News & Insights

Are you eligible for the new NSW grant package announced today of up to $10,000?
The NSW Government announced today a major new grants package to assist small businesses and people across NSW impacted by the current COVID-19 restrictions.

With the end of financial year fast approaching, now is a good time to think about opportunities and risks that should be addressed before 30 June 2021. This time of year provides rare opportunities for businesses to improve their cash flow position to weather uncertain times and tap into new opportunities in the post Covid-19 world.

Welcome to the latest edition of Insolvency Sound Bites, which is intended to be a quick refresher on current developments in the Insolvency and Reconstruction space.

A stronger than expected economic recovery from the COVID-19 recession has resulted in a budget deficit of $161 billion, $52.7 billion lower than the government’s expected deficit. With the virus still a threat to the global and domestic economy, the Budget contains various measures to support businesses and individuals with job creation, incentives, tax relief and superannuation changes.

Bushfires, COVID-19 lockdowns and recent floods have focussed attention on Business Interruption insurance for both insureds and insurers alike.  Even though 14 years have passed, there are some salutary lessons to be learned by insureds and insurers from the decision of the NSW Supreme Court in Brescia v QBE.

In this edition of Tax Time Monthly we cover updates and findings from ATO on: Fringe Benefits Tax; Tax treatment of government grants and payments during COVID-19; No more JobKeeper but are you eligible for JobMaker; Do you need to review your service trust arrangements in the light of PCG 2021/D2… and much more

JobKeeper – Key Date: 28 March 2021.
The JobKeeper subsidy will end on 28 March 2021 and you can claim payments for your eligible employees until this date.
It will be necessary to consider the necessary adjustments in your business to reflect the withdrawal of this subsidy.

Commercial Leasing Code of Conduct……

In New South Wales, the use of expert witnesses in the Personal Injury Commission is subject to section 35 of the Personal Injury Commission Rules 2021 and Procedural Direction PIC4 – Expert Witness Evidence.

The former Administrators of AMS Holdings (WA) Pty Ltd (Receivers Appointed) (In Liquidation) intend to file an application with the Federal Court of Australia for a determination of their remuneration and disbursements by the Court pursuant to Insolvency Practice Schedule (Corporations) s 60-10(1)(c).

In this issue:
Family law – business valuation checklist;
Insurance – business interruption & COVID-19;
Commercial litigation – ceasing a director, statutory demands and personal bankruptcy;
Other news – recent trends, presentations and other thought leadership.