When people are facing bankruptcy, the most important asset unsurprisingly, is the family home. Now the forced sale of a family home can

Our Case Study this month looks at the changes in credit reporting in Australia, and the impact that this had on our client, Allan. These changes have been rapid, and we are just now starting to see firsthand the real-life impact this can have on businesses and individuals. The Changes In September 2019 Australia moved to Comprehensive Credit Reporting (CCR). In the past the system was based on negative reporting, meaning whether you had defaults or judgments on your credit r

Our latest case study looks at how we devised a strategy to manage the liquidation of a company with an insurmountable director loan (Division 7A loan). The ramifications of this liquidation resulted in a large tax debt from the company being attached to our client personally which caused further issues. This is how we brought finality to the issues. BACKGROUND We were approached by a client who ran a business in property sales and development. The company had an insurmountab

Many business owners set out with a view that the sky will always be blue. Maintaining a positive outlook is important however, as we all know, the weather can change unexpectedly and quickly. All too often we meet with business owners who are neither aware nor prepared for the impact an adverse event can have on them and their family personally. We often liken this to being caught in the rain without an umbrella. In our role as advisors raising awareness of key risk areas

There is no doubt that the ATO is continuing to develop and refine their debt collection processes. In recent times we have seen the ATO more diligently apply the tools at their disposal to recover debts owed. The information below is from our observations over the past six months. We have all seen clients receive a demand letter from the ATO. The one with the big red letters at the top. In the past it was not uncommon for the ATO to issue this sort of demand, but then take l

In a recent article on Smart Company, it was reported that although small businesses are ‘doing it tough’, the Australian Tax Office is continuing its aggressive pursuit of businesses. From November 2016 to June 2017, 46% of all wind-up order applications for companies came from the ATO. Although the number of ATO instigated wind-ups are down from when they started their campaign to recover revenue owing to the government, there is no doubt that the ATO is maintaining its agg