Pushing back a vesting date
What is a trust vesting date? The vesting date is the date that the trust will end, which is usually stated in the trust deed. You can’t change the vesting date of a trust after that date has passed. Can I change the vesting date? In all states other than South Australia, your trust must […]
Making sure you get paid
For your business to survive, you need to have cash flow. This means that it is essential that you get paid by your clients for the work that you do. There are strategies you can use to give you the best chance of making sure you get paid. Written contract setting out terms Having a […]
Debtors and collections
How do you control your debtors? A debtor is a party (either an individual or a company) who owes money to another party. Controlling your debtors will help your business get paid faster and avoid debt, which will also help you maintain a good cash flow. There are different methods you can utilise to ensure […]
What is the PPSR?
The Personal Property Securities Register (PPSR) is a national online register that can protect consumers when buying personal property by providing them with information. Personal property can include all forms of property other than real estate. This information can include whether the property you are buying has a security interest attached to it. If you […]
Understanding the PPSR
Setting up your registrations On the Personal Property and Securities Register (‘PPSR’), you can place a notice that shows that you have enforcement rights over personal property. You should have a security agreement in writing before you register a security interest on the PPSR. Before you register your security interest you will need to know […]
FBT and Christmas
With the 2017/18 festive season fast approaching, it is worthwhile having a refresher of the Fringe Benefits Tax (“FBT”) implications associated with celebrations and gifts. The provision of a Christmas party for employees will be subject to FBT (at a rate of 47% on the grossed-up taxable value) unless the Christmas party represents an ‘exempt […]
Limitations of Bankruptcy
What is bankruptcy? Bankruptcy is a legal process in which you are declared unable to pay your debts. Bankruptcy can impose many limitations on you and your business. Before you think the sky is going to fall in, read our posts on dealing with bankruptcy. The limitations of bankruptcy are: On your income Bankruptcy can […]
ATO Guidance for Executors
One of the major concerns for taxpayers in taking on the role of a legal personal representative is that the Tax Commissioner may treat legal personal representatives (“LPRs”) as having a personal liability for a tax debts. In particular, where assets of a deceased estate have been distributed and there is still outstanding amounts owed […]
Preparing for liquidation
Liquidation Liquidation is the process of winding up a company and bringing the business to an end. Liquidation typically occurs when a company is insolvent. When a company is placed into liquidation, a liquidator is appointed. The liquidator’s role is to protect the assets of the company, realise the assets of the company, investigate the […]
Basics of Debt Collection
What is Debt Collection? Debt collection is the process of collecting payments of debts that are owed by individuals or businesses. Creditors and collectors seek to secure payment from individuals or businesses who are legally bound to pay money that they owe. Debts can either be recovered through the courts or by using a debt […]
