Personal liability for superannuation guarantee (SG) appears to be of little consequence to directors who find themselves in trouble, according to the Australian Institute of Credit Management (AICM). In a submission to the Senate Economics Committee inquiry into superannuation guarantee non-payment, the AICM non-reporting of (SG) obligations was a common method employed by businesses experiencing…
Online gambling sites operating in Australia will be banned from offering lines of credit to their customers under sweeping new reforms. A national self-exclusion register will also be established under major changes to the bookmaking industry agreed to by state, territory and federal ministers in Melbourne on Thursday. However, World Vision Australia says the changes,…
Almost half of older working Australians expect to retire with credit card, mortgage and bill debt after helping their children. REST Industry Super research shows the “sandwich generation” are being squeezed financially by their children and parents. The survey of 1048 Australians aged over 35 found one in four expected to retire with credit card…
KUALA LUMPUR: Many civil servants are taking up more loans to cope with the rising cost of living, resulting in them being declared bankrupt. Cuepacs president Datuk Azih Muda (pic) said civil servants from the middle and lower ranks were resorting to such measures, thinking that it would offset their expenditure owing to the rising…
ANZ chief executive Shayne Elliott will take an axe to the bank’s hierarchies and bureaucracy and shift the workforce into “agile” teams, mimicking the way businesses such as Google, Facebook and Spotify operate, to launch new products faster as the bank grapples with an era of low credit growth. Senior and middle management jobs are at…
ANZ Bank posted a six percent rise in interim net profit Tuesday on the back of restructuring its business to shift the emphasis away from Asia and onto its core assets. The Australia and New Zealand Banking Group’s result for the six months to March 31 came in at Aus$2.91 billion (US$2.2 billion), while cash…
The number of people who have become personally insolvent is expected to have increased in official figures released on Friday. Experts predict there will be around 23,000 to 24,000 cases recorded across England and Wales during the first quarter of 2017 in figures released by the Insolvency Service. Previous figures show there were 22,852 personal…
A former suburban Detroit credit union official has been ordered to seven to 20 years in prison after pleading no contest to embezzlement. The sentence ordered Monday by Oakland County Circuit Judge Cheryl Matthews against Michael LaJoice is concurrent with the federal sentence handed down in March. LaJoice pleaded no contest to 14 state charges…
The tax laws routinely spell out in excruciating detail just what a person does or does not have to count as reportable income, whether the source of that income is wages, investments, or what have you. Moreover, to resolve most disputes about whether a particular item should be classified as reportable, the law authorizes the…
Citing insolvency by the towns excess insurance carrier, the legal firm representing Wilton in the Girl Doe v. Wilton Board of Education Et Al lawsuit has filed for a continuance in a jury trial scheduled for this September. The insurance carrier Castlepoint National Ins. Co., was declared insolvent effective April 1. An order of liquidation…