Case Study: Promotions Going Awry
The business was a small mechanics shop in a major capital city. They decided to join a daily deal promotion which offered a generic service for 50% of the normal service price. What was the objective? The owner believed that the cut price service would attract new customers, the revenue from the deal would just […]
Step up in garnishee notice activity
Over coffee with a liquidator this week we were confronted with a serious change in policy with respect of garnishee notices and the approach of the ATO. Since the start of the financial year there has been a concerted approach by the Commissioner to reduce revenue leakage and this has meant that there is an […]
Facing the waves?
As a small business operator, reaching the end of the working week it is often a wall of water that you are facing as to what the future brings. Sometimes you are the boat in the bar waiting for a break through the waves. Realistically, for some businesses, the waves are going to be too […]
Contractor or Employee?
It is necessary for employers must know whether their workers are employees or contractors because the tax, superannuation and other government obligations change depending on the worker’s status: If a worker is an employee, PAYG withholding will need to be withheld from wages. The employer must report and pay the withheld amounts to the ATO, pay […]
Managing Staff Expectations
We recently were involved in a small business that needed to close down, the staff found out about financial issues when the Director received a wind up notice. The business owner had been dealing with significant financial issues for a number of years and had been constantly struggling to keep the business afloat. Staff were […]
Business or a hobby?
Am I a running a business or is it Hobby? The determination of whether you are running a business or a hobby are not set in stone and there are a number of factors to consider. The difference can be significant from a tax perspective. For losses incurred in a hobby there is no ability […]
Q&A What happens during a restructure?
We are running through some questions and answers today about what actually happens during the restructure process and what to prepare for. How long does it take? Depending upon the situation and what is involved a restructure may be as quick as a week and we have been involved in some that have taken up […]
Storm clouds on the horizon?
As the economy starts to see the signs of distress are there clouds on the horizon of your business? Some of the earlier indicators are the longer it is taking to pay bills, customers are taking longer to pay or you are using personal money in order to pay the debts of the business. There […]
Signs of a distressed business
You’re a business owner and you think things are going well, but are they really? What are the signs that you should look out for? Are you drawing an income? Our first conversation with our clients is when is the last time you drew a salary or wage. For a lot of business owners it […]
What’s involved in a restructure?
Our first meeting You have either found us through our website or from one of our partners and are probably wondering what is involved in a restructure? If we have chatted with you prior to a meeting, we will have asked a few questions to understand your business and what you issues your business is […]
