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Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. [1] Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors , creditors and the wider community when debtors are unable to meet their financial obligations.
The bankruptcy jurisdiction was exercised by state courts. In proposing the establishment of the Federal Court of Bankruptcy, the Attorney-General , Frank Brennan , said that it was necessary because the number of bankruptcy cases had been increasing due to the Great Depression and the 1929 decision of the High Court , [ 11 ] which held that ...
Ebner v Official Trustee in Bankruptcy is a decision of the High Court of Australia. The case is an important decision in Administrative Law, for its holdings about the legal test for actual and apprehended bias in a decision maker. According to LawCite, the case has been cited the 28th most times of any High Court decision. [1] [2]
South Australia v Commonwealth (First Uniform Tax case) 1942 65 CLR 373 Latham: 248 Commonwealth taxation power was sufficient to impose a scheme of uniform income tax across the country and displace that of the States Adelaide Company of Jehovah's Witnesses v Commonwealth (Jehovah's Witnesses case) 1943 67 CLR 116 Latham: 168
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced.
The Bankruptcy Disqualification Act 1871 (34 & 35 Vict. c. 50) The Bankruptcy and Deeds of Arrangement Act 1913 (3 & 4 Geo. 5. c. 34) The Bankruptcy Act 1914 (4 & 5 Geo. 5. c. 59) The Bankruptcy (Amendment) Act 1926 (16 & 17 Geo. 5. c. 7) The Bankruptcy Acts 1883 to 1890 was the collective title of the following Acts: [12] The Bankruptcy Act ...
The progressive nature of income tax in Australia results in different income groups paying different amounts. The top 1% of income earners pay 18% of income tax received. The top 3% pay 28% of income tax. The top 10% of earners paid 46% of all income tax paid. The bottom 50% of earners paid 11% of all income tax. [19]
In 1884, a general tax on income was introduced in South Australia, and in 1895 income tax was introduced in New South Wales at the rate of six pence in the pound, or 2.5%. [6] Federal income tax was first introduced in 1915, in order to help fund Australia's war effort in the First World War. [7]