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Client Health Checks and the ATO closing in on Small Business Debt

The Australian Taxation Office (ATO) continues to pursue the recovery of unpaid tax debt and superannuation, particularly from small to medium businesses. The ATO has recently visited approximately 400 small businesses on the Sunshine Coast and is rolling out visits to 10,000 businesses per year across Australia….

Tags: 2019 Jason Cronan

July 12, 2019

Are your clients ready for EOFY?

Important business insights in the lead up to ticking over a new financial year.

SmartFee provides an overview of some flavoursome topics right now including superannuation changes, Single Touch Payroll, price reviews, debt recovery or write off and importantly cashflow.

Tags: 2019 SmartFee

June 19, 2019

Gaining access to your Super early – know your options!

For many Australians, the largest (and often, only) pool of funds of any significance they have accumulated in their lives, is in the form of Superannuation deposits. Whilst this compulsory system of quarantined income is designed to support their financial needs into retirement, there are limited circumstances when an individual can access their Super early.

Tags: 2019 Fabian Micheletto

Franchises – is the Franchise Agreement or Business Model to blame in the event of insolvency?

Several failed franchisees have been scrutinised for failing to pay employees the appropriate employee award rates whereby business owners claiming that the franchisor did not provide sufficient training and/or the business model was established in such a way that the business could not succeed.

Tags: 2019 Rajiv Ghedia

Financial Distress in 2019

For the seasoned adviser who diligently keeps up with developments in the client risk space, there may not be too much new here, but this article provides a snapshot of some of the traditional warning signs and areas of concern together with a reminder about how more recent legislative changes are now impacting your/our clients.

Tags: 2019 Malcolm Field

Can a Company be in Liquidation and Voluntary Administration at the same time?

For the impatient ones among us, the short answer is Yes! SV Partners David Stimpson was recently appointed Liquidator of a company on the application of a major creditor in the Supreme Court of Qld. After making some enquiries, it became apparent the company was trading.

Tags: 2019 David Stimpson

The power of the ATO during an insolvency

During the financial year ended 30 June 2018, the ATO was the initiator of 20% of all company liquidations and 4% of all bankruptcies during this period. Further to this, the ATO used garnishee powers in approximately 1.1% of all business and individual debts. As of 30 June 2018, the ATO were owed $23.7 billion in collectable debt with $15.1 billion of this debt relating to small businesses.

Tags: 2019 Anne Meagher

Company Directors’ exposure to Personal Liabilities. Are you aware of the risks?

When you start a business, and obtain advice as to the most appropriate structure to operate the business, the advice received is often to set up a Company, sometimes as the trustee of a trust. One of the main reasons you may operate a business through a Company structure is that it provides limited liability for debts incurred by the Company; that is, a Director or officer of a Company…

Tags: 2019 Daniel Luckman Jason Cronan

Superannuation changes to Director Penalty Notices take effect today (1 April 2019)

As professional advisors, we need to keep abreast of the changing landscape, in particular, the ever evolving tax laws. The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 received Royal Assent on 1 March 2019. This Bill amends the reporting timeframes for superannuation regarding whether a Director Penalty Notice (“DPN”) is either lockdown or non-lockdown. There has been no change for PAYG and the three-month from due date rule…

Tags: 2019 Michael Carrafa

April 1, 2019

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