PIR Newsletter - June 2021

Finalising Personal Insolvency Administrations

From July 2021 AFSA will use data analytics to monitor the number of aged administrations held by registered trustees.

A gambling case? Think again!

Not everything that involves gambling makes for a gambling offence referral to AFSA. There are several factors that determine whether a person with a gambling habit has committed an offence.

Annual Administration Returns  - Reminder

The Annual Administration Returns (AAR) lodgement period is fast approaching. This year’s AAR are due Wednesday 4 August 2021.

New Resources for Practitioners

As part of AFSA’s ongoing role to provide guidance to personal insolvency practitioners, we have published the following new Inspector-General guidance tools on our Practice Resources page.

Intelligence Update

AFSA is enhancing its intelligence capability to help understand potential harms and risks in both the insolvency and PPSR systems and to monitor trends.

Four-time prosecution for failure to file Statement of Affairs and proactive compliance

The Statement of Affairs is a critical element of bankruptcy in Australia and failing to file an SOA is a serious compliance offence. Where necessary, AFSA pursues criminal charges against those who are deliberately misusing the system and failing to file their required information.

ATO and Tax Practitioners Board update

The ATO continue to improve services provided to insolvency practitioners.

Case notes

The Federal Circuit Court, Administrative Appeals Tribunal and South Australian Supreme Court have recently handed down decisions relevant to personal insolvency in Australia.