Basics of a DOCA
Designed to maximise the chance of a company to continue its business, a Deed of Company Arrangement (DOCA) is a binding arrangement between the company and its creditors. Another purpose is to ensure that creditors receive a better return in the case of the company being wound up. Essentially, the DOCA helps the company avoid […]
Myth of a Liquidation
Liquidation is the winding up of your business with assets sold to pay creditors. While it’s a final option for shutting down the business, for struggling businesses this step can come as relief. However, myths still persist about liquidation. If you’re considering liquidation as an option for your business, it’s vital to debunk these so you […]
So I’m bankrupt!
Practical action steps for bouncing back Taking practical action steps is as vital as having a positive mindset. Plan for the future with a realistic budget and start rebuilding your credit history by paying your bills on time. Realise you can bounce back after bankruptcy. Whether you’re dealing with personal bankruptcy or a company insolvency, […]
Guide to a turnaround
Failure is the norm rather than the exception for businesses. The signs can be plain: the business isn’t expanding and you’re having trouble meeting financial obligations. Or the competition is getting intense in an oversaturated market. At this stage, acting quickly gives your business the best chance of recovering, avoiding mounting debt, and returning to profitability. There are […]
Creditor of a company in liquidation?
It’s not an enviable situation for anybody to be in, whether in their personal or business life; you’re owed money, and the person who needs to repay you can’t deliver it. If you’re trapped as a creditor in a situation where a business is winding down or has been liquidated, there are specific steps that […]
Business Restructure
Business restructuring is often used by distressed businesses to overcome their financial and operational issues in order to return to profitability and growth. In challenging markets, business restructuring can help businesses overcome issues like poor cash flow, thin profit margins, and stagnating growth. Developing a restructuring strategy that reflects your business needs is critical, as […]
Allocating profits in a professional firm
Allocating Profits within Professional Firms The allocation of profits within Professional Firms, such as accounting, architectural, engineering, financial services, legal and medical professions, continues to be under close scrutiny by the ATO. In 2015 the ATO issued guidelines for practitioners outlining how its general anti-avoidance legislation could apply to professional firms that allocate profits from […]
Single touch payroll
Single Touch Payroll (STP) is an initiative being introduced by the Australian Tax Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations’ payroll processes. STP proposes to streamline the administration of employee payroll, tax and superannuation obligations for employers. What is STP? The ‘Budget Savings (Omnibus) Bill 2016 – Single Touch […]
Dissolving a business partnership
A business partnership can break down for a number of reasons, but knowing what to do next, including your legal and financial obligations, is important. The termination of a partnership is referred to as a ‘dissolution’. If you’re looking to dissolve your business partnership, here’s everything you need to know, whether you have a partnership […]
Super guarantee health check
We thought it would be a good idea to remind employers of their obligation to pay superannuation guarantee contributions – currently at a minimum rate of 9.5% of ordinary time earnings on behalf of all eligible workers earning $450 or more before tax in a calendar month. Employees include company directors who receive payments in […]
