Further insolvency reforms – insolvent trusts, insolvent trading ‘safe-harbour’; moratoriums whilst negotiating schemes of arrangement; and increase in ‘statutory demand’ threshold

Tax Month - May 2021

On 3 May 2021, the Treasurer announced further insolvency law reform involving how trusts are treated, the ‘insolvent trading safe-labour changes and a moratorium on collection actions whilst a scheme of arrangement is in force. It will also increase the size of the debt, that can trigger a ‘statutory demand’ for payment (on pain of…

2021-22 Budget: Treasurer “committed to” Stage 3 tax cuts (30% out to $200k) and excise refund cap to be tripled to $350k, for small brewers and distillers

Tax Month - May 2021

In the lead up to the 11 May 2021 Federal Budget, the Treasurer announced that the current income tax rates would remain until 2024/25, when the ‘Stage 3’ extension of the 30% rate, would apply all the way up to $200,000. He also signalled that small scale brewers and distillers would have their excise cap…