Recent decisions of Australian courts and changes in legislation have imposed higher duties on company directors. Company directors need to re-examine their roles and responsibilities. They can be personally liable for the debts of the company if the company continues to trade when it is unable to meet its debts in the normal course of business.
Your lawyer can advise on your management practices, ways of improving your debt recovery procedures, negotiating with creditors, potential expansion, takeovers and amalgamations.
If you are experiencing financial difficulty, a lawyer can advise on ways to deal with the problem.
Most businesses are likely to be affected by both federal and state taxes.
Federal taxes: income tax, capital gains tax, fringe benefits tax, goods and services tax.
State taxes: stamp duty, payroll tax, debits tax, land tax.
There are a number of legitimate ways in which some taxes may be minimised, such as claiming all allowable deductions and concessions or by restructuring the business. However, legislation places the onus for tax decisions squarely on the taxpayer and advice from a tax expert is essential.