Bankruptcy to now become twelve months only

When Malcolm Turnbull was elected to office, he protested that he saw far too many good firms go down and that he would change laws to prevent it from happening.

True to his word, he now has, and as well as the changes, we has made defences for companies.

It was recently announced that there is a bill in Federal Parliament which has had its second reading in the Senate and it was not amended, so it is expected it will soon become law in this regard.
 
From what we can gather, it is another part of a string of initiatives aimed at converting this country into an entrepreneurial society or at least more entrepreneurial.

Specialist advice on this subject can be obtained from Clout & Associates here.

For a second opinion, contact your nearest TaxAssist Accountant today.

Date published 15 Dec 2017

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