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The majority of people reading this article would know at least one person who owns or works in a family business – it is a business structure that is very much ‘close to home’.

Time and time again we hear about efforts and systems that the Australian Taxation Office will implement to toughen their stance on the collection of their debt. The question is; Is it working? The answer to this would have to be a resounding “NO” as disclosed in a recent report to the Assistant Federal Treasurer, the total debt owed to the ATO increased to $35B as at 30 June 2014 which was a jump of almost 10% from the previous year.

In recent months it has been evident that the ATO has adopted an increasingly stringent stance with their enforcement activities in an attempt to recover unpaid taxes. This is highlighted in the drastic increase in ATO initiated winding up applications.

Setting up and running your own business takes blood, sweat and tears… and some liabilities or risks.

The final report on the review of the Act was tabled before parliament Wednesday, 18 March 2015.

ASIC releases its insolvency statistics which highlights a gradual fall in appointments over the last 6 months. 

Is your credit rating holding you back?  Unable to obtain finance from the main stream financial providers? 

Did you know that every time you apply for a loan or a credit card it leaves a footprint on your credit file which impacts your credit rating?  Maybe you should consider Peer-to-Peer lending.  The criteria is not as stringent as the main stream financial providers and applying does not impact your credit rating. 

Contact us if you would like to find out what paperwork you need before applying.

Have you ever wondered how the Australian Taxation Office (“ATO”) separates the tax activities by the Company and the External Administrator?

Voluntary administration rates for listed companies are set to soar!

More than 700 small and medium companies in serious financial distress!

Cara Waters of SmartCompany recently posted an article on the predicted increase in voluntary administrations of listed companies.

Read Cara's article.

What is Liquidation has extensive experience in assisting SMEs steer through unchartered waters.  Contact us if you would like more information.

The ATO recently held one-on-one co-design sessions with 24 small business owners, sole traders and small business in industries including retail, construction, hospitality and services, to understand how they can make it easy for small business to get things right around tax and super. At the Council of Small Business of Australia 12th National Small Business Summit the Commissioner of Taxation, Chris Jordan, provided feedback and outcomes from these sessions.