Repeal of the Loss-Carry Back Tax Offset: Why companies may now be liable? Can the Liquidation regime be utilised?

May 22, 2015 by Daniel Soire

The Minerals Resource Rent Tax Repeal and other Measures Bill 2014 (“the Bill”) received Royal Assent on 5 September 2014 and became law. IMPORTANTLY, the Bill included the repeal of the loss carry-back tax offset provisions, with an effective date of 30 September 2014. The loss carry-back tax offset was originally enacted through the Tax and Superannuation Laws Amendment (2013 Measures No.1) Act 2013, which received Royal Assent on 28 June 2013 and was seen to be good chance for businesses to “smooth out” their income tax liabilities over a period of years rather than just rely on the carry forward loss provisions. So much for a good idea. It was squashed before it got going!!

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Bankruptcy & Self Managed Superannuation Funds – will you be able to continue to manage it?

February 24, 2015 by Daniel Soire

Many individuals, in particular business owners, are now choosing to control the destiny of their superannuation through the use a Self Managed Superannuation Fund (“SMSF”). The Australian Taxation Office (“ATO”) statistics suggest that there are now more than 500,000 SMSF’s in operation. It is likely that this number will continue to increase and that from time to time a SMSF may find itself in the position of having a bankrupt member and therefore possibly having to be wound up. The winding up of a SMSF can quite often result from the bankruptcy of one of its members. There is more information on the ATO website about how to wind up an SMSF. Just go https://www.ato.gov.au/Super/Self

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Bankruptcy & Superannuation: Look Before You Leap

May 29, 2014 by Daniel Soire

Individuals facing financial difficulties may think that making lump sum payments into their superannuation fund means that those funds will be “protected”’ in the event of the individual subsequently declaring bankruptcy. This misguided belief is because in the personal insolvency world, a bankrupt’s interest in a regulated superannuation fund is generally regarded as “non-divisible” property and is generally not available to creditors. However, payments to a superannuation fund will not always be protected. Similarly, some individuals may access superannuation early in an effort to pay creditors or use as working capital in their business. This may not achieve anything par

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Tax Deductions on Expenses Incurred with Director Penalty Notices (“DPN”)

March 20, 2014 by Daniel Soire

The DPN Regime was introduced by the Australian Taxation Office (“ATO”) in 1993 as a method to ensure corporate compliance with taxation liabilities. Under the DPN regime, directors could become personally liable for the company’s debts under certain circumstances. The primary objectives of the DPN regime were to ensure directors caused the company to meet its taxation obligations or if this was not possible, promptly seek professional advice with the view to placing the company into voluntary administration or liquidation. Until recently DPNs had only applied to Pay As You Go (PAYG) withholding liabilities. However, in July 2012, the DPN regime was expanded to include Superannuatio

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Should I transfer the family home – Beware!!

by Daniel Soire

We are continually surprised by individuals who transfer ownership of their property (usually the family home) to a co-owner or family member for no consideration or for consideration of less than market value who when they subsequently become bankrupt think that such transaction may not be void (or recoverable). What sometimes concerns us more is that such advice may be given to them by consultants / advisors that are inappropriately skilled to properly advise the individual of the consequences, particularly in circumstances where their financial position is perilous. We have recently been involved in a matter where this occurred and it provides a very useful instruction regarding the ap

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Strengthening Our Presence in Greater Western Sydney – Narellan Office

October 18, 2013 by Daniel Soire

We are excited and pleased to announce the opening of our new South West Sydney Office at Narellan. Daniel Soire, a Principal of Jones Partners and a Registered Liquidator, is a local Macarthur resident and will be supervising the Narellan office. For many years now, Jones Partners has truly valued the importance of being accessible to professional advisors and business owners and individuals throughout Greater Western Sydney (“GWS”). The GWS region is a very significant contributor to the States GDP and has a huge diversity in the range of businesses that operate within it. Our continued presence (via our Norwest Business Park Office) has enabled us to develop strong relationships wi

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