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 […]
Cash flow management ideas
What is cash flow and why is it important? Cash flow is the total amount of money that you have coming in to your business from revenue and going out for expenses. Managing cash flow is an essential part of running a business. It is particularly important for new businesses because if you can’t manage […]
Cost of a liquidation
Time, money and effort go into building a company. And the same is true when it’s time to wind up that company. If you’re considering winding up your business, liquidating assets or entering administration, you should first know the different types of liquidation and how much they could cost. 1. Winding up a solvent company […]
What qualifies for safe harbour protections?
The insolvent trading law, as seen from the eyes of the Australian business community, was verging on draconian, penalising business failure heavily and stigmatising corporate insolvency beyond salvage. If, despite the best of plans, a business was heading for failure, the director had all the incentives to act conservatively rather than take bold decisions to lead the […]
Voluntary Administration for Creditors
Voluntary administration is executed over a series of steps, beginning with the decision to enter into voluntary administration, proceeding with the appointment of an administrator who investigates the status of the organisation, and culminating in creditors meeting to decide future courses of action. Let’s consider these processes in detail. Why is voluntary administration necessary? The […]
