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Chris Sequeira is a highly technical and commercially skilled experienced insolvency accountant, with significant expertise across a multitude of sectors.
CLICK HEREeligibility review
SUMMARY
The Wexted Eligibility Review is a focused compliance assessment against the statutory preconditions for Safe Harbour protection set out in section 588GA(4) of the Corporations Act. It examines whether the company has met its core obligations relating to employee entitlements, taxation lodgements and record-keeping, and whether any repeated or material compliance failures exist. This review provides directors with early certainty as to whether Safe Harbour protection is available, and where it is not, what steps may be required to restore eligibility. It is a critical foundation for any Safe Harbour strategy and helps ensure that directors are acting from a position of good governance and regulatory credibility.
BENEFITS
- Clear confirmation of whether eligibility preconditions are met or where gaps exist
- Targeted remediation plan to restore eligibility quickly where possible
- Evidence file to support any subsequent Safe Harbour strategy
TYPICAL PROCESS
- Review payroll records, superannuation remittance reports and bank reconciliations
- Review ATO lodgement history (BAS, PAYG, FBT, income tax) and tax agent confirmations
- Assess recordkeeping systems and management reporting frequency
- Identify any repeat or material failures within the past 12 months and quantify their impact
- Recommend remediation actions and prioritise fixes (e.g., urgent lodgements, emergency payments)
TYPICAL OUTPUTS
- Eligibility Review report (pass/fail indicators, gap register)
- Remediation action plan with responsibilities and timelines
- Evidence checklist to be retained for board minutes and advisor reviews
Scope and Complexity
The scope is adjusted to ensure the eligibility assessment is robust enough to withstand scrutiny. In simpler businesses, the Eligibility Review may involve a targeted confirmation of payroll, superannuation and tax lodgements. In larger or more complex groups, the review may extend to multiple payroll systems, historical compliance issues, group-wide tax positions and coordination with external tax advisers.
Other Safe Harbour Services
THE SOLVENCY REVIEW
An independent rigorous assessment of a company’s solvency position — including liquidity, exposures, timing of creditor demands, and short-term cash runways.
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THE CORPORATE STRUCTURING PLAN
A strategic review and redesign of a company’s operational and corporate structure to support financial stability, governance clarity and long-term recovery.
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THE BETTER OUTCOME TEST
A structured assessment to determine whether a course of action is reasonably likely to lead to a better outcome rather than immediate administration or liquidation.
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THE CONTINUITY TEST
A resilience assessment designed to confirm whether a company can maintain compliance, cash-flow stability and operational continuity following Safe Harbour.
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Pressure Points and Warnings Signs
It is fundamentally important that directors should familiarise themselves with a sound understanding of the warning signs of insolvency, to identify early the ability to utilise Safe Harbour.
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If you’d like to learn more about Safe Harbour or our Eligibility Review service get in touch.
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