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ATO dispels top tax time myths to clients as clampdown rolls out
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Tools to help you manage your financial position are available on our site.
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Articles
Big-ticket tax set for government review
FBT – Christmas Parties and Taxi Fares
Unclaimed Monies - Christmas Project?
Employee Christmas Parties and Gifts – Any FBT?
‘Beware the tax man’ eyeing holiday period activity
Merry Christmas for 2016, a Happy New Year and a prosperous 2017.
Research reveals key to ‘high-performing’ firms
Late payments hitting SMEs hard
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Travel to a workplace: What’s in, what’s out
New fleet “safe harbour” approach for car fringe benefits
Struggling Business Turnarounds
SMSF practitioners told to urgently address TRIS issues
$20,000 write off is only available for small business, right? Well…
Do you need an Employment Agreement?
What does the new withholding tax mean for your clients?
Domestic (non-marital) Relationships
Is there a problem with using your company’s assets for yourself?
SMEs at risk of ‘falling foul’ of ATO
Scams, fraudsters and viruses
Got your car log book ready?
Struggling Business Turnarounds

 

Many small business owners rush to apply short-term fixes rather than diagnosing the real problem.



       


 


SME companies can find themselves in financial distress even under the most buoyant economic conditions.  Underlying problems in core business models are intensified during difficult economic times.


A common solution is to borrow or refinance their way out of trouble.  Whilst a refinance is helpful for placating hungry creditors now, it does little to guarantee long-term cash flows and operational stability.


Specialist insolvency practitioners say it is the identification of this flaw and development of a turnaround plan to address this that is critical to long-term prosperity.


An effective turnaround involves a combination of short-term and long-term decision making, which must be executed quickly and communicated clearly.


Any turnaround requires time.  For SME’s who are in need of restructure, early consultation with an expert is vital.  That first consultation will often be free.


The solution may be an informal workout or through a formal insolvency process, such as Voluntary Administration with a Deed of Company Arrangement proposal (potentially funded by the owners).


 


 


AccttWeb




16th-November-2016