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He said more than two-thirds of the ATO’s $50 billion in collectable debt was owed by small firms.
“During the pandemic, we took a different audit posture with individuals and small businesses, chased fewer lodgements and recovered less debt,” Hirshchorn said.
“While we resumed stronger action in late 2021, we have observed a behavioural shift as to the priority of paying tax and super. We are concerned with an increased reliance on unpaid tax and unpaid super to prop up the cash flow of some businesses.”
KordaMentha partner Craig Shepard said business insolvencies would ramp up in the March quarter as Australians settled back into work, following the summer break.
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“The ATO is now back in court, they’re enforcing,…
Betting giant Tabcorp has been ordered to stop accepting cash at its machines in Victorian pubs and clubs unless they are properly supervised by staff after a teenager – with gambling debts of nearly $100,000 – placed bets at multiple venues.
According to the state’s gaming regulator, the 16-year-old was able to gamble on more than 30 occasions between May 2022 and October 2023 at multiple venues across Melbourne’s northern suburbs. The matter is the subject of ongoing court action against venues.
In a victim impact statement tendered in court in one case, the teenager’s mother said he had borrowed money to finance his gambling addiction from people who later threatened their safety. She alleges two people broke into her home…
The consequences of bankruptcy can be devastating, as the Post Office scandal has laid bare.
As dramatised in the ITV hit Mr Bates vs the Post Office, several former Post Office workers were forced to go bankrupt after they struggled to cover the fictional financial losses out of their own pocket or fight in court to clear their name.
But thousands of people file for bankruptcy every month 2,466 in November alone up by 21 per cent in just one year.
And for many, it is their only option and can be a chance for those who are struggling with debts to wipe the slate clean.
Polly Arrowsmith, 56, is a qualified accountant who worked on some insolvency cases before she herself was made bankrupt
The hits keep coming at collection outfit Panthera Finance.
PwC Australia has been appointed voluntary administrator to PF Group Holdings Pty Ltd and PF Management Holdings Pty Ltd – the parent entities of Brookfield Special Investments-backed Panthera Finance Group’s subsidiary companies – by the group’s secured creditor.
If efforts to address record global public debt are to leave no stone
unturned, then weak disclosure laws warrant deep scrutiny. Hidden debt is
borrowing for which a government is liable, but which is not disclosed to
its citizens or to other creditors. And while this debt—by its nature—is
often kept off the official government balance-sheet, it is very real,
reaching $1 trillion globally by
some estimates.
$91
trillion, they pose a growing threat to low-income countries, already
highly in debt with annual refinancing needs that have
tripled in recent years. The problem is even more pressing amid higher…
UPDATE: An exclusive report from Reuters indicates that Nissan is the automaker with which Fisker is negotiating. The two companies are allegedly in “advanced talks,” and could finalize a deal by the end of the month.
Nissan would allegedly invest more than $400 million into the platform for Fisker’s Alaska electric pickup, and the Japanese automaker would build the vehicle at one of its factories in the United States. Nissan would build an EV truck on the same underpinnings.
The future of Fisker looks grim. The company admitted on Friday it might only be a year away from going out of business following a net loss of over $463 million in 2023. But not all hope is lost. The company says it’s negotiating with a “large automaker” that…
Simon Edel, UK Turnaround and Restructuring Strategy Partner at EY-Parthenon: “Company insolvencies in 2023 reached their highest annual total in 30 years reflecting the difficult business environment that companies have faced over the last 12 months. The final quarter of 2023 also saw the highest quarterly number of Creditors Voluntary Liquidations (CVLs) since this data started to be recorded in 1960.
“Whilst the uptick in insolvencies has been largely driven by smaller businesses and CVLs, we are now starting to see stress spread to some mid-market and larger companies, many of which are facing refinancing hurdles as well as ongoing inflationary challenges.
Gamblers in 28 U.S. states can now make legal sports bets from their mobile phones, which has fed fears that a problem-gambling epidemic is building.
When Rob Minnick needed money to fuel his betting habit, he often found it where a lot of gamblers do. He got a cash advance on a credit card.
Minnick was 18 years old when he started betting, convinced that his extensive knowledge of sports would make him a winner. The New Jersey native moved from daily fantasy sports to traditional sports betting to casino games. Eventually, he’d find himself sitting at an Atlantic City poker table while simultaneously peeking at his cell phone, where an online slot machine was spinning.
In late 2022, Minnick was in recovery from his gambling…
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A civil construction company has gone bust, leaving millions in unpaid debts and dozens of workers out of a job.
Mainscarf, which trades as Hansen Constructions NQ, fell into voluntary administration on January 3, with administrators David Stimpson and Michael Brennan of SV Partners appointed to take control of the North Queensland company.
A report to creditors from April 5 suggests the company’s fortunes started to crumble in 2022, with the company’s estimated working capital ratio falling below one.
A working capital ratio of one is considered to be a benchmark figure for solvency, the report notes.
Through to June 30, 2021, the company’s estimated working capital ratio stood at 1.15, but by the date of administration, according…
