GST for property developers
When it comes to property developing, GST considerations are almost always present. The GST rules require you to register for GST if your annual turnover in the past twelve months or projected annual turnover in the next twelve months exceeds $75,000 at any point in time. Furthermore, you may want to voluntarily register so that […]
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 […]
Can I repair my credit?
There are a number of business offering credit repair services some appear to be functional, but others don’t necessary cut the mustard. The service that they offer is generally to dispute a listing on the grounds of breach of reporting rules, invalidity of debt or any other grounds they can find. Can you do it […]
Behind in superannuation payment
A good sign of problems in the business are that you are behind in your superannuation for staff, and it is one area that things can escalate quickly. Industry funds Where you have staff that are members of an industry fund, if payments are made late, the fund can commence recovery proceedings, either through court […]
Why is a will important
The NSW Trustee and Guardian estimates that at least 45% of individuals have not yet made a valid will, and it has been claimed that 60% of Australians die without a will. What is a will and why is it important? A will is a legal document that clearly states how you want your assets […]
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 […]
Preferences? How are they fair?
Tips on defending a liquidator’s preference claim. Preferences are payments or transfers of assets that give a creditor an advantage over other creditors. Any payments or transfers made to a creditor within a certain period before a company is placed into liquidation, may in certain circumstances be recovered by a liquidator. Preferences are usually payments […]
A moral obligation to pay
A recent discussion with a broker he articulated that our client had a moral obligation to repay a debt. We questioned this in the context of who our client owed a duty to, and what was the morality that is expected with a loan. Our client had borrowed money at over 12%, and we were […]
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 […]
