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The National Australia Bank (NAB) Professional Services Insights Report (2018) found that small and medium sized enterprises (SMEs) regard accountants and lawyers as important professional service providers to help manage their business performance.
September 24, 2019
In an environment of high rents, labour costs and competition, this is truly a difficult time for those in the hospitality industry. It almost feels commonplace to hear of another established restaurant closing, hospitality staff being underpaid or a disgruntled franchisee upset with the franchising system.
Phoenixing has been an issue in corporate Australia for many years. Phoenixing is a process whereby businesses/individuals transfer assets from an old entity to a new entity without regard for dealing with creditor claims in the old entity or paying little or no consideration for the transfer of assets to new entity.
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….
July 12, 2019
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.
June 19, 2019
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.
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.
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.
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.