Managing Staff Expectations
We recently were involved in a small business that needed to close down, the staff found out about financial issues when the Director received a wind up notice. The business owner had been dealing with significant financial issues for a number of years and had been constantly struggling to keep the business afloat. Staff were […]
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 […]
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 […]
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 […]
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. […]
Laundry Allowance
Your tax agent tells you, you can $150 claim for laundry relating to your work uniform, is this correct? We have recently been working with a tax agent that had a standard policy of claiming $150 regardless of the occupation, this has resulted in a heavy audit of his clients and a disallowing of many […]
