempt to recover unpaid taxes. This is highlighted in the drastic increase in ATO initiated winding up applications.

Setting up and running your own business takes blood, sweat and tears… and some liabilities or risks.

The final report on the review of the Act was tabled before parliament Wednesday, 18 March 2015.

ASIC releases its insolvency statistics which highlights a gradual fall in appointments over the last 6 months. 

Is your credit rating holding you back?  Unable to obtain finance from the main stream financial providers? 

Did you know that every time you apply for a loan or a credit card it leaves a footprint on your credit file which impacts your credit rating?  Maybe you should consider Peer-to-Peer lending.  The criteria is not as stringent as the main stream financial providers and applying does not impact your credit rating. 

Contact us if you would like to find out what paperwork you need before applying.

Have you ever wondered how the Australian Taxation Office (“ATO”) separates the tax activities by the Company and the External Administrator?

Voluntary administration rates for listed companies are set to soar!

More than 700 small and medium companies in serious financial distress!

Cara Waters of SmartCompany recently posted an article on the predicted increase in voluntary administrations of listed companies.

Read Cara's article.

What is Liquidation has extensive experience in assisting SMEs steer through unchartered waters.  Contact us if you would like more information.

The ATO recently held one-on-one co-design sessions with 24 small business owners, sole traders and small business in industries including retail, construction, hospitality and services, to understand how they can make it easy for small business to get things right around tax and super. At the Council of Small Business of Australia 12th National Small Business Summit the Commissioner of Taxation, Chris Jordan, provided feedback and outcomes from these sessions.

I am sure you have all heard the various jokes that finish with "You might be a ....".  Well the following statements are nothing to joke about.

If your business can't pay bills as and when they fall due or you have been issued with a demand for payment. You might be insolvent.

If you are nervous answering the phone in case it is someone chasing payment then you might be insolvent.

Insolvency either personal or business is no laughing matter and should not be ignored.  Don't wait until it is too late to do something about it.  What is Liqudiation can help you go over your options.

Take the test and if your think "You might be ..... (you know)" then don't wait, contact us now.

A recent article by Colin Porter, Managing Director of Creditor Watch highlighted comments made in February of this year by the ATO second commissioner Geoff Leeper.  Mr Leeper is quoted as saying he and the commission (Commissioner of Taxation and Registrar of the Australian Business Register, Chris Jordan AO) have had several conversations about the fact that there are currently no credit reference consequences from being in debt to the tax office.  In its latest annual report, the ATO recorded that no less than $17.7bn is currently outstanding in unrecovered tax of which 60% is owed by SMEs.