Business News Australia.com.au

At REALESTATEGUIDE.COM.AU ‘we are passionate about helping your business grow’

By listing your business and services with a Business Directory Listing or by becoming a Sponsor on Real Estate Guide.com.au you will receive high online exposure for very affordable rates.

Real Estate Guide receives thousands of daily real estate searches with 85% of our consumers arriving directly from a successful search in Google. Real Estate Guide provides lead driven, cost effective Business Directory Listings and Sponsor advertising campaigns for the following Real Estate related services:

• Mortgage or business finance
• Home Insurance
• Investment property products or services
• Buyer agents
• Non franchise real estate agents
• Property developers
• Real Estate media
• Professional services including quantity surveyors, valuers and conveyancer’s

Visit our Business Directory Page to view our advertising packages and current examples of successful advertising campaigns anf find out how we can help your business grow by increasing consumers to your website and services.

You may also visit our Home Page and search our main navigation under Business Directory - see List Your Services

The Business Consultation website is now asking for businesses to provide comments on a consultation regarding unsolicited commercial fax messaging. The consultation includes a discussion paper and questions for comment. Businesses are able to submit their answers online.

The closing date for comments and submissions is 17 September 2007. Find more information, download the discussion paper and submit your questions online through the Department of Communications, Information Technology and the Arts website.

You can also visit the Business Consultation website to view other current public consultations, register your interest to be consulted on government policy or sign up to be notified of consultations by email.

*This information is not a complete guide to selling your business, every business differs in it needs and legal obligations. We recommend that you seek qualified legal advice beofre selling your buisness. 

Selling your business is one of the most important decisions you’ll have to make. Deciding how much your business is worth is one of the main issues you’ll need to consider.Other factors to consider when selling your business include when is the best time to sell and whether you should make use of a broker or other professional to maximise selling opportunities.

Valuing your business There are a number of methods for valuing a business, including valuing the goodwill component. To realistically value a business you need a good understanding of the marketplace. Over a period of time an industry usually develops its own rules of thumb by which a business is to be valued. There are also formulas that can be used to arrive at the approximate value of a business. One of the most important factors to consider when calculating the value of a business is its future earning profitability. 

Bankruptcy & insolvency If you can’t pay your business debts, and haven’t been able to reach an agreement with your creditors, then you may decide to go bankrupt. The Insolvency and Trustee Service Australia (ITSA) is the government body responsible for the administration and regulation of the personal insolvency system in Australia.Before you become bankrupt, you must read ITSA’s Prescribed Information booklet, which gives you details of alternatives to bankruptcy and the obligations and consequences of bankruptcy. To apply to become bankrupt you need to lodge these documents with ITSA:

• a debtors petition
• a statement of financial affairs
• a signed acknowledgement that you have read the Prescribed Information booklet.

Deregistering or winding up a solvent company If you’re going to end your business, you may decide to wind up the company, or simply deregister it.

Deregistering a company You can deregister a company if:

• all members of the company agree to deregister; and
• the company isn’t carrying on business; and
• the company’s assets are worth less than $1000; and
• the company has paid all fees and penalties payable under the Corporations Act 2001; and
• the company has no outstanding liabilities; and
• the company isn’t a party to any legal proceedings.

ASIC provides information on deregistering a company, including the necessary downloadable form. For further information phone 03 5177 3988.

Winding up a solvent company The members of a solvent company, who’re unable to deregister, may decide to wind up the company. The Australian Securities and Investments Commission (ASIC) website provides information on steps that must be taken and the required forms that must be lodged when winding up a company.

Cancel your business name If a business name is no longer required you’ll need to complete and lodge the appropriate forms with your relevant state governments. The time allowed to lodge the form following cessation of business varies from state to state.

Australian Capital Territory

• Complete the cessation of business name form when you cease to carry on business under your registered business name. It should be lodged within 14 days of the cessation, however the Registrar-General may extend this period.

New South Wales

• The Application to cancel registration of a business name form (Form 5) should be completed and lodged with the NSW Office of Fair Trading if your business name is no longer required to be registered. For further information, phone 133 220.

Northern Territory

• In the Northern Territory you’re required to complete the notice of cessation of business form (Form 5) when your business ceases operations under a business name. For further information please phone the Department of Justice on 08 8946 9530.

Queensland

• The Cessation of business under business name form is to be completed and lodged with the Qld Office of Fair Trading to cancel a business name when no longer required. For further information phone 13 13 04.

South Australia

• The application for cancellation of a business name form is available from the Office of Consumer and Business Affairs. For further information phone 1300 138 918.

Tasmania

• For cancellation of a business name, you must lodge a Changes in Particulars/Cancellation of a Business Name Form with Consumer Affairs & Fair Trading within 28 days of date of change. For further information phone 03 6233 4523.

Victoria

• To cancel your business name registration complete the Ceasing business under business name form located on the Consumer Affairs Victoria website.

Western Australia

• When your business ceases to operate under a registered business name you must lodge a Notice of cessation of business under business name (Form 5) with Consumer Protection within one month after the cessation date.

Transferring ownership

At some point you may need to transfer part or all of your ownership of a business to your children or bring in a new business partner.You can meet the specific needs and objectives of family members and or a new business partner by issuing different classes of shares. This allows you to determine what level of influence they will have over the operation of the business.The main advice many small businesses require relates to the tax implications of the transaction-based events associated with selling or closing their businesses. This advice may involve separating business and property assets to facilitate the transfer of trading businesses.What to do…

• See the Tax Office ending a business essentials page.
• Contact your accountant or solicitor for advice on how to transfer ownership.

Taxation issues

You must tell the Tax Office if you have ceased trading or your business has been sold. You must also cancel your various registrations, such as Australian Business Number; Goods and Services Tax; Luxury Car Tax; Wine Equalisation Tax; Pay As You Go; or Diesel and Alternative Fuel Grant Schemes.Keep your details up-to-date to make sure that any activity statements the Tax Office sends you reflect your current situation. All activity statements that are sent to you must be lodged – even if this is a ‘nil’ report because you have not traded in that period – and paid by the due date.More information…

• Read the Tax Office changes in circumstances essentials.

What to do…

• Tell the Tax Office your business has ceased.
• Complete the application to cancel registration form.
• Phone the Tax Office on 13 28 66.
• Speak to your accountant, solicitor, or tax adviser.
• Contact your relevant state office for forms to cancel your pay-roll tax registration.

Dealing with employees

When a member of your staff leaves your employment, you’ll generally have to make some sort of final payment to them. Many of these payments are known as eligible termination payments (ETPs). Depending on what’s included in the payments you make, you’ll need to take out different amounts of tax.You may also be generally required to make a bona fide redundancy payment. This is a payment made to an employee who is dismissed because the job they were doing is made redundant.The Tax Office provides guidance on meeting your obligations to employees who stop working for you.

What to do…

• Read Tax Office’s ETPs - a practical guide for employers in meeting your obligations to employees who stop working for you.
• Visit the Australian Workplace website for information about job loss.
• Read about termination of employment on the Workplace Ombudsman website.
• See our topic on ending employment.