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.And the business is sitting in a serious hole.So what do you actually do?David explains the options available to distressed businesses, including payment plans, cost cutting, liquidation, voluntary administration and small business restructuring.Toufic and David also break down what an SBR actually is, who may qualify, how creditors vote on the proposal, why the ATO is often the major creditor, and why the numbers need to prove the business is viable before any restructure makes sense.This episode covers:Small business tax debtWhat to do if your business is in financial difficultyWhen to speak to your accountantATO payment plansSmall business restructuringWhat an SBR actually meansPaying creditors cents in the dollarHow creditor voting worksLiquidation versus restructureWhy viable businesses can sometimes be savedWhy some businesses need to be shut downEmployee entitlements and lodgement requirementsThe role of insolvency practitionersWhy putting your head in the sand makes things worseIf your business is under financial pressure, the worst thing you can do is ignore it. Get advice early, understand the numbers, and work out whether the business can be saved 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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