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.
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.
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.
Learn what this means for you and what to do if you receive a DPN.
PPSA Update
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.
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Principal Lawyer
Natalie is Principal Lawyer at FCW Lawyers. With a double degree in law and psychology, she understands the science behind human behaviour. She knows that soft skills can often be the real way to achieve great results for clients. Whether you call it emotional intelligence, empathy or just plain gut feel, Natalie has it in spades – which is invaluable when she’s negotiating outcomes for clients and conducting commercial litigation.
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