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Tax and Insolvency Masterclass

Published on 20 Sep 2012 | Took place at RACV Club, Melbourne, VIC

    In the current economic climate directors are increasingly exposed to various risks and penalty regimes whilst practitioners are frequently called upon to advise on risk management and asset protection.
    This masterclass brought togethre leading advisors from various disciplines (legal, tax, accounting, insolvency and reconstruction) to discuss the critical aspects which all directors and proactive practitioners should be aware of. The seminar was structured around the following themes:
  • Warning signs – what are the warning signs of a distressed business and taking action
  • Director’s obligations – what are your duties as a director and your personal exposure under the new director tax penalty regimes
  • Tax Office powers – what are the key liabilities I need to be aware of? What is the ATO authorised to do?
  • Governance – what is best practice? How do I safeguard the stakeholders?
  • Practice Risk
  • Asset Protection.

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

Individual sessions

ATO dealings - Managing the risks

Author(s):  Nicholas Martin

This paper covers:

  • background
  • financial distress vs. insolvency
  • ATO liabilities
  • the trap
  • Director’s duties
  • Solvency Declaration
  • you know more than you realise
  • options available.
Materials from this session:

Tax and insolvency

Author(s):  Vanessa CROSLAND

This paper covers:

  • tax and insolvency:
    • What are the tax implications for companies who cannot meet their tax liabilities and their directors?
    • ATO powers to collect tax related liabilities from the Company
  • general collection powers:
    • negotiating deferral or a payment plan in relation to a tax related deferrals
    • offsetting refunds and credits against tax related liabilities
    • enforcement measures for the collection of tax related liabilities by the ATO
  • ATO powers to collect tax related liabilities from directors:
    • changes to the obligations on directors under the Tax Laws Amendment (2012 Measures No 2) Act 2012
    • Director penalty provisions
    • PAYG withholding non compliance tax
    • Director indemnities
    • trading whilst insolvent.
Materials from this session: