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Insolvency and Restructuring
- 10 Mar 17 Payroll tax considerations for restructuring and insolvency professionals The State revenue authorities are becoming savvier in identifying tax shortfalls, whilst simultaneously improving the effectiveness of their debt recovery processes. In recent years, this has involved enforcing the joint and several liability provisions to try and ensure recovery of unpaid liabilities from group members. In this alert we set out some of the important considerations that restructuring and insolvency professionals need to be aware of from a payroll tax grouping perspective.
- 10 Mar 17 Reflections on the Australian Building Systems case, the position of a mortgagee in possession and income tax Despite the decision in FCT v Australian Building Systems Pty Ltd, there are still possible tax benefits for a secured creditor to enforce their security by way of a mortgagee in possession rather than appointing a receiver.
- 10 Mar 17 Foreign resident capital gains withholding and insolvency arena The foreign resident capital gains withholding provisions came into effect from 1 July 2016 and have changed the procedural way that disposals of Australian real estate are carried out. Broadly, the FRCGW requires a purchaser who acquires certain Australian real estate assets from a foreign resident vendor to withhold and remit to the Australian Taxation Office 10% of the market value purchase price paid.