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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 R WOLFERS
Lachlan is a tax partner at KPMG and a director of KPMG Tax Lawyers Pty Ltd. Lachlan is the leader of KPMG's indirect tax practice in Sydney, and in recent years, has developed an extensive tax litigation practice. Lachlan is a National Councillor of the Taxation Institute, and Chair of its Corporate Subcommittee and former Chair of its GST and Indirect Tax Subcommittee. Lachlan has written for a vast range of publications, including on the topics of CGT, GST and income tax, and is a regular media commentator on tax matters.
Current at January 2009
Click here to expand/collapse more articles by Lachlan R WOLFERS.
 

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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