Things to do when changing your business structure
Touching on liquidation
General facts about winding up your business There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures. For companies, the […]
5 simple PPSR errors
Unfortunately, simple and innocent mistakes during the registration process are far too common – and usually made unknowingly. Based on our PPSR audits of hundreds of businesses over the years, we’ve found that more than 80 per cent had serious errors in their PPS registrations, which limited or invalidated the company’s security interests. For example, […]
7 reasons to restructure your business
1. Change in management or ownership of the business If you are a sole trader and you decide to take on a business partner, you will need to restructure as a partnership. On the other hand, if you buy an existing business and you become the new owner, you may have to restructure the business to […]
Redefining Governance
The word ‘governance’ sends many middle-market businesses cowering. For start-ups, it sounds like something that will constrain innovation and fast decision-making. For small family businesses, it seems like expensive overkill. For entrepreneurs with a strong vision, it appears too bureaucratic and stifling. All good businesses should have appropriate layers of governance, whatever their size or […]
Business Bankruptcy
You’re probably reading this because you’re totally stressed by constant creditor harassment. Perhaps you’re stressed because you realise the business is now insolvent and your worried that if you allow it to continue operating, you may be jailed for trading while insolvent. Perhaps you’re at a complete loss as to what you need to do to fulfill your […]
Benefits of a liquidation
One of the biggest decisions you will ever make is whether or not to liquidate your business. Have you done everything to try and save it? Is there a way to improve sales? Can you cut costs further? Can you put any more money in to keep things going? Should you sell your house and […]
Strategy to deal with the ATO
Small businesses account for more than 60% of the total debt owing to the ATO. So if you’ve got a tax debt, you are definitely not alone. But don’t make the mistake of ignoring a tax debt. It is not going to go away on its own. In fact there is no time limitation for the collection […]
What is total super balance?
Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case. What is the total balance relevant for? The total superannuation balance is relevant in determining a super […]
Promissory Estoppel
Although it sounds ancient and archaic ‘promissory estoppel’ is actually quite a useful modern concept to help ensure fairness in business dealings. It especially important in building and employment contracts where the negotiations may be prolonged but the need for action is immediate. Imagine for example, that an Employer and Prospective Employee had a long […]
