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News of the day – 24th May 2021
by Adam Dawson
New Tax & Bankruptcy Laws Begin 1st July 2021
by Adam Dawson – 24th May 2021
What’s that? No more robo-debt from the ATO? Oh, how sweet it is!
The ATO are really coming to the party by accepting Josh Frydenberg’s bankruptcy and tax reform bill. Good on ya guys!
There will be no more automatic tax calculations used to wind up companies and/or bankrupt company directors. From July 1st, the onus will be on the ATO to prove debts before they can litigate. It’s a long overdue reform, the US has been operating this way since the 90s. The new system will operate as a series of appeals before a tax debt can be used by the ATO to file a claim.
Of course, the ATO are giving with one hand and taking with the other. It’s been several months now since they tightened the noose around directors’ necks by lumping them with personal liability for outstanding GST. The new reforms will at least give a second chance to those who are forced into bankruptcy as a result. Nice gesture Josh.