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  • #1180466
    bb1
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    ThexArm, post: 210487 wrote:
    All very valid points Bert.

    All businesses need to ensure they are complied with various laws and statues before commencing.

    We don’t know much about their business and how it has been started. It is the reason why we all suggest business owners to consult an accountant before starting out. For any layman this is all be too confusing and complicated.

    Yes see an accountant, but not even all accountants know some of this basic stuff (oops me shot again), it is up to each individual business owner to research and make sure they comply.

    When you go to an accountant they always have a huge disclaimer which basically says we are not responsible for anything. So as a business owner “WE” need to check all this out.

    #1180467
    ThexArm
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    I guess not all business owners will have time, inclination and appetite to learn about everything before starting out. I wish everyone are like you Bert, who has knowledge in almost every subject. I am thinking you must have gained that being in business for a prolonged period of time.

    I don’t know about the accountants who doesn’t know about these basic stuff. They are bound to know if they have studied accountancy.

    #1180468
    James
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    There’s a good chance the employees have a decent memory of it. They only have to remember one number, whereas you are trying to deduce 5 or 6 numbers with no personal attachment to the figures.

    As they seem to be close, you could ask them to estimate and use that in your investigation? They probably chucked it into their bank if they’re sensible.

    The more data points you can get, the better.

    #1180469
    My Guy
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    Personally, I have been here many years ago myself.

    I did how ever (because my wife is an accountant) keep a history of hours worked in my head or in my iphones notepad.

    I wouldn’t bother trying to work out who got what.

    You’ll have to pay tax on the funds that you withdrew for the employees which is what about $1000 from your estimations?

    $1000 at the end of the day is not worth the hassle at all.

    Move forward call it owner drawings and never do it again.

    Simple :)

    #1180470
    Anonymous
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    Thank you to everyone who’s made suggestions.
    Those that pointed out the issues with the issue, and ASSUMED further issues with the business based off that one issue… thanks for your ‘help’…
    I’ll send my partner into an accountant soon, and get him to call the ato, this is his business after all…
    I don’t think much more can be achieved of this forum.

    #1180471
    LucasArthur
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    Rachael , post: 210503 wrote:
    Thank you to everyone who’s made suggestions.
    Those that pointed out the issues with the issue, and ASSUMED further issues with the business based off that one issue… thanks for your ‘help’…
    I’ll send my partner into an accountant soon, and get him to call the ato, this is his business after all…
    I don’t think much more can be achieved of this forum.

    ouch!

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1180472
    bb1
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    HarryLuke Logistics, post: 210508 wrote:
    ouch!

    Thats what I was thinking

    #1180473
    LucasArthur
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    bb1, post: 210512 wrote:
    Thats what I was thinking

    Taking a comment from another of your replies in a different thread Bert, bit like the pointy end of the stick :)

    Actually, i have enjoyed this thread as many regulars have jumped on and made some suggestions that really were not asked for. Gone a little further than the surface issue and offered suggestions on how to overcome what appears to be something of a down fall in the planning process of the said business – loosing crucial business information.

    Its been insightful that most have offered a little extra in order to ensure that the business in question doesnt run into these problematic scenarios, things such as:
    – duplicate and timely record keeping
    – iphone/computer dual records
    – etc

    So for everyone that has contributed, from my personal reading and knowledge boosts, thanks for your time.. Each and every one of you..

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
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