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. […]
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 […]
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 […]
Quick turnaround or a structural change?
Looking at a business and what the prospects are like can be a tough analysis for a business owner. Looking at the overall picture may highlight some quick opportunities and improvements for your business, but equally are the changes long-term and should these be installed as a permanent improvement for the business. We recently assisted […]
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 […]
