What you need to do if your company is insolvent

As a director of an Australian company, it is your responsibility to ensure that the company remains solvent and can meet its financial obligations. Insolvent trading happens when a company incurs a debt while it is insolvent or becomes insolvent by incurring that debt. Insolvency happens when a company is unable to pay its debts […]

A Key to Navigating a Potential Downturn – Planning your cashflow

A cash flow forecast is a critical tool that helps our businesses plan for their future financial stability and navigate economic downturns. It provides a comprehensive view of the inflows and outflows of cash and identifies  patterns to help make informed decisions about spending, savings, and investments. Here are some ways preparing a cash flow […]

AFSL financial reporting requirements

As a holder of an AFSL, there are certain financial reporting requirements you must meet, including solvency, net tangible asset, and cash needs requirements, as outlined in the RG166. In this article, we look at these requirements and how to lodge your general purpose financial statement (GPFS), FS70, and FS71, in order to ensure AFSL […]