debt

Unpacking statute-barred debts

  Various tax implications can arise when a debt becomes statute-barred. In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors. Each state and territory in Australia contains its own “statute of limitation” provisions that provide a procedural basis for

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Don’t let a tax debt make your client call time-out

Whether your client is running a business or is just an individual trying to make ends meet, there is nothing worse for them than to find they have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge. The Australian

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Personal insolvencies jump over June quarter

The most recent personal insolvency statistics have been published by the Australian Financial Security Authority (AFSA, formerly known as the Insolvency and Trustee Service Australia). The data shows that compared to a year ago, personal insolvencies increased 13.7% for the June quarter. And compared to the March quarter this year there was a 10.7% increase.

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Payday lending – Be wary!

Payday loans, so called because they are meant to tide a person over until their next pay packet, have proliferated over recent times — and appear to be a permanent pothole in the financial landscape that can trip up the financially vulnerable in desperate times. Payday lending – Be wary! The lenders issue small amounts of

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