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DIRECTOR PERSONAL LIABILITY FOR GST
14 August 2019 Industry Insights

The Federal Government re-introduced legislation to parliament on 5 July 2019 which will provide for Director Penalty Notice (DPN) for Goods and Services Tax (GST) from 1 October 2019. This would operate in a similar manner to the existing Pay As You Go (PAYG) and Superannuation Guarantee Charge (SGC) DPN regime. Cor Cordis is monitoring… Read more

TO FEE OR NOT TO FEE?
15 July 2019 Industry Insights

Case Study – A complex fee structure tied to a shareholding raised questions as to the deductibility of fees for income tax purposes. Ultimately the ATO ruled that it was not a deductible expense, resulting in a large tax debt and a reduction in the return to stakeholders of the external administration. We were appointed… Read more

A REAL INCENTIVE?
8 July 2019 Industry Insights

Case Study – A complex commission type fee structure tied to advisers, who were also shareholders, raised questions as to the deductibility of the payment for income tax purposes. Ultimately the ATO ruled that it was not a deductible expense, resulting in a large tax debt and thereby reducing the return to stakeholders in this… Read more

WHO’S MONEY IS IT?
3 July 2019 Industry Insights

Case Study – Despite what was considered common industry practice arrangements, the external administration of a financial services dealer group saw many authorised representatives lose their brokerage income when the company failed to properly set up their brokerage account to protect their interests. We were appointed voluntary administrators to a number of entities operating as… Read more

REAL ESTATE INDUSTRY
1 July 2019 Industry Insights

The Australian real estate industry has had its fair share of ups and down over recent years, based on market conditions, demand/supply and general economic factors. This Industry Update provides an insight into some keys facts, the positives and negatives of the industry, along with some key areas to watch out for. Ongoing changes to… Read more

DIRECTORS’ DUTIES, IN TIMES OF DISTRESS
24 June 2019 Industry Insights

Managing a company in distress is by no means an easy feat. Directors are often pulled between acting in the best interests of the company and protecting their own position. The two scenarios should never cross paths, but they can be managed by separate independent strategies (and by separate advisors). Managing a company in distress… Read more

ASIC Appointment – Berndale Capital Securities Pty Ltd and related companies
29 April 2019 Announcements

On 18 April 2019, Rachel Burdett-Baker and Bruno Secatore were appointed as joint and several receivers and managers, by Order of the Federal Court of Australia, over the following entities: Berndale Capital Securities Pty Ltd (formerly known as Berndale Group Pty Ltd, 147963 Pty Ltd, Forex TG Pty Ltd, Forex Place Australia Pty Ltd and… Read more

ARITA APPOINTMEMT
9 April 2019 Announcements

Rachel has been actively involved with ARITA for many years, contributing as a workshop leader, trainer and committee representative and was awarded an ARITA fellowship in 2017. Over the past 30 years, Rachel built her experience across insolvency, restructuring, turnaround, advisory and risk management matters, within chartered accounting firms and the banking industry. Rachel is… Read more

MICRO & CRAFT BREWERIES
8 April 2019 Industry Insights

The Australian micro and craft brewery industry has grown significantly over recent years, impacting the traditional market with boutique product lines. Consumer tastes have changed and demand for micro/craft beers continues to flourish. This Industry Update provides an insight into some keys facts, the positives and negatives of the industry, along with some key areas… Read more

SAFE HARBOUR
5 April 2019 Industry Insights

Safe Harbour provisions in the Corporations Act provide company directors with a process and importantly, time, to develop a turnaround plan. This is a real alternative to placing a company into Voluntary Administration which directors may be required to do, given the risk of personal liability for directors in relation to insolvent trading. The legislation… Read more