Show Notes
In this episode, Toufic Haddad sits down with David Ingram from I&R Advisory to talk through one of the most stressful situations a business owner can face.Your sales are down.Cash flow is tight.Suppliers are chasing.The ATO is owed money.Debtors are not paying.And the business is sitting in a serious hole.So what do you actually do?David explains what can happen when a business is under serious financial pressure, why early advice matters, and why ignoring the problem usually makes things worse.Toufic and David also break down the role of insolvency practitioners, what liquidation and administration can involve, why some businesses can potentially be restructured, and why some businesses may need to be shut down before the hole gets even deeper.They also discuss the common reasons businesses fail, including growing too fast, poor cashflow, unpaid debtors, tax lodgement issues, excessive overheads, flashy spending, poor advice, Div 7A loans, and directors taking too much money out of the company.David also explains what liquidators may be able to recover, including director loans, cars, boats, racehorses, money placed into home loans, and even property purchased with company funds.This episode covers:Business debtWhat to do if your business is in financial difficultyWhen to speak to your accountantWhen to speak to an insolvency practitionerLiquidation and administrationWhy early intervention mattersWhy putting your head in the sand makes things worseWhy pride can make business debt worseGrowing too fastDebtors not payingTax lodgement problemsATO debtOverheads and lifestyle spendingDiv 7A loansDirectors taking money out of the companyWhat liquidators can recoverCars, boats, racehorses and propertyWhy viable businesses may still have optionsWhy some businesses need to be shut downThe role of directors during financial distressIf your business is under financial pressure, the worst thing you can do is ignore it. Get advice early, understand the numbers, and work out what options are available before the situation gets worse.Connect with David Ingram and I&R Advisory:I&R Advisory Websitehttps://iandradvisory.com.au/I&R Advisory Contacthttps://iandradvisory.com.au/contact-usDavid Ingram LinkedInhttps://au.linkedin.com/in/david-ingram-76b22052I&R Advisory LinkedInhttps://www.linkedin.com/company/i-r-advisoryNeed an accountant?GET A FREE CONSULTATION FOR ALL ABN HOLDERShttps://forms.zohopublic.com/john205/form/GENERALENQUIRYFORM/formperma/VYEBrsCV_ompEVvnkA0eygWlJxXO5OajFsjjngf_jzwOUR SERVICEShttps://latitudeaccountants.com.au/accounting-services/[email protected]://www.tiktok.com/@latitudeaccountantsInstagramhttps://www.instagram.com/latitudeaccountants/YouTubehttps://www.youtube.com/@LatitudeAccountantsLinkedInhttps://www.linkedin.com/company/latitude-accountants/Facebookhttps://www.facebook.com/latitudeaccountants/Websitehttps://latitudeaccountants.com.au/This content is general information only and does not constitute financial, legal, tax, insolvency or business advice. Speak with a qualified adviser about your own circumstances.
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Running your business through a company can be a great structure, but using that company incorrectly can create tax problems you never expected.In this video, Jacob Fahmy breaks down five of the biggest tax mistakes he sees company owners make, including treating company money like personal money, paying super late, buying vehicles through the company without considering FBT, ignoring ATO lodgements and leaving tax planning until after the financial year has ended.Jacob explains how Division 7A can apply when company money is taken personally, why unpaid super can create additional costs and director consequences, and why putting a car through the company does not automatically make it a good tax strategy.He also explains why lodging your BAS on time matters even when the company cannot immediately pay the debt, and why proper tax planning needs to happen before 30 June while there are still decisions available to you.The key takeaway is simple: having a company does not automatically mean you have a good tax structure. You still need to understand how money comes out of the company, when your obligations are due and the tax consequences of the decisions you make.Need an accountant?GET A FREE CONSULTATION FOR ALL ABN HOLDERShttps://forms.zohopublic.com/john205/form/GENERALENQUIRYFORM/formperma/VYEBrsCV_ompEVvnkA0eygWlJxXO5OajFsjjngf_jzwOUR SERVICEShttps://latitudeaccountants.com.au/accounting-services/[email protected]://www.tiktok.com/@latitudeaccountantsInstagramhttps://www.instagram.com/latitudeaccountants/YouTubehttps://www.youtube.com/@LatitudeAccountantsLinkedInhttps://www.linkedin.com/company/latitude-accountants/Facebookhttps://www.facebook.com/latitudeaccountants/Websitehttps://latitudeaccountants.com.au/This content is general information only and does not constitute financial, tax, accounting, legal, property or business advice. Speak with a qualified adviser about your own circumstances.#CompanyTax #Division7A #FBT #ATO #BusinessTax #TaxTips #Accountant #LatitudeAccountantsChapters00:00 5 Company Tax Mistakes00:42 Mistake 1: Treating Company Money as Your Own03:02 Mistake 2: Paying Super Late04:52 Mistake 3: Putting Your Car in the Company07:12 Mistake 4: Ignoring ATO Lodgements09:00 Mistake 5: Not Tax Planning10:49 How to Avoid These Tax Problems11:38 What’s Coming Next
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