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Tax issue for companies (and their directors) when approaching, and entering, insolvency paper

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Published on 16 Oct 09 by TASMANIAN DIVISION, THE TAX INSTITUTE

This paper provides a practical insight into the rights, obligations and entitlements of companies and their directors when insolvency is looming. It considers when a proactive approach is warranted in dealing with the taxman's debts, and the consequences of adopting a ‘head in the sand' attitude. The paper focuses on real life situations affecting SMEs in the Global Financial Crisis and covers:

  • tricks and traps for negotiating tax debts with the ATO
  • when personal liability attaches to directors for unpaid tax debts, and how to ensure personal liability does not arise
  • the (few) circumstances under which the ATO enjoys a priority over unsecured creditors.

Author profile

Lachlan Wolfers CTA
Lachlan is the leader of KPMG’s Indirect Tax practice in China and a member of KPMG’s Global Indirect Taxes leadership team. He was formerly a director of The Tax Institute, and leader of KPMG’s Indirect Taxes and Tax Controversy practices in Australia prior to his relocation to China in 2011. In his current role, Lachlan is assisting multinational companies transition to VAT in China. He is a frequent presenter and media commentator on VAT issues in China, and is currently advising China’s Ministry of Finance and State Administration of Taxation on several tax reforms, including VAT and Advance Rulings. - Current at 27 August 2012
Click here to expand/collapse more articles by Lachlan R WOLFERS.

 

This was presented at 2009 Tasmanian State Convention .

Get a 20% discount when you buy all the items from this event.

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