Luxury Car Tax
You can judge whether a car is luxury or not, according to the government, if it costs more than $64,132 for 2016-17. It’s not an over-the-top s price tag if you’re considering true luxury, but it’s enough to cop an extra tax. So what do I need to know about the luxury car tax? The […]
Understanding Div 7A
Division 7A (of Part III) of the 1936 Tax Act aims to stop shareholders and their associates taking money or benefits out of companies tax free. The rules impact at times when clients do not expect them to, such as in relation to company guarantees and loans from trusts. Division 7A can also apply in […]
Is the ATO coming?
An organisation that doesn’t go through the formal winding-up process might find they are served with a wind-up notice from the ATO, after a period of inactivity is interpreted as a non-payment of taxes or other obligations. Does this happen often? At the moment, the submission of wind-up applications is something the ATO is ramping […]
Administration or Liquidation
It can be a scary time when a business hits critical financial difficulty and needs to seek professional assistance. Adding to the stress is the legal ‘jargonese’ that starts being thrown your way as you start talking to professionals about next steps for the business. One of the most common areas of misunderstanding is in […]
Managing Cash Flow
The cash flow is the lifeblood of your business. Poorly managed, it can start to hurt the profitability and stability of your business, and as such it’s important to keep close track of and control over the way that cash moves through the business. There’s a popular saying that 60% of businesses that go bust are still […]
Debt Consolidation
Consolidating your debts can be a huge help when it comes to maintaining control of your financial situation, and knowing when you’re in trouble is key to avoiding large debts and even bankruptcy. What is debt consolidation? Debt is part of any business. And while sometimes it’s easy to manage, other times having multiple debts […]
Realistic Budgets
Is your business budget realistic, or have you set yourself up for failure? Even before your business is up and running, it’s essential to have a financial plan in place. It’s easy to become engulfed by all the other routine essentials, but never underestimate the importance of a good budget and sticking to it. Each […]
Simple Administration
When your business is struggling, it’s best to seek financial advice to understand the options available. One option is to go into administration to assess the company’s viability, and possibly turn its fortunes around. By definition, if your company liabilities total more than the value of its assets, the debts cannot be paid and it’s […]
Separating Business and Personal
As the owner of a business, generally you’ll have a personal vested interest in the finances. But it’s essential to keep your personal finances separate from your business finances, and vice versa. Separate your finances and you can ensure long-term success and growth, but if you don’t maintain a distinct separation then you could face […]
Will the ATO chase me?
TO debt is split into 4 main general areas – 1. GST 2.Income Tax 3. PAYG 4. Superannuation. The first two attract no personal liability whilst the last two may expose Directors for personal liability. GST and Income tax are company debts and at no stage are they ever a Director’s personal liability. If you […]
