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If you are a small Business owner with debt owed to the ATO, failure to act can lead to more than a business debt; it can have implications that may follow, with risk to personal assets.
Are you a Director, or have you given personal guarantees? If so, once a director’s penalty notice is issued, you can find your own assets exposed.
Be aware that, with closer scrutiny and new tools, the ATO is more active and under pressure to recover outstanding debts.
Don’t let you or your Business be exposed to this risk.
Contact Blackburn Accounting today. Let us help with your taxation and Business matters. We are your Family Business Specialists, offering a range of services.
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Have debt, need help to address and resolve it?
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Want strategies that legally minimise tax obligations
Blackburn can provide the answers you need to run a successful Business that’s running at peak performance.
We previously explored this topic ‘Handing over the Reins- Letting Go!
We highlighted problems that sometimes surfaced with this ‘changing of the guard '; handing over the baton was very challenging for some.
That raised the question, ‘Why is that so? ’
We identified contributing factors such as;
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Feeling a loss of identity, importance, self-worth
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Control issues – no longer making decisions or contributing
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Fear of financial insecurity
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No Post –retirement planning. Fear of irrelevance.
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Distrust in the next generation.
Let’s look at a Case Study:
Bill, the founding member of a Panel Beating business, is struggling, refusing to let go of the reins. Despite an existing Succession Plan, he is adamant that he should continue and remain head of the operation.
Good Governance – Why Every Business Needs It. You may recall we explored this topic in November last year.
And here we are in 2026, in the headlines, stories of governance, regrettably, tales of poor governance. Examples highlighted failures in systems, bad conduct, and downright dishonesty by some corporate players.
But poor governance can and does happen in organisations, big and small and in all spheres of business sectors, private, public and non-profit. Indiscretions are not isolated incidents, whether by deceit, default or ignorance.
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Examples. In the high-flying gambling entertainment industry, it was reported that a key leader failed to report suspicious conduct to the Board. Corporate governance failures emerged as the problem, with vigilance lacking.
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The headlines. In the current investigation of an established accounting firm, it is reported to have ‘bad practice and poor oversight’ when dealing with a whistleblower’s concern. This suggests that some officials failed in their duty.
What's the answer? How to avoid these mistakes?
For Leaders, Board members and Committees, core responsibilities include
With the start of a new financial year, it’s timely to consider planning for the now and future for the success of your Business.
The key to success is sound business practices, including formal decision-making processes and disciplined family management. These need to stay relevant and relatable to both family and Business interests, to protect, preserve and provide financial stability.
People, circumstances, economic conditions and the Business landscape continually change, and we are operating in uncertain times. This is where taking active steps to shape your Business pathway and direction is critical.
A common failure of Family Business is decision-making inaction. Delaying, putting off crucial decisions that, in the longer term, have consequences, often costly. Outcomes happen by default rather than by design.
Is that your Business? Yes, read on; there are ways to take your Business forward.
When the topic of branding comes up, you may think it is something only for the ‘big’ players in Business.
But that is a misconception. Branding, its benefits and scope have no boundaries.
Small Businesses can compete successfully by understanding the basic principles, what it’s all about and adopting some simple strategies. Make it work for you and your Business!
Simply put, branding is how a Business shapes its reputation and identity in the minds of its customers. It’s an active process of creating a unique name and image that is easy to recognise as different from others. It combines core values, visual elements, and customer experiences so that consumers can easily recognise and trust what it offers.
In a nutshell;
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Identity
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Perception
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Consistency
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Trust
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Customer experience
For small Businesses,
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner