Posts by Auxilium Partners
Don’t get caught out by this business email scam
Business Email Compromise (BEC) scams are on the rise in Australia and businesses need to be especially alert to the dangers. BEC is a fraud technique used by scammers to redirect invoice payments to a fraudulent bank account. Typically, scammers will intercept business emails that contain invoices and then contact the payer to advise them of a change in business bank details. The victim will then unsuspectingly transfer funds…
Read MoreHow directors can find themselves personally liable for company debt
One of the advantages of operating a business through a company is the separation of business and personal assets. However, since April 2020, company directors can be held personally liable for unpaid Goods & Services Tax (GST), Luxury Car Tax (LCT) and Wine Equalisation Tax (WET) in addition to PAYG and Superannuation Guarantee Charge (SGC) liabilities. As 2021 progresses,…
Read MoreATO payment plans may not be the best option in 2021
Having an arrangement with the Australian Tax Department (ATO) to pay off tax debt by instalments can seem like the perfect answer BUT there are consequences. Yes, it does take the pressure off short term cash flow shortages. However, problems arise when instalment plans are entered into without regard to the ongoing viability of your business.…
Read MoreWarning signs that your company is insolvent
Insolvency is defined as the point when a company can’t pay its debts when they are due. If your company is showing signs of financial problems, it’s your obligation as Director to determine as soon as possible if the company is at risk of insolvency. Being proactive in determining the viability of the business will give your company the best chance of recovery; and trading while insolvent…
Read More5 steps to get your outstanding invoices paid ASAP
Do you have a client who regularly pays invoices late or is refusing to pay at all? It is a common problem in business and most of the time a friendly reminder or a conversation about the issue will rectify the problem. However, in the event this does not work, you should have a process…
Read MoreSmall Business Restructuring (SBR) option for directors
In response to COVID, Australia has introduced more options for small business to simplify the process of resolving financial difficulties. This will allow more businesses to avoid insolvency, meaning a better outcome for businesses, creditors, employees and the overall economy. 1. Small business restructuring (SBR) The small business restructuring process now allows small and medium…
Read MoreMy company might be insolvent. What must I do as Director?
If your company is in financial distress, it’s important to determine if it is just a temporary cash flow issue or if you are on the brink of insolvency. Not only will this give your company a better chance of survival, but trading while insolvent is illegal and you could be found personally liable. Thankfully,…
Read More‘Where has all the money gone?’ You may need a forensic accountant
When a business finds itself struggling, a forensic accountant uses their expert auditing and investigation skills to examine financial complexities and find out why things are not adding up. Forensic accountants help you avoid costly and unnecessary financial losses, disputes and litigation by uncovering the reality of your finances; and in the event of insolvency…
Read More20 day Voluntary Administration: business rescue
Auxilium COVID Restructuring (ACR) For ANYONE who is a business owner experiencing financial challenges.For accountants and lawyers – we all work together.Auxilium Partners aims to RESTRUCTURE your business!When you have looked everywhere – come to the best – our specialist team led by Bob Jacobs to guide your through this COVID period efficiently and cost…
Read MoreRCR Tomlinson. Who will suffer most?
The downfall of RCR Tomlinson affects hundreds of contractors who are currently engaged to work on projects across Australia.
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