How SMEs Get To Pay For Other Peoples Mistakes And Help The ATO At The Same Time

 In Ask The Experts, Cash Flow

The mythical phoenix's flame may be finally burnt out by the ATO...
The mythical phoenix’s flame may be finally burnt out by the ATO…

  • SMEs to be charged for setting up a new business

  • Life get’s even tougher for start-ups

  • Employee creditors have to wait their turn

I turned 48 last week. Pretty happy about it too. On the whole, life’s pretty damn good. Take this morning. I played tennis from 7-8am and was absolutely annihilated by my coach. But it was fun.

I lob into work in high spirits. I go through my emails and find a beauty from one of our business partners – . Anthony and Riyad have very kindly sent me some information about changes to the taxation laws regarding phoenix activity.

One of the changes to the act is the expanded ability of the Commissioner (of Taxation) to seek a security deposit from a taxpayer for future tax liabilities, i.e. setting up a new business. One of the conclusions drawn in the paper was that the provision of a security deposit will increase the burden on small business and act as a disincentive to start a new business.

Another amendment ensures that the ATO is offered stronger protection as a creditor than say employee creditors. Double whammy!

First, life looks like getting even harder for SMEs. Second, Work Place relations cops another one in the solar plexus.

Go Julia! Not that I am expecting Tony to pick up on this, he’s too busy trying to remember what sort of grunt his broadband network’s going to deliver.

As far as entrepreneurs getting a second crack at being a director…I say go for it! Should everyone else pay for it except the government? No!

If you’re an SME, the paper has ramifications. Have a quick read or call your accountant to find out more.

As the morning progressed my eyes fell upon a copy of a magazine called The Advisor, which was lying limply near the printer. Apparently, it’s ‘the’ magazine for Australia’s mortgage and finance brokers.

In reality, it’s a turgid piece of crap. A platform for advertorials and sycophantic articles aimed at greasing the palms of existing and prospective advertisers. A bollocky world of chest beating for the fat, dumb and happy.

Here’s an example of some of the ground breaking journalism available to finance professionals. Turn to page 40 and you’ll be dazzled by the sheer brilliance of the headline: ‘Time is Money.’ You’ll never believe what the article’s about…time management. Pure genius. Here are a couple of snappy tips from Alex Whitlock – The Bard of Broking.

Spot the leaks – identify where time is being wasted on a daily basis.  Here’s another. Set in Stone – make your plan a reality by writing it down. Ground breaking stuff eh? If you’re a masochist visit: . However, I won’t bore you with anymore. I think I’ll stick with Google Reader and the New York Times.

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