Dealing with personal guarantees
What is a personal guarantee? A personal guarantee is an agreement by one party to be liable for the debts of another. Usually, personal guarantees will be given by the directors or shareholders of a company to personally guarantee the payment or obligations on behalf of their company. A major problem that you can face […]
Overview of Safe Harbour Provisions
What is safe harbour? Safe harbour is legal provisions that reduce or eliminate liability in certain situations as long as certain conditions are met. Under these provisions, a client won’t be liable to some administrative penalties if they are able to provide all the relevant tax information to you. This will also only apply if […]
Administration v Liquidation
Both administration and liquidation are formal insolvency procedures, however they are significantly different. Administration is entered into with an aim of rescuing the business and recovering it so that the company can avoid insolvency. Liquidation is the process used to realise a company’s assets prior to it closing. Administration A company in will enter into […]
Quick payment arrangements
What is a payment arrangement? A payment arrangement is an agreement that will allow you to pay overdue balances by either paying the balance on a specified date or organising a payment schedule on specific dates. Usually, payment arrangements are used to help you spread your payments over a period of time for financial reasons, […]
PAYG Liability as a Director
Pay As You Go (PAYG) summaries will provide detailed accounting information about each payee, it makes filing your taxes easier because the calculations are already done, generating reports will be made simpler and faster, and giving a PAYG summary to your payees allows them to understand and clarify their payments with ease. As a director, […]
Process of administration
What is administration A company will enter into administration when the directors of the company reasonably believe that the company is insolvent or will become insolvent. If this occurs, an administrator (who is a person external to the company) will be appointed to manage the company. A voluntary administrator can either be appointed by directors […]
ATO on your credit rating
Per the 2016/17 MYEFO, effective from 1 July 2017, the ATO will be given the power to disclose tax debt information to credit reporting bureaus where taxpayers have not previously engaged with the ATO in relation to the payment of their debts. Initially, the new measures will only be used in relation to business related […]
Getting Help – Debt Arrangements
Debt agreements are usually available to people who cannot pay their debts, but don’t want to go bankrupt. They are a binding agreement between you and your creditors that allows you to agree on an amount of money that you can afford to pay over a period of time to settle your debts. Debt agreements […]
Launch of our video platform
We have recently been working through a range of education and information videos to support our partners or to give you some understanding of the issues that arise in the management of taxation or restructure issues. Understanding that some of the issues that arise are complicated and need further explanation, each video tries to cover […]
Making sure you get paid
For your business to survive, you need to have cash flow. This means that it is essential that you get paid by your clients for the work that you do. There are strategies you can use to give you the best chance of making sure you get paid. Written contract setting out terms Having a […]