As the initial 6-month loan repayment deferral program comes to an end, the Australian Banking Association has indicated more than 900,000 [1] loans were deferred. Banks will assess businesses with loan deferral arrangements in place during September and October. These assessments will determine outcomes for three options: Whether the business can resume payment If the [...]
In your position as a business owner or director, your personal and business assets could be at considerable financial risk if you fail to put strategies in place to protect your personal assets. As a director you can be subjected to personal liability that includes exposing your personal assets even if you have a company [...]
The business structure implemented when you first started your business may no longer be suitable. Reviewing your business, and possibly restructuring, may result in substantial improvements in the current business environment. Further, if your business value is down due to COVID-19 circumstances, now may be an ideal time to implement changes for the better, which [...]
By Gary Williams, Partner Single Touch Payroll (STP) for all employers came into effect from 1 July, 2019. If you’re not using STP, either because it’s not yet implemented in your business or you are experiencing difficulties with your accounting system that prevents you from submitting your reports, you need to take action as soon [...]
by Elias Makris, Partner This case study highlights how important it is for the owners of small to medium sized businesses (SMEs) to understand the true costs of running their business and the factors influencing their profit and cash flow. It also provides guidance on how to structure funding arrangements for unique business circumstances and [...]
by Elias Makris, Partner Control is a key factor in business succession. If you do not control your business succession, you will not realise the potential benefits that are available. At the same time, certain pressures will impact on your succession that you cannot control. It is critical that you understand exactly how control affects [...]
by Elias Makris, Partner What do you consider an ‘adequate’ retirement income and how do you plan to achieve that? The following facts and statistics may influence your answer: Only 1 in 15 retirees (7%) live on an annual income of $70,000 or more. Almost one million people have returned to work since retiring. Four [...]
by Elias Makris, Partner While traditional benchmarking measures historical performance, ‘value improvement benchmarking’ is future-focused, and identifies and quantifies business strengths and weaknesses. This in turn informs strategy for improving the future value of the business. Value improvement benchmarking provides clear insights that support the steps necessary for increasing the value of your business by [...]
Background David was a 53-year-old owner/operator of a successful business providing professional services to the building and construction industry. He was the key revenue earner in his business, he had no formal succession plan in place, and had always rejected merger talks with like businesses for fear of losing control. David had been planning to [...]
by Elias Makris, Partner Are you guilty of assuming that the sale of your business will fund your retirement? Wouldn’t it be more prudent to know for sure? It all starts with identifying the ‘value gap’. That is, the difference between what your business is worth and what you need at the time of its [...]
