LATEST ACCOUNTING NEWS
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Year-end tax planning
Home Office & end of 2021 tax year
ATO extends STP finalisation due date
Super transfer balance cap increase from 1 July 2021
ATO extends Division 7A COVID-19 relief
Tax implications - more than one job
Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
10% Super Guarantee from 1st July 2021
End of year financial strategies
Closely held payees: STP options for small employers
Videos to help understand accounting topics.
ATO Small Business Newsroom - May / June
New insolvency rules commence
ATO sheds light on crypto compliance focus
Post Federal budget reflections
Federal Budget 2021 - Overview
Building a more secure and resilient Australia
Federal Budget 2021 - Health
ATO signals crackdown on 4 ineligible work-from-home claims
Taxpayers urged to keep work-from-home records
Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
New insolvency rules commence
ATO promises not to ‘destroy’ businesses as it resumes debt collection
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In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
ATO issues alert on super, tax scams
Salary sacrifice integrity
Understanding the evolution of blockchain and cryptocurrencies
Update to Australia's vital statistics
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
SMSFs - Our 'hardest' jobs
Tax Office reveals adventurous, dubious claims ahead of tax time
ATO reveals top tax time mistakes, set to contact 1 million taxpayers
Watch out for charges with incoming GST laws.
Super savings gap for women stuck at 30%
‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period
Statistics for all Australians
What is Bankruptcy?

Bankruptcy is a legal process whereby a person is declared unable to pay their debts.



       


 


In all bankruptcies, a trustee in bankruptcy is appointed to administer the bankrupt estate.  The trustee may either be the Federal Government Official Trustee, or a private registered trustee.


When someone is declared bankrupt, creditors who do not hold security for their debt (the unsecured creditors), are generally prevented from continuing to seek recovery of their debts.


Creditors cannot begin or continue recovery action during the bankruptcy period or after the person’s discharge from bankruptcy. The bankrupt is released from these debts upon their discharge from bankruptcy.


The bankrupt may choose to continue making repayments to their secured creditors. If they do not, the secured creditors may take possession of their security and sell it.


A bankrupt is generally entitled to retain the following:-


  • household furniture and personal effects
  • low value motor vehicles
  • low value income producing tools of trade
  • superannuation

At risk of forfeiture would be the share of:-


  • the family home
  • investment property
  • listed shares
  • business assets

 


 


AcctWeb




14th-September-2018
 
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