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. […]
Non Commercial Loss Rules
Losses that you incur in running a business as a sole trader or partnership are referred to as non-commercial losses. Under the correct circumstances, these losses can be offset against other income. If the tests are passed, individual taxpayers can benefit from these losses by offsetting them against other income such as salary and wages […]
No PPSR?
We recently assisted a client who loaned commercial equipment to customers of his wholesale supply business. One of his customers recently went into administration and held onto a number of machines that belonged to our client. Problem 1 – there was no PPSR. Without a PPSR, proving ownership of the equipment was problematic and meant […]
Single Touch Payroll
The Single Touch regime takes a company’s reporting to the next level. While this will be a welcome change for employees, small businesses will unfortunately experience an increase in compliance obligations. Now small businesses will need to flag cash flow difficulties and highlight steps that small businesses will need to manage. For small businesses that […]
Am I working for nothing?
Our team recently assisted a couple who owned a franchise within a major group. Since the acquisition of the business in 2014, they had invested upwards of $900,000.00 and had yet to draw an income. Are they unique? Upon engagement with the client, our first question was whether this was a viable business? Looking at […]
Asking the hardest question
The fundamental question that we always ask any business operator is “do you have a viable business?” This can be a tough question for business owners as often times it may mean a direct and confrontational conversation with a long standing client. To have a viable business, the business’ current and future positions need to […]
Assisting an at risk client
The scenario is a client has been avoiding your calls for a number of months, the ATO is starting to increase it’s contact and the notices are being ignored. The client calls after a garnishee notice, what can you do? In our experience, the garnishee notice will be one of the first times that your […]
Family Trust Elections and Risks for Small Practitioners (FTE)
Family Trust Elections (“FTE”) is a dreaded word for many small firms. The recent emphasis on the election has put many small firms into a conflicted position as to whether an election is necessary and what will be the consequence of this election for an existing family trust. Simplistically, the limitations are that if there […]
Personal Guarantees on Assignment of Lease
We recently had a partner who was pulled into legal proceedings relating to a business he sold in 2007 where the lease was assigned (and in this case another 3 times). The new tenants had defaulted on the lease and caused significant damage to the property. In this instance, there was a failure at the […]
