Browse by:

DPN’ing the corporate veil

Directors may start being held personally liable for ATO debts owed by their company from 1 April 2020. Any remnants of the corporate veil, are now well and truly gone. The move comes after the Government introduced new legislation designed to tackle illegal phoenix activities. I previously warned last year about this new legislation. When…

A directors duty to comprehend financial statements

I recently briefly read a case about a director trying to claim in the witness box that he couldn’t read a cash flow report prepared by his bookkeeper and therefore couldn’t speak to its accuracy. This being despite the director running a significantly successful business for decades. The Court didn’t believe him. I can’t for…

Time to reform GST legislation, our courts think so

The Full Federal Court savaged our GST legislation on Valentines Day, ruminating on the “extreme difficulties” and the “tortuous journey” their Honours had in navigating the 3 different Legislative Acts just to work out whether a taxpayer is entitled to interest from the ATO on an overpayment. Justice Steward even called for reform. The case…