Featured Knowledge

A $2 million-dollar error: What SMSF professionals can learn from the auditor liability cases

In brief: The cases of Cam & Bear Pty Ltd v McGoldrick [2018] NSWCA 110 and Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502 highlight SMSF audit risk and provide highly useful, transferable lessons for accountants and...
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Recent Knowledge

First meeting of creditors in an administration and its importance

The first meeting of creditors in an administration, although procedural, is still important. This was highlighted in the recent case of Bluechain Pty Ltd (No 2) [2021] VSC 260. Facts The Court ordered that provisional liquidators be appointed to the...
26 July, 2021

Disqualification of superannuation fund trustees – not as easy as the ATO thinks

As the regulator of self managed super funds, the ATO may disqualify people as trustees, or as directors of corporate trustees, of self managed superannuation funds in certain circumstances.  Broadly, those circumstances are where the person is considered not to...
20 July, 2021

Extension of time for liquidator to bring proceedings due to COVID-19

In a recent Federal Court case[1] the Court had to consider whether a liquidator was entitled to an extension of time to bring proceedings pursuant to section 588FF(1) of the Corporations Act due to COVID-19. Facts  The liquidator had public...
19 July, 2021