COVID-19 Australian Government- Bankruptcy law changes to provide relief

 

4 May 2020

The Australian Government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19.

If you’re a sole trader, or operating a business as a partnership, you could face personal bankruptcy if you can’t pay your debts.

If you’re in financial difficulty you can now apply for temporary debt protection; this prevents recovery action by unsecured creditors for six months. You can use the time to:

  • seek free advice from a financial counsellor
  • negotiate payment plans with creditors
  • consider whether you require a formal insolvency option.

In addition, the temporary debt relief measures have increased the:

  • minimum amount of debt that can trigger bankruptcy (from $5,000 to $20,000)
  • time an individual has to respond to a Bankruptcy Notice (from 21 days to six months).

If you’re concerned about your finances, help is available. You can access advice from an insolvency practitioner registered with the Australian Financial Security Authority (AFSA), or get free support through the National Debt Helpline by calling 1800 007 007.

 

Source: Australian Taxation Office News Room

Date: 12 May 2020

 

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Coffs Coast Consulting Services:

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Contact Shannon at Coffs Coast Consulting if you require assistance in getting your tax up-to-date to obtain aspects of the Federal Government Stimulus Package Ph (02) 5606 3692 or in box me through this website.

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I have never done may taxes before and Shannon has been exceptionally helpful. She gives informative details about not only how she can help but how you can help yourself in the future while also keeping you up to date on her progress. so thank you shannon for helping a young adult learn how to do adult things.read more
Kara Johnson
Kara Johnson
10:07 17 Oct 19
Shannon was recommended to me by a friend and did not disappoint. She effectively helped me complete my tax return, provided excellent tips on how to get a better return next year & did it all remotely from the other side of Australia! (I live on the west coast). The whole process was super easy and completed with minimal stress. HIGHLY RECOMMENDread more
Charlii McGuane
Charlii McGuane
06:16 09 Sep 19
I highly recommend Shannon and her professional services. She is extremely knowledgeable with all facets of accounting and tax law. Her passion for this industry is remarkable, up to date with a focus on providing the right advice to suit you situation.read more
X-press Print & Signs Coffs Harbour
X-press Print & Signs Coffs Harbour
10:12 27 Aug 19
Thank you Shannon for listening and helping me understand the ‘tax’ world! From someone that has received bad service previously, you are a light at the end of my tunnel. I highly recommend to choose Shannon for all your financial needsread more
Pauline Weller
Pauline Weller
04:42 23 Aug 19
Attention to detail and easy to contact any time I need help with turning the gears of my Company. As a born and raised local to the Coffs Coast myself, It's refreshing to be dealing with someone who understands our demographic. Makes a huge difference to have 'down to earth' conversations with a local. Thanks, Coffs Coast Consulting - would recommend to anyone in business!read more
Dale Price
Dale Price
19:00 19 Aug 19
I highly recommend Coffs Coast Consulting for anyone looking for a reliable, knowledgeable and approachable accountant. Shannon has been fantastic- helping to set up our business accounting and ensuring we are compliant with all regulations relating to tax, super and long service leave. Her vast experience in the industry shows!read more
Vicki Price
Vicki Price
09:35 19 Aug 19
Coffs Coast Consulting is a friendly and affordable tax service. Shannon is highly efficient and very professional, I would not hesitate to recommend this business.
kay winkler
kay winkler
08:07 17 Aug 19
Fantastic advice from Shannon, who allowed me to do the complete return from the comfort of my own home, convenient, helpful advice with a courteous and professional manner. . would recommend this service to everyone!
Tarlz M
Tarlz M
03:45 17 Aug 19
Coffs Coast Consulting helped me with my personal tax return this year. Shannon was very professional and knowledgable and made the process extremely simple. Wouldn't hesitate to recommend her.
Vicki Woods
Vicki Woods
05:17 14 Aug 19