Posts Tagged ‘tax’
Tax time cashflow: time to talk turkey with your clients
Free online tools for trusted advisors to ask their small business owners the hard questions.
1. Are they trading profitably?
2. Have they put enough aside to meet their regular financial commitments?
3. Does their business have enough to spend on themselves and pay others?
4. Is their business improving its financial position
How 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 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…
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