A guide to business restructure
After restructuring, your business should become more profitable, organised and strategic – but only if you do it right. Changing any element of your business, such as legal aspects, ownership or operational structure, is referred to as restructuring. It’s a complex process to plan and implement, because it typically involves drastic changes that need to […]
How Safe Harbour Will Impact ‘Ipso Facto’ Clauses
Changes are being made to Australian laws that will impact what occurs when businesses are experiencing financial trouble. But what are the changes, and how are they different to the current legislation? Find out how Safe Harbour will potentially change current business processes. History Until recently, Australian insolvency laws have made it difficult for businesses […]
Informal Restructuring
How can an Informal Restructuring help a company in financial difficulty? An informal restructuring is usually the “least drastic” solution available to a company in financial distress. They are very flexible, and are achieved behind-the-scenes. They can be achieved in a short space of time or can take years to complete. Many restructurings can be […]
You may have to lodge your T-BAR report
From 1 July 2018, all SMSFs must report the following events that affect their member’s transfer balances that occur after 1 July 2017: Commencing retirement income streams. Pension commutations. Certain limited recourse borrowing arrangement payments. Personal injury contributions. This transfer balance account events reporting (T-BAR) will enable the ATO to determine whether both the $1.6 […]
Dealing with personal guarantees
What is a personal guarantee? A personal guarantee is an agreement by one party to be liable for the debts of another. Usually, personal guarantees will be given by the directors or shareholders of a company to personally guarantee the payment or obligations on behalf of their company. A major problem that you can face […]
Overview of Safe Harbour Provisions
What is safe harbour? Safe harbour is legal provisions that reduce or eliminate liability in certain situations as long as certain conditions are met. Under these provisions, a client won’t be liable to some administrative penalties if they are able to provide all the relevant tax information to you. This will also only apply if […]
Administration v Liquidation
Both administration and liquidation are formal insolvency procedures, however they are significantly different. Administration is entered into with an aim of rescuing the business and recovering it so that the company can avoid insolvency. Liquidation is the process used to realise a company’s assets prior to it closing. Administration A company in will enter into […]
Quick payment arrangements
What is a payment arrangement? A payment arrangement is an agreement that will allow you to pay overdue balances by either paying the balance on a specified date or organising a payment schedule on specific dates. Usually, payment arrangements are used to help you spread your payments over a period of time for financial reasons, […]
PAYG Liability as a Director
Pay As You Go (PAYG) summaries will provide detailed accounting information about each payee, it makes filing your taxes easier because the calculations are already done, generating reports will be made simpler and faster, and giving a PAYG summary to your payees allows them to understand and clarify their payments with ease. As a director, […]
Lodging a late BAS
What is BAS? A Business Activity Statement (“BAS“) is how you report and pay your business taxes to the Australian Taxation Office (“ATO“). Your BAS will report and pay your GST, PAYG instalments, PAYG withholding tax and other taxes. BAS can be lodged electronically, by mail or for on the phone if you have nil lodgements. […]
