In the Media

Credit Reporting of Companies that don’t engage with the ATO

The Government is considering plans to allow the ATO to disclose to credit reporting bureaus the names of Companies who owe tax and who have not effectively engaged with the ATO in managing those debts. Have your say.

Here are the results of our recent poll.

Credit Reporting of Companies that don’t engage with the ATO Google Forms

In the Media

ATO staff Refuse to Work an Extra 9 Minutes. 

Various news outlets have reported that staff at the ATO have rejected a push to extend working hours from 7 hours and 21 minutes a day to 7 hours and 30 minutes.

 The ATO management believes an increase of 9 minutes a day will improve productivity and be more in line with community expectations.

According to while the staff’s rejection of the proposal to work an extra 9 minutes a day is tied up with wage negotiations, it has meant staff has not received a pay rise in almost three years.

Do you think a 7 hour 21 minute day is in line with community expectations?

[socialpoll id=”2423116″]

In the Media

A Company May Be Presumed Insolvent if it Fails to Maintain Records

A company is required by s.286 of the Corporations Act to maintain books and records that correctly record and explain its transactions and financial position and performance, and would enable true and fair financial statements to be prepared and audited.

If a company fails in this requirement, is may be presumed insolvent throughout the period in which records were not maintained.

If a company is presumed insolvent for lack of records, a Liquidator’s action for insolvent trading will be made easier and more readily expose a directors’ personal assets to loss.

See the matter of Swan Services Pty Ltd (in liquidation) as reported by ERA Legal, which can also be found here in greater detail.