David needed to find a solution and fast to his ATO crisis.
David discovered his former business partner had not lodged any BAS, tax returns or compliance documentation for his business for 8 years.
As if this wasn’t enough bad news, he found that they had not been paying Super and had $155,000 ATO debt.
As a result, David had not been able to even pay himself a wage for his work. His business partner was still working in the business and had withdrawn significant funds for private use.
David needed Lawrence accountants to help him save his business before the ATO closed it down.
| WHO: | AGE: | OCCUPATION: | PROBLEM: |
| Business Owner | Established | Partnership | ATO Debt |
How We Helped
Lawrence accountants saw immediately that David needed to eliminate the current threat to the business which was his business partner, so they seized the partner’s laptop, had him removed from the premises by security and sacked him from the directorship of the company.
We then got in contact with the ATO and negotiated payment arrangements for David’s super and BAS debt. We began working through all the outstanding lodgements and getting the books in order.
Finally, when that was completed we engaged a new bookkeeper. These efforts managed to save David $130K in interest charges and fines.
The Outcome:
David was back in business!
David got his financial life back on track and started winning new clients again. His business finances were in order, with a professional bookkeeper on board and he was free from the reckless financial behaviour of his business partner.
David saved his business.
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