Shop Vacancy Rates: Armidale Case Study
Shop Vacancy Rates in Armidale Growing up in a country town, it was hard to appreciate how the development of out-of-town shopping malls affected inner-town small businesses. However, my recent trip to Armidale has highlighted this, with shop vacancies throughout the main shopping strip. It got me thinking about the consequences for retailers and the long-term damage to a […]
Defending unfair preference
In every liquidation, Liquidators seek to identify and recover monies paid to creditors where it can be shown the recipient knew or suspected a Company was insolvent at the time payment was made. The primary purpose of the law of Unfair Preference Claims is to ensure that no one creditor should receive more than others […]
Liquidator in a creditors voluntary
The Liquidator will; Take control of, and realise the assets of the insolvent company Distribute available funds to proven creditors Investigate the affairs of the company Report to ASIC any issues found through the investigation process Consider various legal actions against debtors, creditors and others The effect of a Creditors’ Voluntary liquidation? When a liquidator […]
Negotiating with the ATO
For a significant number of companies, the ATO is their major creditor. Often for reasons outside the control of those companies’ directors a company is for a period of time unable to pay the full amount of its due and payable debt to the ATO. This can often result in serious consequences for the company, […]
Complex arrangements with the ATO
We’re often contacted by the accountants of companies owing large sums of money to the Australian Taxation Office (ATO). These companies may have previously defaulted on ATO payment arrangements, or had subsequent payment arrangement offers refused. In some cases, their only option is to appoint a liquidator or voluntary administrator. However, if the company has […]
ATO Statutory Demand
If you’ve received an ATO statutory demand you need to make some fast decisions about your business. It’s the start of the legal debt recovery process and you have 21 days to take appropriate action. If your company has been served with a statutory demand you must respond to it within 21 days of service […]
Fuel tax credits
Fuel tax credit rates increased on 1 August 2017. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels. Rates change regularly. They are indexed twice a year, in February and August, in line with the […]
Tax Planning for Businesses
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some less obvious options left available just before the end of the income year, should your […]
Home phone, internet and mobile
The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims. But the ATO points out that use for […]
Use it or Lose it: Importance of the PPSR
If you’re a business owner and don’t have an understanding of the Personal Property Securities Register (PPSR), you need to get up to speed to protect your assets! We’ve included some examples of how things can go pear-shaped when you don’t perfect your security interests on the PPSR.
