Rural motels and the decline of asset values
We have focused on late on the accommodation marketing in country towns and what is appearing to be a rapid decline in the value of these assets. Some of the core indicators that things are going bad are: Number of premises for sale Room rates are not increasing Failure or disappearing large chains Quality of […]
Best decision of my life
We received a letter recently from a client we assisted move into bankruptcy, as background he had been unsuccessfully running a franchised business for five year, paying $2,500 a month in franchise fees to be a handyman, he had not made any money for three years and not drawn a salary since 2016. “Hi Craig, […]
Why is a will important
The NSW Trustee and Guardian estimates that at least 45% of individuals have not yet made a valid will, and it has been claimed that 60% of Australians die without a will. What is a will and why is it important? A will is a legal document that clearly states how you want your assets […]
Delusions of Recovery or Turnaround
An oft heard statement is “things are just about to turnaround”. For some business owners this is just an attempt to stave off the inevitable or to buy some more time, but for what end? If there is an expectation of things turning around what is the basis for this, we assisted a hospitality owner […]
But my Credit Rating!!?!
In dealing with your financial position there is often a concern over your existing credit rating and what the impact of a restructure will be. We recently assisted a business owner that had a judgement as well as four default listings for the business and was on the precipice of bankruptcy, the concern was being […]
Max Brenner and retail pressures
Recently Max Brenner appointed an administrator and is now looking to shut the majority of stores and sell the balance, how did it all go wrong and what could be done to protect against it. Rents A fundamental cost for business is keeping the doors open, and your shop is paying rent 24 hours per […]
Preferences? How are they fair?
Tips on defending a liquidator’s preference claim. Preferences are payments or transfers of assets that give a creditor an advantage over other creditors. Any payments or transfers made to a creditor within a certain period before a company is placed into liquidation, may in certain circumstances be recovered by a liquidator. Preferences are usually payments […]
Cross Collaterisation
Do you have cross collaterised assets or do you know what it means? Cross collateralisation is where your lender has taken security over more assets than those that you have financed, this may be a taking security over your home for a business loan, or taking security over your entire business for a vehicle loan. […]
Experience counts, unless it doesn’t
The development of your business calls into your own experience together with those around you. The more experienced the advisor, the better, right? We recently assisted a family group where the professional advisory team had been in place for over 40 years, they had grown up together as a business colleagues and things started to […]
Land Tax Western Australia
Land Tax – Western Australia Generally the land tax position in Western Australia is: Rates Land tax rate scale Aggregated Taxable Value of Land Rate of Land Tax Not Exceeding $0 $300,000 Nil $300,001 $420,000 Flat rate of $300 $420,000 $1,000,000 $300 + 0.25 cent for each $1 in excess of $420,000 $1,000,000 $1,800,000 […]
