Businesses Can Expect Faster Payments and Savings When Compulsory E-Invoicing Starts In NSW
Businesses across New South Wales can expect to see quicker savings and payment times once mandatory e-invoicing is introduced for all government agencies across the state on 1st January 2022. It will it will bring a host of other benefits for small and medium businesses when sending and receiving invoices to the government. The implementation […]
10 ideas to help your business
If your business is struggling, you may not know the best way to fix the problem without some help. We’ve put together 10 ways that you may be able to use to turn your struggling business around. If you aren’t sure where to start, contact us and speak with the experts.
Getting Paid on Time
You’ve delivered the product and sent the invoice, and now the client’s delaying payment. Late paying clients create cash flow problems and disrupt your business. Left unmanaged, non-payment can tip you towards insolvency in serious cases. If you want to minimise overdue invoices without alienating clients, start by implementing these smart invoicing strategies. 1. Ask […]
DIVISION 7A – No obligation to repay principal on sub-trust loan
Practical Compliance Guideline (PCG) 2017/13 has been released by the ATO to deal with Division 7A UPEs under sub-trust loans which are likely to mature in the coming year. The PCG enables the conversion of a “7-year option 1 investment” sub-trust arrangement (Option 1 Loan) into a compliant loan, pursuant to section 109N of the Income Tax […]
Div 7A Traps
Division 7A Traps – Loan Repayments that are NOT Loan Repayments! Division 7A (or Div 7A for short!) is an anti-avoidance measure designed to prevent private companies from making tax-free distributions of profits to shareholders or to their associates in the form of payments, loans, forgiven debts or via the use of private company assets. […]
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 […]
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 […]
Is your Div 7A Compliant?
Division 7A of Part III of the Income Tax Assessment Act 1936 (ITAA36) is an integrity measure that was designed to prevent companies from making tax-free distributions to shareholders or their associates. This can occur where distributions of profit are disguised as loans or other transactions. This effectively allows the shareholder or their associate to […]
Business Restructure
Business restructuring is often used by distressed businesses to overcome their financial and operational issues in order to return to profitability and growth. In challenging markets, business restructuring can help businesses overcome issues like poor cash flow, thin profit margins, and stagnating growth. Developing a restructuring strategy that reflects your business needs is critical, as […]
Dissolving a business partnership
A business partnership can break down for a number of reasons, but knowing what to do next, including your legal and financial obligations, is important. The termination of a partnership is referred to as a ‘dissolution’. If you’re looking to dissolve your business partnership, here’s everything you need to know, whether you have a partnership […]