The Treasury is now consulting on whether the current monetary threshold at which a statutory demand can be issued by a creditor should remain at $2,000 or be permanently raised to a higher amount.
The $2,000 threshold has been in place since 1992 and has not kept up with inflation.
The only time the threshold has been raised was in response to the economic impact of COVID-19 last year when it was increased to $20,000 up until 31 December 2020.
The Treasury believes there is merit in permanently raising the threshold to $10,000 …
Read the full article at: https://www.accountantsdaily.com.au/business/15351-treasury-considers-five-fold-increase-to-statutory-demand-threshold
In this episode of A Different Lens, we ask experts from fields including science, business, arts, design, medicine and health, and engineeringwhat they think the future of travel looks like from driverless cars, personalised public transport and flying taxis, to SpaceXtravel. We also ask, why is implementation ofthese progressive initiatives so slow? And what risks are we willing to bear in the pursuit of rewards?
Read more: Returning confidence in public transport in a post-COVID-19 world
What does the future of air travel look like?
In the face of climate change, the airline industry knew it had to make significant adjustments, but then COVID-19 disrupted all the plans, grounding the worlds largest jets.
This has been a perfect st…
Read the full article at: https://lens.monash.edu/@a-different-lens/2021/02/16/1382697/the-future-of-travel
The Australian Banking Association supports the Federal Governments proposed licencing regime for debt management firms and has called for further changes to protect consumers.
Debt management and credit repair services are targeted at Australians at risk of financial vulnerability and can exacerbate or even cause financial hardship.
There is a clear benefit to the community and the economy in ensuring that consumers do not fall victim to unsuitable or predatory credit practices in the debt management industry.
Stronger compliance measures and regulation of the debt management sector will help to prevent Australians being ripped off, said ABA CEO Anna Bligh.
Banks are encouraging the Government to ensure that customers are adequat…
Read the full article at: https://www.miragenews.com/stronger-regulation-needed-for-debt-management-514607/
Banks are backing a government push to license debt management firms, to stop people from getting ripped off.
Debt and credit repair services target Australians at risk of financial troubles and can often exacerbate their hardship.
Australian Banking Association chief executive Anna Bligh wants much stronger regulation of the sector.
“Banks are encouraging the government to ensure customers are adequately protected from unscrupulous operators,” she said on Tuesday.
Banks have been working with the Consumer Action Law Centre to ensure the proposed changes are effective.
“Debt management firms promise a life free from debt but instead charge large fees, often for poor advice, which can leave people in even worse financial strife,” centre…
Read the full article at: https://7news.com.au/politics/banks-want-debt-management-firms-licensed-c-2173605
Soar Aviations directors have denied claims by KPMG that the firm could have been insolvent for up to a year before it entered administration, Australian Aviation can reveal.
A new note to creditors authored by the professional services firm also said the flight schools directors maintained they sought and obtained funding required to run the company in January 2020.
Australian Aviation reported last week that KPMG believed the firm was insolvent from as early as January 2020, despite only entering voluntary administration in December 2020.
Its collapse has left unsecured creditors owed hundreds of thousands and many of its current trainees in limbo.
However, a new addendum …
Read the full article at: https://australianaviation.com.au/2021/02/soar-aviation-directors-deny-firm-was-insolvent-for-a-year/
I would like to know whether the one-third payout from a retirement annuity at retirement age would be protected from creditors?
Thank you for sending your question through. You have raised a very important question as it is vitally important to understand how and when your retirement fund benefits enjoy protection from ones creditors.
At the outset, please note that all monies held within a retirement fund including pension, provident and retirement annuity funds enjoy protection from creditors in terms of Section 37 of the Pension Funds Act. This piece of legislation prevents retirement benefits from being reduced, transferred or otherwise ceded, or of being pledged or hypothecated, or be liable to be attached or subjected to any…
Read the full article at: https://www.moneyweb.co.za/qa/advisor-questions/is-my-one-third-payout-from-a-ra-protected-from-creditors/