Carry-back of income tax losses
The 2020-21 Federal Budget papers released on 6 October 2020 contained a potentially significant measure relating to the carry-back of company income tax losses to prior years, as explained in this note.
Author: James Strong
Bankruptcy: Unfair preferences, third party payments and the ‘Quistclose’ trust
Can you prefer one creditor by arranging a third party loan, the proceeds of which are paid directly to that creditor, without the arrangement being void against your trustee in bankruptcy? “Yes” says the Full Federal Court – thus confirming an important distinction between personal and corporate insolvency.