Illegal Phoenixing
With high-profile cases of illegal phoenix activity back in the news, new funding to crack down on the practice and the establishment of a cross-agency anti-Phoenix taskforce, the obligation of professional advisors to not participate in suspected phoenixing is clear. Where professionals see illegal phoenixing behaviour, there are moral and ethical expectations to report it […]
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 […]
Best decision of my life
We received a letter recently from a client we assisted move into bankruptcy, as background he had been unsuccessfully running a franchised business for five year, paying $2,500 a month in franchise fees to be a handyman, he had not made any money for three years and not drawn a salary since 2016. “Hi Craig, […]
Delusions of Recovery or Turnaround
An oft heard statement is “things are just about to turnaround”. For some business owners this is just an attempt to stave off the inevitable or to buy some more time, but for what end? If there is an expectation of things turning around what is the basis for this, we assisted a hospitality owner […]
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 […]
Navigating the insolvency maze
For small businesses looking at their options the path of insolvency can be one that has many directions and lots of turns. Getting advice is the key, as what may seem the simplest option may actually have unforeseen or unexpected outcomes. Issues such as personal and director liability, cross collateralisation, personal guarantees or aggressive terms […]
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 […]
Assisting an at risk client
The scenario is a client has been avoiding your calls for a number of months, the ATO is starting to increase it’s contact and the notices are being ignored. The client calls after a garnishee notice, what can you do? In our experience, the garnishee notice will be one of the first times that your […]