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The Morrison government says it is committed to “further simplify and streamline” Australia’s insolvency regime, with three (3) key areas of focus in the federal budget and plans to spend $29.8 million over four (4) years, from 2022-23, on insolvency reforms.  The key areas earmarked include:  Plans to spend $7 million “to clarify the treatment […]

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Tax relief for small businesses means they have more money to take on an extra worker, offer an extra shift or buy a new piece of equipment. The Government will deliver more than $21 billion in tax cuts to small businesses from 2015-16 to 2024-25, with around $2.6 billion flowing in 2022-23. This includes lowering […]

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BOOSTING WOMEN’S ECONOMIC SECURITY & CREATING PATHWAYS FOR WOMEN LEADERS Budget 2022-2023 is providing $482.0 million to help women advance their careers and improve their economic security. The 2022-23 Women’s Budget Statement includes new measures to ensure women are even better equipped for the jobs of the future. Funding of $56.2 million is being provided to […]

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In the 2022 Budget Release, the government announced changes that will affect annual company registration payments and search fees via the Australian Securities and Investments Commission (ASIC) platform. Fees paid to ASIC for company searches on its website will be removed from September 2023 when the new “Australia’s Business Registers” online platform is due to […]

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From 1 July 2022, small businesses will need to pay super to employees who earn less than $450 per month, provided they meet other eligibility requirements. This change expands super guarantee eligibility so that employees can receive super regardless of how much they earn. As we move closer to 1 July 2022, the ATO suggests confirming that […]

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Hamilton Murphy is a proud participant of the Chartered Accountants Australia and New Zealand Achiever Program. Best wishes to all students applying to this exciting program. We are looking forward to welcoming our next Achiever intern over the winter. Applications for the Achiever Program are open until Sunday 27 March 2022. If you are studying […]

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Subrogation occurs when a person or a creditor agrees to pay creditors of the insolvent company in consideration for the right to subrogate into the position of that creditor. An example of subrogation in insolvency is, when a creditor (typically, a related party) elects to pay employee entitlements owed by the company in consideration for […]

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Effective November 2021, the Federal Government has introduced a requirement for Directors to apply for a unique identification number (Director ID). The Director ID will be attached to a director permanently, even if they cease to be a director, change their name, or move interstate or overseas. All Directors will be issued with a unique […]

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The ATO will begin sending letters to businesses with over $ 100,000 in tax debt, warning them of the agency’s intention to disclose tax debt information to credit bureaus if they fail to manage their debt within 28 days. In late 2019 the government passed a law stating businesses that have one or more tax […]

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Attempting to salvage a company on the brink of collapse through restructuring efforts is something that is cautiously approached by directors or those acting as shadow directors due to the risk and threat of an insolvent trading liability. This risk is particularly concerning because the ability to determine a company’s solvency at a specific point […]

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