Direct remitting to the ATO
Developers have recently felt the impact of the direct remittance of GST payments from buyers to the ATO. The consequence of this has been significant where the BAS lodgement history has been poor or where the GST planning has resulted in a significant liability at the end of the project. Where a developer is banking […]
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 […]
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. […]
