Your Business and Tax
FACT NUMBER 1. Tax debts will be covered by bankruptcy.
FACT NUMBER 2. Just because you are Bankrupt it doesn’t mean you can’t be in business for your self. The rules are clear, you can trade under an ABN number. You can not be Director of a Company. If your business is a registered company (Pty Ltd) and you are considering bankruptcy you really need to get advice.
We have assisted many company directors avoid thousands and some times tens of thousands of dollars in unnecessary fees when they need to go bankrupt. Let our experience benefit your situation.
If your business is not making money and has got you into a pile of debt, unless you have another option to earn big dollars, going bankrupt will give you a fresh start.
We can assist you to cease your business including releasing you from any lease that you may have. You can go bankrupt if you have outstanding tax returns due. Don’t believe the old fallacy that your returns must be up to date and that you must be unemployed.
Most people who go bankrupt, in excess of 90%, have the Government as their Trustee. AFSA which stands for Australian Financial Security Authority is the Government bankruptcy office. They are normal working people just earning a living to feed their families. They are nice and will treat you with respect.
A small number of people will end up with a private Trustee. Private trustees are people who are registered to administer the affairs of bankruptcy estates.
There are no so called “friendly trustees” as all trustees are responsible for administering bankruptcy law.
If you feel that you need a private Trustee or if after talking to us we see the need for you to have a private Trustee we will explain why and can organise a free chat with a Trustee to ensure you are fully informed of what is likely to happen based on your position.