Skip to the main content.

There are a number of healthy things a company can do in the conduct of its affairs.  Some obvious, some not so obvious.

Below is a short checklist of good practice suggestions (in no particular order).

Checklist

 

  1. Not incur debts in the first instance.
  2. Checking invoices and ATO tax office statements carefully - ensuring there are no additional, unapproved items.  Particularly in relation to taxation matters, it is critical that you check these thoroughly!
  3. Disputing unapproved items quickly.  Ideally in writing.  Particularly concerning alleged taxation debts, directors tend to do the opposite.  And, a director under pressure already, often fails to fully read a tax notice of assessment.  (Sometimes they are just plain depressing).  A director must resist the urge to bury the document and should immediately dispute any tax ruling or assessment that they believe is incorrect.  Failing to dispute assessments can have huge consequences later when and if a creditor's statutory demand has been issued - options become vastly more limited.
  4. Putting everything in writing.  i.e. using email particularly when entering contractual arrangements.  This can provide an important record of the exact agreement.
  5. Confirming discussions in writing by email after discussing things with the other party.  i.e. if one side has made concessions about the debt, the time when due or payable or similar, send an email immediately afterwards confirming what was discussed.  It's much easier to remember at the time than 2 months later.
  6. Keeping documents and records.  Ideally electronically in an inbox.
  7. Backing up and saving documents and records.  There are many good free or low-cost cloud solutions for storing emails and documents.

If your company needs help arranging its file, contract and legal documentation, or if your company needs to dispute a tax notice of assessment or director's penalty notice call us for a free consultation or request a quote.

 

Call anytime on 1300-327123.

To view related blogs, follow the following category links and tags below.

Other Snowgums Blogs

What is a creditors statutory demand?

Free financial advice on debt management and business practice for companies and directors

Read More
Best Practices for Debt Management in Business

Best Practices for Debt Management in Business

Learn the essential practices for managing debt in business. From checking invoices to disputing unapproved items, these tips will help protect your...

Read More

What is a liquidator?

Here we discuss the role of a liquidator in the dissolution of a company and how BAP can assist the director to structure its affairs and assets.

Read More

The ATO, debts and debt collection

Learn how to deal with ATO debts and debt collection in Australia. Discover effective strategies and free tools for disputing debts and negotiating...

Read More

Managing Debts in Your Business: A Guide by Mark Smith

Improve your business's financial health with our free Business Health Check. Discover if you have too few or too many debtors and get personalized...

Read More

Introducing Our Free Debt Collection Tool: Simplify Finances and Safeguard Your Business

Introducing Our Free Debt Collection Tool: Simplify your finances and safeguard your business. Get access to our Creditors Statutory Demand tool for...

Read More

What to do when served with a creditor's statutory demand?

This blog explains some of the key questions and issues to consider when a debtor received a creditors statutory demand.

Read More

What is insolvency?

Learn about insolvency and its implications for corporations in this informative blog post. Discover the indicators of insolvency and find out how to...

Read More
Free Debt Collection Tool: Collect What You're Owed in Australia

Free Debt Collection Tool: Collect What You're Owed in Australia

Learn how to collect what you're owed in Australia with our free debt collection tool. Find out if you're eligible and start recovering your money...

Read More