It would be an understatement to say Michelle was freaking out when she was referred to us. She was a Sole Trader with a personal tax debt of $150,000 and another 3 years’ worth of returns to do which would pile on top of the debt.
The ATO was threatening her with Garnishee Notices and potential prosecution.
We jumped to it and found we could cut the existing debt in half by taking out accumulated interest and penalties. We then made arrangements for Michelle to pay off the remaining $75,000.
Once the immediate issues were taken care of, we restructured Michelle’s business into a Company structure and lodged the outstanding returns, bringing her entirely up to date and compliant.
With her business on the brink of folding and personally facing bankruptcy and even prosecution, Michelle was elated with the outcome and, as many of our clients do, moved all her accounting and tax work over to us.
* This is a real case study, we’ve just changed the client name to protect their privacy.
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Poor accounting and the wrong structures
It would be an understatement to say Michelle was freaking out when she was referred to us. She was a Sole Trader with a personal tax debt of $150,000 and another 3 years’ worth of returns to do which would pile on top of the debt.
The ATO was threatening her with Garnishee Notices and potential prosecution.
We jumped to it and found we could cut the existing debt in half by taking out accumulated interest and penalties. We then made arrangements for Michelle to pay off the remaining $75,000.
Once the immediate issues were taken care of, we restructured Michelle’s business into a Company structure and lodged the outstanding returns, bringing her entirely up to date and compliant.
With her business on the brink of folding and personally facing bankruptcy and even prosecution, Michelle was elated with the outcome and, as many of our clients do, moved all her accounting and tax work over to us.
* This is a real case study, we’ve just changed the client name to protect their privacy.
Bad bookkeeping is often the issue
Mitch was referred to us as the numbers in his financial statements didn’t add up. This happens a lot. When we reviewed his financials and bookkeeping, it was immediately apparent that the bookkeeping was riddled with errors. According to the records, there was a $160,000 loss.
Fixing the bookkeeping was way too complicated so we redid the accounts from scratch to reveal a $10,000 profit.
Mitch’s previous accountants were on auto-pilot and had taken his bookkeeping records on face value, even though they made no sense at all. As a result, he’d been making decisions on false information and running his business blind! With the ramifications of tax and business valuations also at stake, Mitch moved all his bookkeeping, cashflow, accounting and tax management to us to ensure these errors never occurred again.
* This is a real case study, we’ve just changed the client name to protect their privacy.
Audits by the Australian Tax Office: Preparation & Peace of Mind