Final chapter in Kleenmaid saga (ASIC’s final clean up)

Kleenmaid, a business founded by Andrew Young in 1980, was an Australian-owned domestic appliance importer and retailer, operating a chain of company and franchised stores across Australia. Its first product was an American-manufactured washing machine sold through appliance service agents. In 2008, rumours started to circulate about the financial stability of the company. Administrators were […]

Super Duper – Pardon & Remission

(Super Guarantee Amnesty) Nearly two years after it was first introduced into parliament, the Superannuation Guarantee Amnesty was finally passed by parliament on Monday. The legislation still requires Royal Assent. Normally, if you are late paying your staff’s super: The super payments are not a deductible expense, and You will be charged stiff penalty interest […]

Bancas Ruptus (Bankruptcy)

The word “bankrupt” is derived from two Italian words: banca (table or bench) and rotta (broken), which references Italian traders, who upon becoming insolvent, were said to have a “broken bench” (banca rotta) or in Latin, bancas ruptus. The word had its French equivalent, banqueroute. The term appears to stem from a widespread custom in […]

On Truth and Lies – Mark Twain

“If you tell the truth, you don’t have to remember anything.” Mark Twain died on 21 April 1910. More than a hundred years ago. The only difference in his lifetime and ours, when contemplating lies and truth, is that today in the time it takes for the truth to put its shoes on, a lie […]

Name & Shame: the new game for the ATO

The ATO’s hands are no longer firmly tied with confidentiality of taxpayer information provisions; the ATO can now divulge recalcitrant taxpayers. In a December 2017 LinkedIn article, I noted the Government’s announcement that it intended to introduce legislation to allow the ATO to report to Credit Reporting Bureaus (CRBs) the tax debt information of businesses […]