Former liquidator David Iannuzzi of Veritas Advisory was a witness in the ATO’s prosecution of Heng, Sarinn and Chy for illegal phoenix operations by providing evidence in relation to five entities.  The matter went for over three years with a decision handed down on 9 September 2021.

For more information see the ATO Media release.

Grants and support
Economic Sentiment Survey1

CPA Australia is conducting a survey of accountants in response to the National COVID-19 Response Plan, assessing the economic and business sentiment of accountants. Almost half are worried about the state of the Australian economy. This is especially the case in areas affected by lockdowns. However, CPA Australia’s CEO Andrew Hunter states that they expect a positive uptick through the plan, but if not so then extra government assistance may be required.

Confidence in business performance is higher, but many accountants report that clients are experiencing financial stress. There has been a surge in inquiries made to accountants during the lockdown period.

At the time of writing, New South Wales is in a period of lockdown without a certain end date. In the meantime, we deliver you bite-sized information we hope will be useful to your business and making the right choices.

Business Turnaround Experts

It is likely that many businesses will be looking for consultants, and specifically turnaround experts, as they try to cope with the effects of lockdown on their business which includes their asset base, streams of income and business model. In considering this, businesses should find solutions appropriate to their business model and financial position, as this varies widely from business to business and place to place. They will have to deal with customers and suppliers as well as the business, giving reassurances that their needs will be met.

Is your business immune?

As the first cases of person-to-person transmission of coronavirus have been confirmed in Australia, the NSW Health Minister has taken it a step further by recommending that people cease all handshaking.  The NSW chief medical officer said that missing a case is always a possibility, though reassured that there is no widespread transmission in NSW. 

Setting up and running your own business takes blood, sweat and tears… and some liabilities or risks.

Most small business owners get carried away with managing the day to day trading of the business and fail to take a step back and see the overall financial health of the company--- more often than not it’s too late for business owners to realise that the company is drowning in debt and they find themselves asking… “How do I get out of this mess?”

Thank you for visiting the information page for the Liquidation of Fund Options. 

by Goran Veljanoski

Voluntary Administrators were appointed to fashion chain Bardot last month on 28 November 2019 as the consumer sector continues to shrink.

Just ten days earlier, well known restaurant chain Crinitis also entered Voluntary Administration as the owners now attempt a restructure of the restaurants.

It looks like 2019 is set to end just as 2018 did, with evidence that even the big names are susceptible to the problems which plague small to medium businesses.

By Renee Zhou

The stories of the US and China trade war have been centred on trading tariffs for the past 16 months. Instead of adding to the repetitive story, recently, this discussion on trade wars shifts the focus onto currency wars and the implication cryptocurrencies will have.

For decades, the US currency has been the world’s major reserve currency. With the economic growth of China, it is believed that China has attempted to dedollarize to reduce its exposure to US sanction in various ways. Dedollarize refers to using domestic currency instead of US dollars for countries other than the US. For example, the introduction of petroyuan in 2017, used Chinese-based currency for oil trading, so countries such as Russia, Venezuela and Iran could avoid pressures of the US currency.

We are saddened to see how Australia has been hurt over the last few weeks due to the catastrophic bushfires. Veritas has made a donation to Red Cross which will help with relief and recovery efforts made possible by the organisation.

The Government has announced grants and low-interest loans for businesses who have lost assets or had an adverse decline in revenue due to the bushfires. We would like to offer our expertise to business owners that may have been affected to help with the potential burden which may arise from the unfortunate turn of events. This offer is completely obligation free and we are happy for you to put us in touch with anyone who may require our guidance.

Speak to us to find out if you're eligible for any of the Government grants, or to find out what other options may be available to you or your business.

by Louise Thomson

At the start of August, Johnny Law and I attended the UNSW Australian Defence Force Academy campus in Canberra for a week to undertake their course in Digital Forensics.

I hear a series of Ho Hums and What??? and see the rolling of many sets of eyes, but not the question What is Digital Forensics?

Yes, I appreciate that was probably an apt response unless you have an interest in Forensic Accounting or Computer Science.

HOWEVER, we (i.e. you, me, all of us who are reading this article) now have access to some investigative tools that was previously available to law enforcement, intelligence agencies, private investigators and corporate security service providers. More importantly, Donald Trump wouldn’t have had to whine about ‘No Collusion, No Obstruction’ for the last two years as he would more than likely not have been thrust upon the naïve, innocent unaware world. Why? Because the Russians would not have made use of those skills to destroy Hillary Clinton and anyone else who was challenging him during 2015-2016.

by Soren Tan

In the post-millennium era, large disruption has been caused by the emergence of digital technology. In recent years, social media has penetrated mainstream media and become an essential part of our daily lives. Some may say that it is a pre-requisite in today’s competitive market and is not something that will disappear anytime soon.

Based on a chart by sproutsocial1, the likelihood of an individual buying from the companies that they follow on social media platforms is 57.5% more likely than companies that they do not follow.

Sproutsocial chart

by Ceclia Do

The Franchising Industry has been highly important in the Australian economy, making up to 9 per cent of the country’s GDP, according to the Parliamentary Joint Committee on Corporations and Financial Services (“the Committee”).

The recent string of scandals involving major franchisors such as Domino’s Pizza, 7-Eleven, Caltex and Retail Food Group which owns Michel Pastisserie, Brumby's, Gloria Jeans, Donut King and the Crust Pizza brand, and the financial difficulties faced mostly by Franchisees as a result of the failure of the business they heavily invested in, have triggered the Committee to conduct an inquiry into the franchise industry.

On 14 March 2019, the Committee released a report on Fairness in Franchising inquiry, looking in-depth into the current practices and workings of the industry, particularly into the relationship between Franchisors and their Franchisees.

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