Remember the (estate planning) basics
It is an unfortunate fact that although most people understand the fundamental importance of estate planning, it is an area of financial management that is often neglected. Why? Is it because people don’t like talking about death? Are they a bit confronted by their own mortality? Do they not want to tempt fate? Or is […]
Managing Cash in a SMSF
The cornerstone to any successfully operating self-managed super fund (SMSF) is its bank or cash account. After all, it’s the first thing that will be opened whenever an SMSF is established.
Basics for a mortgage
Getting ready to buy your first home? This is an exciting time, but it can also be an overwhelming one. Even though taking out a mortgage on a home is something that you probably grew up expecting to do, there are still a lot of complexities within the process, many of which are easy to […]
Understanding Div 7A
Division 7A (of Part III) of the 1936 Tax Act aims to stop shareholders and their associates taking money or benefits out of companies tax free. The rules impact at times when clients do not expect them to, such as in relation to company guarantees and loans from trusts. Division 7A can also apply in […]
Is the ATO coming?
An organisation that doesn’t go through the formal winding-up process might find they are served with a wind-up notice from the ATO, after a period of inactivity is interpreted as a non-payment of taxes or other obligations. Does this happen often? At the moment, the submission of wind-up applications is something the ATO is ramping […]
Administration or Liquidation
It can be a scary time when a business hits critical financial difficulty and needs to seek professional assistance. Adding to the stress is the legal ‘jargonese’ that starts being thrown your way as you start talking to professionals about next steps for the business. One of the most common areas of misunderstanding is in […]
Simple Administration
When your business is struggling, it’s best to seek financial advice to understand the options available. One option is to go into administration to assess the company’s viability, and possibly turn its fortunes around. By definition, if your company liabilities total more than the value of its assets, the debts cannot be paid and it’s […]
What is the risk of insolvent trading charges?
This is the number 1 question that we are asked by clients. In the 10 plus years that I have been involved in the insolvency industry – I think I have seen 1 x insolvent trading claim go through to completion and a Director being charged for insolvent trading. In reality – Insolvent Trading is […]
Employees after liquidation
When businesses become unprofitable and are unable to service their debt, the business could be ordered to go into liquidation or administration, or be voluntarily liquidated. As the company is wound up, employees are one of the first parties to be affected and, in addition to losing their job, they’ll be most concerned about getting […]
Do I need a valuation?
Not all taxpayers may be aware of how the use of estimates can affect their annual tax bill. Estimates are most commonly used in apportioning expenses between private and business use. More important however is the use of valuations to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands. […]
