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 […]

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 […]

Loving your numbers

We recently assisted a business restructure and as a team learned a valuable lesson on what will make a business survive. The comment of the manager of the business is that “numbers don’t matter.” Our bookkeeper had the same look of shock as we did. The manager told us all that mattered was the income. […]

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 […]

My landlord has reduced access

Recently there has been wide press about the impact for businesses when road works are being undertaken or where the patronage of a centre declines through external or internal factors. We recently assisted a business that was on an upper floor of a premises. A larger tenant had shut down in the prior year and […]

Non Commercial Loss Rules

Losses that you incur in running a business as a sole trader or partnership are referred to as non-commercial losses. Under the correct circumstances, these losses can be offset against other income. If the tests are passed, individual taxpayers can benefit from these losses by offsetting them against other income such as salary and wages […]