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

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 Global Head of Indirect Tax for KPMG, as well as leading the Indirect Tax and Tax Technology practices for KPMG China. As part of his role in KPMG China, Lachlan led KPMG China’s efforts in relation to the VAT reform pilot program in China, including providing advice to various Government agencies in relation to several key aspects of the VAT reforms, including the application of VAT to financial services, insurance, construction and real estate, transfers of a business, as well as other reforms relating to the introduction of Advance Rulings in China. Previously he was a partner of KPMG Australia for over 11 years as the head of Indirect Tax in Sydney, and the National head of Tax Controversy services for KPMG Tax Lawyers Pty Ltd. Lachlan is also formerly a Director of the Tax Institute. - Current at 30 September 2019
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This was presented at 2009 Tasmanian State Convention .

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

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