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 […]
Cash-Flow Management and the Health of a Business
Here at C&D we deal with businesses of all shapes and sizes. Many of the issues these businesses face can come down to one crucial facet within their operation: cash flow management. If you are a start-up, we understand the excitement involved with getting your business up and running and growing your sales. You are […]
Scared of advice?
Litigation and the risk of litigation is real for professional firms. As taxation becomes more complicated and business transactions are becoming harder to follow, there is a need for firms to align themselves to maximise their service offering. For smaller practices avoiding or unwilling to give advice, we offer a service that will allow you […]
Pre-Christmas Planning
Each year the team notices an uptick in businesses suffering financial difficulties prior to the Christmas break. For some businesses there is an attempt to hold on, to try and see if the new year will bring the necessary change to be able to break a financial problem. If your business is under pressure, now (and […]
Using your super for business
Can I borrow against my Super to buy or support my business? Unfortunately the answer is probably ‘No’. Super funds pay a discounted/concessional rate of tax on earnings (15%). To keep getting the discounted rate they have to comply with Superannuation legislation. One of the rules is that the ‘sole purpose’ for the fund is […]
The unrealistic landlord
The landlord, for most businesses, is the last to know but generally holds all the cards. Dealing with a landlord who is unrealistic however can make your business less likely to be able to survive a restructure or change in your business. If the landlord is unwilling to negotiate on rent arrears or a rent […]
Dealing with social media
Small business can often live and die by social media and the influence of customers and staff, what messaging is necessary though and how can you deal with the negative aspects of this. Failing to address social media concerns can be damaging to the business but equally fueling a problem by over engagement or justification […]
What is a garnishee notice?
Garnishee notices can be issued by a variety of creditors however they are quite regularly used by the ATO as a method of collecting outstanding tax debts. The ATO issues the notices pursuant to Section 206-5 of the Taxation Administration Act 1953 and the notice allows the ATO to collect its outstanding tax debts by […]
Step up in garnishee notice activity
Over coffee with a liquidator this week we were confronted with a serious change in policy with respect of garnishee notices and the approach of the ATO. Since the start of the financial year there has been a concerted approach by the Commissioner to reduce revenue leakage and this has meant that there is an […]
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 […]