Where do we start? The cost-of-living crisis, rising interest rates and an increase in collection activity by the ATO are just some of the challenges facing businesses in Australia today. With tightening business conditions in key industries, and more than $50 billion in tax debt, it’s more important than ever to keep your business ahead of the curve.

CreditorWatch has teamed up with Natalie Ledlin, Terry Ledlin and Holly Grujovski from FCW Lawyers to bring you this regular newsletter full of tips and tricks to keep you up to date with the latest legal developments and best practice to protect your business in these challenging economic times.

ATO tax debts – The tax man cometh

Recent data provided by CreditorWatch shows that the number of tax debt defaults being received from the ATO are now consistently around 5,000 per month. Early research also indicates that there is a thirty-fold increase in likelihood of a business failing if it has a tax debt default. Read our article here on the state of the tax debts in Australia and how best to protect your business from failure.

Keeping things private

Privacy Awareness Week is almost here! From 6-12 May 2024, the OAIC is encouraging individuals, organisations and agencies to ‘power up their privacy’ by focusing on transparency, accountability and security. In the lead up to Privacy Awareness Week, we’re putting the spotlight on privacy in your business, starting with your privacy policy

Click here for a helpful article on changes coming to the Privacy Act and how to make sure your privacy policy is compliant.

Director Penalty Notices

If you’re the director of a company that cannot pay all PAYG, superannuation guarantee payments and any GST payable, you may receive a Director Penalty Notice from the ATO. A DPN puts you on notice that you are personally liable for the company’s tax debts, putting your personal assets (like your family home) at risk.

Click here to find out what this means for you and what to do if you receive a DPN.

PPSA Update

Read our latest PPSA case study here to make sure you’re up to date with the latest developments in registering validly on the PPSR as a secured party.  

Stay tuned for our next legal newsletter, where we explore the validity of electronic signatures, wrap up Privacy Awareness Week and help you get ready for the end of the financial year.