Blog

Money Doesn’t Come Without Guidance ...

WHAT DOES THE CHECKLIST TO ASSIST INSOLVENCY PRACTITIONERS INCLUDE?

Awesome Image
24
May

ATO has developed an indemnity checklist and Annexure A to assist insolvency practitioners when preparing the indemnity request. These forms contain required information so that the insolvency practitioners can easily understand the procedure of request. The indemnity checklist is included in three ways which are Part 1, Part 2 and Annexure A.

  •  In Part 1, all the indemnity requests must be in writing and addressed; 
  • In Part 2, to be used for written requests where indemnity is being sought to commence litigation action; 
  • Annexure A breakdowns the total expenses of an indemnity required on a task-by-task basis.

The Deputy Commissioner of Taxation (DCT) will include the Annexure A document into a Deed of Indemnity if the indemnity is accepted. The Deed of Indemnity will seek to limit the amount that the DCT will indemnify on a task-by-task basis and will also seek to limit the amount of the indemnity to the overall total approved-unless approved otherwise in a Deed of Variation. The terms of the Deed of Indemnity will precisely exclude payment of certain costs incurred by insolvency practitioners that are listed below:

  •  Preparing and submitting the indemnity request; 
  • Communicating with the Deputy Commissioner of Taxation officials in relation to the request; 
  • Executing the indemnity agreement;
  • Preparing all the invoices and tasks associated with invoices, including forecasting;
  • Reporting to the DCT; 
  • General ongoing administration of the Deed of Indemnity and any variations agreed to.  

Comments 0

    Currently, there are no comment.

Login to comment

Latest Posts

Popular Post

We provide the fastest, easiest and most effective online tax return solution

trustedsite