Helping clients protect and recover value through proactive cyber risk identification and management, and rapid action in response to a breach.
Helping clients to manage risk and regulatory compliance and respond to incidents of financial crime.
Uncover, analyse and clarify facts at the centre of disputes, frauds and other sensitive commercial matters.
Providing advisory and accelerated implementation services to the public and private sector.
Assists clients to grow, protect and recover value in their real estate portfolios.
Working with organisations to stabilise the business or to recover value on behalf of stakeholders.
We are Asia-Pacific’s trusted advisers in cybersecurity, financial crime, forensic, performance improvement, real estate and restructuring.
Our reach is global with offices across Australia, New Zealand, Indonesia and Singapore.
KordaMentha staff are actively engaged in giving back to their communities.
Driven by an entrepreneurial spirit and a different mindset, celebrate the firm’s 20th anniversary.
Timbercorp Group of Companies (In Liquidation)
Liquidation
23 April 2009
Craig Shepard and Leanne Chesser and Mark Korda and Mark Mentha
Liquidation: 29 June 2009
The Australian Taxation Office (ATO) has provided guidance on the tax implications for Borrowers who enter into a repayment arrangement under the Timbercorp Finance Financial Hardship Policy. The guidance is below: Timbercorp Finance Hardship Policy - ATO Correspondence Borrowers who enter into a repayment arrangement under the Timbercorp Finance Financial Hardship Policy should distinguish between amounts of interest and principal. This can include any accrued but unpaid interest.
In relation to principal, any amount released, waived or otherwise extinguished should not result in an amount of assessable income. The commercial debt forgiveness rules will apply to the "net forgiven amount" which may result in a Borrower's tax attributes being reduced.
In relation to interest, Borrowers who have not previously claimed a tax deduction for accrued unpaid interest on their loans will now be entitled to claim a deduction for amounts of interest actually paid (ie under the Financial Hardship Policy). Conversely, Borrowers that have previously claimed a tax deduction for accrued unpaid interest may now have to include amounts of interest they are no longer required to pay in their assessable income.
Despite the ATO’s letter, Borrowers should still obtain independent tax advice specific to their circumstances from their accountant or tax agent or request a private ruling from the ATO.
Sigrid Haslam E: [email protected] M: 0476 138 552
Creditors forms and information - Australia
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