Payment arrangements
There are no hard and fast rules as to what the Australian Taxation Office (“ATO”) will consider to be acceptable for a payment. This is because their policies generally refine with time. Prior to undertaking any payment arrangement, it is important to ensure that whatever is proposed is sustainable for your business. For smaller amounts, […]
Garnishee Notices
https://youtu.be/A-rWQ9H-sew First up, if you have recently received a garnishee notice and wondering what it all means we have a lot of resources on our website. It is important to move quickly as doing nothing is not an option once this is in place. So generally, your accountant has provided you the garnishee notice or […]
Cross collaterisation
You’re planning to sell an asset and your lender has advised you that they have an interest in the proceeds and will be taking a portion or all of the proceeds? Cross collateralisation is where your lender has security over unrelated assets to the business or other property and are enforcing their rights to collect […]
Loving your numbers
We recently assisted a business restructure and as a team learned a valuable lesson on what will make a business survive. The comment of the manager of the business is that “numbers don’t matter.” Our bookkeeper had the same look of shock as we did. The manager told us all that mattered was the income. […]
Assigning a lease
You’ve sold your business and as part of the sale the lease has been assigned to the new buyer, what does this mean for you in the future? Do you have a personal guarantee under the lease? One of the biggest risks under the assignment is that your personal guarantee continues and you would be […]
Importance of lodging your BAS on time
You’re at the end of the quarter and are going to leave the BAS to later, why is this a bad thing? The timely lodgements of Business Account Statements’s (“BAS”) is one of the biggest risk for the operators of businesses and can turn a business debt into a personal debt. For businesses lodging late […]
Thinking of credit repair?
You have been rejected for a loan and the grounds given were that you have a poor credit rating. What does this mean? As there is a mechanism to report missing payments or judgments against you on a centralized database, anyone giving you finance can check the database and see what your history is like. […]
Laundry Allowance
Your tax agent tells you, you can $150 claim for laundry relating to your work uniform, is this correct? We have recently been working with a tax agent that had a standard policy of claiming $150 regardless of the occupation, this has resulted in a heavy audit of his clients and a disallowing of many […]
The need for two banks
We are often hear the statement “we have a great relationship with our bank”, but have you really tested that relationship when things are bad? The relationship with your bank is only as good as the situation at hand and at times this will mean that there is a reliance upon an unsuitable partner, or […]
My landlord has reduced access
Recently there has been wide press about the impact for businesses when road works are being undertaken or where the patronage of a centre declines through external or internal factors. We recently assisted a business that was on an upper floor of a premises. A larger tenant had shut down in the prior year and […]
