Complication of investments for children
It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm and generous emotions that accompany such a gift to factor in the taxation obligations that […]
Ride-Share Income
Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment? When providing ride-sharing services through Uber or GoCatch and other facilitators for a fare, there are things you will need to know, and traps you need to be aware of. […]
Simple Div 7A
If you have a company, then you have probably sat in a meeting with your accountant and heard the phrase ‘that may raise Division 7A issues’. Everyone usually then grumbles and nods wisely, and moves on… But you may be asking yourself, what is Division 7A? Glad you asked. In short, Division 7A is relevant […]
Do you have a Div 7A obligation?
Have you paid private bills from your company account? Do you owe money to your company? If you answered yes to any of the above questions then should understand how Division 7A (or “Div 7A”) works and how it affects you. When is a Div 7A loan triggered? It is usually triggered when a payment […]
Dealing with a wind up notice
Wind-up notices are a type of statutory demand that’s typically served by creditors, including the ATO, to enforce the payment of debt by a business. The wind-up notice, usually made under section 459E of the Corporations Act (‘the Act’), requires a business to appear in court with its creditor to determine whether the business is […]
Business Garnishee Notice
A garnishee order is a serious matter, as it means a court order has been made to allow creditors to recover debt from third parties. They can do this in a number of ways, including taking money from the debtor’s bank account and/or from their salary. If you are issued with a garnishee order you […]
Basics of a Creditor’s Meeting
When push comes to shove and the debts can’t be paid, putting a business into voluntary administration can be a sensible move. It’s important to not fear voluntary administration, as it’s a way to restructure the business and hopefully get back on track. In this situation, an administrator takes control of a company, reviews the finances and […]
Our guide to Voluntary Administration
What is voluntary administration? Voluntary administration is an insolvency procedure involving the appointment of an external administrator, known as a voluntary administrator. Usually it’s initiated by the company’s directors or by a secured creditor. Voluntary administration is a process for a business in financial strife and it helps determine the next best course of option for the […]
Shutting down your business
Whether you’re closing down your business by choice or have been forced to do so, it is an involved process with strict compliance requirements. How you shut down will depend on your business structure and why you’re no longer operating your business. Where possible, plan ahead so you can get professional advice, fulfil compliance requirements, […]
What is a provisional liquidator?
Provisional liquidation is a temporary measure used to protect the assets of a company in certain situations. The law on provisional liquidation allows the provisional liquidation process to be activated only under certain circumstances. Whether you’re a creditor, shareholder, or director of a company, you might be considering provisional liquidation to protect and preserve the […]
