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Aussie software developer goes under owing $3.4M to the ATO

Aussie software developer goes under owing $3.4M to the ATO

Customers included government departments

Software developer Immersive Solutions has been placed into liquidation owing $3.4 million to the Australian Taxation Office (ATO).

Immersive Solutions, which has changed the company name to A.C.N. 136 616 889 PTY LTD in May, was registered with the Australian Securities and Investments Commission (ASIC) in 2009.

The software developer had several customers, including government departments.

ARN understands that the company stopped trading in November 2017, with all staff being terminated at the time. At one point, the company counted 40 engineers among its ranks.

In March 2018, an application to wind up the company was commenced by human resources consultancy Sirius Technology.

James Koutsoukos and David Coyne from Frenkel Partners were appointed administrators in May. 

The director of the company informed the administrators that the reason for the company’s failure was the disallowance by the ATO of R&D (research and development) tax offset claims that Immersive Solutions had lodged.

It is understood that the company was initially placed under administration to allow the director time to raise funds to propose a deed of company arrangement which would involve challenging the ATO disallowances and lodgement of subsequent years R&D claims.

At the committee of inspection meeting held on 4 June, the administrators suggested the company be wound up. The administrators also said that they had received limited cooperation from the director, which included not being provided with the company's intellectual property.

Coyne advised at the meeting that the company had failed to maintain proper books and records.

On 6 June, the Victoria Supreme Court appointed Geoffrey Niels Handberg from Rodgers Reidy as the company liquidator.

 


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Tags softwareImmersive Solutions

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