Succession planning for family businesses
For many business owners, the objective is to pass a profitable and successful business through to the next generation, but this is not something that simply happens and the planning you undertake for a business sale should be similar to transferring a business within the family group. If you are a business owner, you may […]
Finding the next big thing
A confession from the past, my mother went on holidays in 1996 and I was assisting her in the shop, in came a salesman with the newest stock, I was convinced that it would be the best seller ever and ordered 100 of these rings. Today she still has 99 in stock and keeps them […]
Signs of decline in the motel industry – food and bar offering
Over the following few weeks we will be running through what we see as a terminal decline in the motel industry and more specifically in rural areas. As a starting point we are looking at the food and beverage aspect of the motels and the lack of profitability that these aspects of the business. Historically, […]
Case Study:Working for the bank
Our client owned a number of accommodation properties in Central and Western Queensland, in the proceeding 4 years the turnover on the properties had fallen by 90%, the properties had fallen into disrepair and the future was clearly non-existent. During this period the loan repayments were being made sporadically and the borrower was finding it […]
Facing the waves?
As a small business operator, reaching the end of the working week it is often a wall of water that you are facing as to what the future brings. Sometimes you are the boat in the bar waiting for a break through the waves. Realistically, for some businesses, the waves are going to be too […]
Contractor or Employee?
It is necessary for employers must know whether their workers are employees or contractors because the tax, superannuation and other government obligations change depending on the worker’s status: If a worker is an employee, PAYG withholding will need to be withheld from wages. The employer must report and pay the withheld amounts to the ATO, pay […]
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 […]
What’s involved in a restructure?
Our first meeting You have either found us through our website or from one of our partners and are probably wondering what is involved in a restructure? If we have chatted with you prior to a meeting, we will have asked a few questions to understand your business and what you issues your business is […]
