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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Bankrupt Aussie hides $250k in friend’s bank account

By Cameron Micallef

March 11 2020
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Bankrupt Aussie hides $250k in friend’s bank account

By Cameron Micallef
March 11 2020

Bankrupt Aussies trying to hide their money through relationships have been given a timely reminder they will be caught, following the arrest of a Victorian man, a government body reveals.

Bankrupt Aussie hides $250k in friend’s bank account

By Cameron Micallef

March 11 2020
Share

Bankrupt Aussies trying to hide their money through relationships have been given a timely reminder they will be caught, following the arrest of a Victorian man, a government body reveals.

According to the Australian Financial Security Authority (AFSA), Robert John Wilson was convicted after telling authorities he gambled away sales.

An investigation found Mr Wilson had transferred the sale cost to a friend, before withdrawing the funds for use over time.

AFSA deputy chief executive Gavin McCosker explained that AFSA pursues convictions to help maintain the public’s confidence in the personal insolvency system.

“For most people, bankruptcy is a difficult and stressful situation,” Mr McCosker said.

“However, it is important that people entering into bankruptcy are honest. Failing to disclose funds and assets is both unfair to genuine creditors and illegal.”

The chief executive highlighted while bankrupt individuals might see it as a victimless crime, it is important to maintain the integrity of the system.

“It is important that we take action against those who are dishonest and break the law.”

The matter was prosecuted on behalf of AFSA by the Commonwealth Director of Public Prosecutions.

Commonwealth law requires bankrupt people to fully and truthfully disclose all funds and assets in their statement of affairs. The trustee uses the bankrupt person’s funds or assets to repay people who are owed money.

Mr Wilson pleaded guilty to two charges under the Bankruptcy Act 1966 (Cth):

Dealing with property to the value of $20 or more within 12 months before the presentation of the petition which made him bankrupt contrary to section 265(7) read with section 265(4)(a) of the Bankruptcy Act 1966 (Cth).
Failure to fully and truly disclose to the trustee such information about his conduct and examinable affairs as the trustee requires contrary to section 265(1)(ca) of the Bankruptcy Act 1966 (Cth).

Mr Wilson was convicted of both charges and ordered to enter a recognizance — with $1,000 as security — that he would be of good behaviour for 12 months.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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