Lanyana Blog

Unpaid GST Now Included in the Director Penalty Notice Regime

Lanyana Financial Group — Mon, 24 Feb 2020 04:00:00 GMT

The Treasury Laws Amendment (Combating Illegal Phoenxing) Bill 2019 received Royal Assent on 17 February 2020 and will commence from 1 April 2020. The new legislation allows the Australian Taxation Office (ATO) to recover a company’s unpaid GST amounts from its directors personally through a Director Penalty Notice (DPN).

How Personal Insolvency Affects Your Business

Lanyana Financial Group — Fri, 21 Feb 2020 04:00:00 GMT

As a company director, struggling with out-of-control personal debt when managing a company can have serious consequences on both your private life and your business. If you are experiencing severe financial hardship and may be personally insolvent, Bankruptcy can provide you with a reprieve from your debts and offer you a fresh start. However, it’s vital to understand the consequences Bankruptcy poses on you as a company director.

5 Signs it's Time to Restructure Your Business

Lanyana Financial Group — Mon, 13 Jan 2020 04:00:00 GMT

Operating a business in Australia comes with benefits and risks. Occasionally, businesses can run into financial and operational difficulties, which may lead to Voluntary Administration and Company Liquidation. In the 2017-18 financial year, 11,057 companies were reported as being in external administration.

What's the Difference Between Receivership, Voluntary Administration and Liquidation?

Lanyana Financial Group — Mon, 30 Dec 2019 04:23:00 GMT

As a company director, you may have heard the terms Receivership, Voluntary Administration (Administration) and Liquidation. But do you know exactly what they mean and how they differ? These terms refer to the process generally called external administration. This involves an external professional being placed in control of a company in financial trouble and facing insolvency.

Dealing with a Shareholder or Director Dispute: What You Need to Know

Lanyana Financial Group — Mon, 16 Dec 2019 04:00:00 GMT

Although often not considered when starting or buying a business, disputes between shareholders and directors commonly occur and can have severe consequences.

How a Default Affects Your Credit Score

Lanyana Financial Group — Thu, 31 Oct 2019 23:20:00 GMT

Have you ever forgotten to pay your phone bill? Left your credit card debt unpaid or missed a mortgage repayment? Failure to repay your debts, whether it be an unsecured or secured debt, a large car loan repayment or small utility bill, may result in a lender listing a default on your credit report.

How to Stop a Garnishee Order

Lanyana Financial Group — Wed, 23 Oct 2019 23:54:00 GMT

If you’re struggling with overwhelming debt, it’s possible your creditors may seek alternate measures to get their debts repaid. One of these options is to pursue a default judgement from the courts in the form of a Garnishee Order. A Garnishee Order will not be served on you personally, instead, it will require your bank, financial institution, employer or other third party to redirect the money you owe to the creditor directly. In other words, a creditor can bypass you completely and access your funds without you knowing. It’s likely you won’t find out about the Garnishee Order until you see your bank statement or pay slip.

Small Business Tax Debt Set to be Disclosed Under New Legislation

Lanyana Financial Group — Thu, 17 Oct 2019 23:34:00 GMT

The Australian Taxation Office (ATO) could soon disclose your business tax debt to credit rating agencies under new proposed legislation.

How to Check Your Credit Score for Free

Lanyana Financial Group — Thu, 17 Oct 2019 23:22:00 GMT

If you’re like most Australians, you probably don’t think about checking your credit score until you want to apply for extra credit, such as a credit card, personal loan or mortgage. It’s easy to neglect your credit score, especially if you’re afraid of what you might find. However, checking your credit score is a very important part of keeping on top of your finances and making smart money decisions. Especially with the introduction of mandatory Comprehensive Credit Reporting (CCR), it is now imperative you stay on top of your credit score.

Benefits of Engaging a Private Bankruptcy Trustee

Lanyana Financial Group — Wed, 09 Oct 2019 06:32:00 GMT

Thousands of Australians choose to go bankrupt every year. During 2018-19, there were 15,329 bankruptcies. Debt doesn’t discriminate. You can find yourself in the position of needing to go bankrupt for many reasons, such as: