Accommodation Industry Woes
Some observations on the changing landscape of the accommodation industry in Australia, particularly in rural and regional areas.
Business Location
The physical location of your business can have a multitude of impacts in addition to obvious ones such as customer access and transport. Before you settle on a location, you need to be thoroughly aware of how and how much your location will impact your organisation.
Trading with a wind up notice over your business
Companies that have trouble meeting their tax obligations, or other debts, may receive a notice to wind-up from creditors or the ATO. Business owners and company directors are often confused about the impact of receiving a wind-up notice, and uncertain about what their options may be. A wind-up notice is a serious matter, and it’s […]
Trading Insolvent
Companies are a unique type of legal structure in that they are a separate legal entity and provide limited liability. However, there are certain situations in which the corporate veil can be lifted and directors are held personally liable for the company’s dealings. This commonly occurs when a company continues trading whilst insolvent. Directors have a duty […]
Documents to wind up a business
Winding up a business is different to merely ceasing trade. While the latter means that you’re effectively stopping business, you still have to abide by a handful of obligations and fees while the business remains registered. The de-registration process is long and involved, and can take months to take from start to finish. Creditors have […]
Getting Paid on Time
You’ve delivered the product and sent the invoice, and now the client’s delaying payment. Late paying clients create cash flow problems and disrupt your business. Left unmanaged, non-payment can tip you towards insolvency in serious cases. If you want to minimise overdue invoices without alienating clients, start by implementing these smart invoicing strategies. 1. Ask […]
Tax of Insurance Premiums
As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable […]
Self Education Expenses
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as […]
Taxable Payment Annual Reports
If your business primarily operates in the Building and Construction Industry, and makes payments to contractors, you are required to complete and lodge a “Taxable Payments Annual Report (TPAR)’ with the Australian Taxation Office each year. Businesses primarily in the building and construction industry need to report to the ATO the total payments they make […]
ATO Targets
Small business owners. Rogue tax practitioners. Uninformed taxpayers. Rental property owners. Such taxpayers have long managed to avoid consequence for partially-correct tax returns. Finally, it seems the Australian government has acknowledged the extent to which individuals are undermining its principal revenue collection agency – the Australian Taxation Office (ATO) Fresh off a funding windfall from the […]
