Guide to a turnaround
Failure is the norm rather than the exception for businesses. The signs can be plain: the business isn’t expanding and you’re having trouble meeting financial obligations. Or the competition is getting intense in an oversaturated market. At this stage, acting quickly gives your business the best chance of recovering, avoiding mounting debt, and returning to profitability. There are […]
Creditor of a company in liquidation?
It’s not an enviable situation for anybody to be in, whether in their personal or business life; you’re owed money, and the person who needs to repay you can’t deliver it. If you’re trapped as a creditor in a situation where a business is winding down or has been liquidated, there are specific steps that […]
Business Restructure
Business restructuring is often used by distressed businesses to overcome their financial and operational issues in order to return to profitability and growth. In challenging markets, business restructuring can help businesses overcome issues like poor cash flow, thin profit margins, and stagnating growth. Developing a restructuring strategy that reflects your business needs is critical, as […]
Allocating profits in a professional firm
Allocating Profits within Professional Firms The allocation of profits within Professional Firms, such as accounting, architectural, engineering, financial services, legal and medical professions, continues to be under close scrutiny by the ATO. In 2015 the ATO issued guidelines for practitioners outlining how its general anti-avoidance legislation could apply to professional firms that allocate profits from […]
Single touch payroll
Single Touch Payroll (STP) is an initiative being introduced by the Australian Tax Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations’ payroll processes. STP proposes to streamline the administration of employee payroll, tax and superannuation obligations for employers. What is STP? The ‘Budget Savings (Omnibus) Bill 2016 – Single Touch […]
Dissolving a business partnership
A business partnership can break down for a number of reasons, but knowing what to do next, including your legal and financial obligations, is important. The termination of a partnership is referred to as a ‘dissolution’. If you’re looking to dissolve your business partnership, here’s everything you need to know, whether you have a partnership […]
Super guarantee health check
We thought it would be a good idea to remind employers of their obligation to pay superannuation guarantee contributions – currently at a minimum rate of 9.5% of ordinary time earnings on behalf of all eligible workers earning $450 or more before tax in a calendar month. Employees include company directors who receive payments in […]
Tax for compensation payments
How should compensation received for inappropriate advice be taxed? With the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry currently underway, many individuals may have received or may be about to receive compensation for inappropriate financial advice received from financial institutions (e.g. compensation for loss of investment, refund or reimbursement of […]
Debt review and analysis
What is debt review? Debt review aims to restructure the process of paying your debt. A professional will assess your outstanding debt and will implement a restructured debt repayment plan. This can be done by renegotiating interest rates with credit providers and extend your debt repayment terms. It is important that you are honest during […]
Deed of Company Arrangement
What is a deed of company arrangement? A deed of company arrangement (DOCA) is a binding arrangement between a company and its creditors that governs how the company’s affairs will be handled if the company is at a risk of becoming insolvent or has already entered into voluntary administration. A DOCA can be used to […]
