Today, 12 September 2017, the Federal Government announced the proposed introduction of a range of new policies to combat the incidence of illegal phoenix activity in the business community. Details, as provided in the Government’s media release: The Turnbull Government is taking action to crack down on illegal phoenixing activity that costs the economy up […]
Consider this scenario: The owners of a family business that is run through a company are set to retire. The business is packaged up for sale and sold. The sale proceeds are paid to the owners giving rise to large shareholder loan accounts and the company lies dormant. The shareholders wish to end the company’s […]
This article was sourced from NCI. About NCI As Australia’s leading trade credit insurance broker, NCI is uniquely placed to report on the ‘ups and downs’ of the country’s inter-business trading climate. With frequent media reports on the fluctuations of business trade credit factors, NCI’s quarterly credit risk index is ideally placed to demonstrate the […]
We are witnessing significant changes to our nation’s retail landscape with the collapse of many established retailers and intensifying international competition. How can Australian retailers survive in this environment? Our changing landscape Over the past 12 months, some big retailers have collapsed in Australia, including Dick Smith, Topshop Australia, Pumpkin Patch, Masters, Laura Ashley Australia, Payless […]
Most businesses insure their property, plant equipment and other assets, yet many don’t insure their largest asset – their debtors ledger. Whether for local or export sales, trade credit insurance can provide a business owner with valuable cover when a client does not pay their dues or becomes insolvent. Five key benefits of trade credit […]
In delivering his second Federal Budget last night, Scott Morrison, Federal Treasurer, has committed to the principles of “fairness, opportunity and security”. Bentleys’ team of tax experts has reviewed the budget in detail. Click here to read our full report on key tax and superannuation measures. In brief, the Government is aware of electorate frustration and is keen to […]
Each year, it seems the stigma associated with bankruptcy continues to fade just a little…but should it? While every individual’s situation is different and needs to be considered on its own merits, there are upsides and downsides to filing for bankruptcy that must be understood before choosing the insolvency path. Allowances in bankruptcy When an individual […]
Enrolments close on 10 March for the first subject in ARITA Advanced Certification: Fundamentals of Restructuring, Insolvency & Turnaround. This is the only opportunity to commence Advanced Certification in 2017. More information Enrolments Do any of your staff want to become a Registered Liquidator or Trustee in 2018? If any of your staff members intend […]
This article was sourced from Smart Company. Article by Broede Carmody. A multimillion-dollar printing business that has been operating for more than 20 years has collapsed into voluntary administration. Sydney Allen Printers Pty Limited appointed external managers late last week but appears to still be trading. John Morgan and Geoffrey Davis from BCR Advisory have been appointed […]
Federal government safety net for employees When an employee loses their job through the liquidation or bankruptcy of their employer, they will have recourse to a federal government safety net called the Fair Entitlements Guarantee (FEG) for protection of certain unpaid employee entitlements. The entitlements that may be claimed by an eligible employee are: unpaid […]
Top 5 warning signs of business failure When financial pressure is mounting, a company director has a lot of noise to deal with. In this situation, a small business owner can become blinkered and miss the obvious warning signs in front of them. The ability to identify, and act on warning signs can help a business […]
The ATO’s stronger debt collection measures The Australian Tax Office (ATO) has implemented stronger debt collection measures to counter the recent increase in tax debt of small business owners. The Sydney Morning Herald recently reported an increase in Australian tax debt to almost $20 billion, with small business taxpayers accounting for 60 per cent of […]
Five tips to secure finance for your business In today’s tough economic climate, where cash flow is critical, small business owners may consider applying for new finance or refinancing their existing facilities. If successful, the process can result in access to extra funds, lower interest rates and reduced costs – all of which can […]
Six steps to avoid Christmas insolvency Christmas can be a peak time for some small business owners, such as retailers, and a challenging time for others, such as manufacturers and service providers. It is no coincidence that the number of insolvencies for certain industries rises in February and March each year after paying wages, finance […]
Small business tax debts to be disclosed by ATO In its mid-year economic and fiscal outlook, the Australian Government announced that it will allow the Australian Taxation Office (ATO) to disclose tax debt information of businesses that have ‘not effectively engaged with the ATO’ to credit reporting agencies from 1 July 2017. Initially, this measure […]