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Tackle financial problems before it’s too late

  What a business owner can do if their business is struggling? Referring from an article from Grant Field for Smart Company Summarising this article, it is often easier to look back after a business has failed and identify why, than it is to save a business from failing in the first place.  Business founders usually have not [...]

By | September 13th, 2016|Financial, Restructuring|0 Comments

Personal Property Security Register (PPSR) boost

PPSR and PMSI combined for better creditors protection (from Gregor Heard for Fairfax Agricultural Media) A proponent of the personal property security register (PPSR) and purchase money security interests (PMSIs) as means of managing counter party risk in the grains industry has defended the products from claims they are not worth the effort. Chris Heinjus, director with [...]

By | September 7th, 2016|Financial, PPSR|0 Comments

Choose your Liquidator carefully

ATO Crack down on Phoenix activities The Australian Tax Office (ATO) and the Australian Securities and Investments Commission (ASIC) have conducted raids on 13 businesses and residences across the country in a bid to crack down on “pre-insolvency” firms that advise clients on how to avoid tax. Some 120 ATO officers teamed up with their [...]

By | August 16th, 2016|Illegal Phoenix|0 Comments

Music-Streaming Company Debt Restructuring

Creditors have waived through debt restructuring deals for two of music-streaming service Guvera’s subsidiaries. A hit for taxpayers even as the Gold Coast-based parent awaits a research and development grant. Guvera placed subsidiaries Guvera Australia and Guv Services into administration in June. The company is owing almost $18 million to creditors including Tennis Australia, the Victoria Racing [...]

By | August 9th, 2016|Debt Management|0 Comments

Think about Restructuring to save your business: Woolworths example

Woolworths is announcing a restructure to face Aldi Competition. It's time for this giant to become more competitive. Woolworths is cutting 500 jobs and closing 30 stores. The group is also looking to sell the struggling supermarket chain, EziBuy. The moves to make the supermarket chain more efficient will mean restructuring costs of $959 million. Woolworths [...]

By | July 26th, 2016|Restructuring|0 Comments

ATO crackdown on the sharing economy

Talk to your clients before the ATO goes after them The Australian Taxation Office (ATO) is  “concerned” by people making income from sites such as Uber, Airbnb and Airtasker. And are unaware they have to declare these amounts on their tax return. The warning comes after the ATO recently collated information from banks to find [...]

By | July 18th, 2016|Taxes|0 Comments

Latest ASIC statistics

ASIC released its quarterly insolvency statistics for the third quarter of the 2015/16 financial year. It shows a decrease of 15.7% for companies entering external administration (EXAD). Liquidation appointments totalled 2,106 compared to 2,499 in the previous quarter. - Court liquidations were down 28.4%, except for South Australia (up 31%). - Creditors' Voluntary Liquidations were [...]

By | June 27th, 2016|liquidations, Voluntary administration|0 Comments

Man to Man collapses into liquidation

Menswear chain Man to Man has called in liquidators, just over a year since it emerged from voluntary administration under new owners. Man to Man appointed voluntary administrators back in 2014. At the time, the 35-year-old retailer citied tough trading conditions as well as a failed investment. Man to Man later emerged from the administration [...]

By | June 27th, 2016|liquidations|0 Comments

ATO factsheet released on the new withholding tax regime

A factsheet has been released by the Australian Tax Office (ATO) with more information on the new withholding tax regime. Under the new law, vendors selling a property for over $2 million will need to apply for a clearance certificate to avoid the purchaser withholding 10% tax from the purchase price. The objective of the [...]

By | June 27th, 2016|Taxes|0 Comments

Sydney’s Accidental Millionaire

Extravagant Swag bought by accidental Millionaire Student Sydney’s Accidental Millionaire: Court documents have revealed the truly staggering amount of swag that 21-year-old Sydney student Christine Jia Xin Lee bought. Westpac goofed up and mistakenly transferred $4.6 million to her overdraft account. Lee, a chemical engineering student, became aware of the glitch in July 2014. She could have [...]

By | June 27th, 2016|Financial|0 Comments