HBA Encompass

USE THE RIGHT PROFESSIONAL FOR THE RIGHT JOB

DIY is all the rage and in a lot of cases you can save yourself a bucketload of cash by doing things yourself.

I’m all for DIY and keeping costs down, but we’ve come across a few instances lately where people haven’t used the right professional for the job and it’s come back to bite them:

1. A client, let’s call her Jane, decided she wanted to save costs and not use a Registered ASIC agent for her company. That’s fine, we get it. About five years ago, the client moved house and didn’t update the change of address with ASIC. This meant she didn’t receive her annual ASIC invoices and didn’t pay her renewal fee for five years! ASIC deregistered her company. The first she knew of it, a customer called saying they couldn’t work for them anymore as their ABN had been cancelled. (When a company is deregistered, the ABN is automatically cancelled). Jane contacted

ASIC to organise to pay the fees and late fees which totaled well over $1500, and ASIC then took up to three months to re-register the company. In the meantime, she missed out on two JobKeeper payments and could not work as their ABN would not be reinstated until the company was re-registered. Hindsight is beautiful, but if she used an ASIC agent, she would have known about the change of address and would have received the renewal paperwork on the client’s behalf, saving them all this heartache. 2. Another client, let’s call him Mark, had his financial planner set up a new company and trust for him. The financial planner didn’t apply for a TFN or an ABN for these entities. The first we heard about it was when Mark called us for the ABN and the bank was asking for it. We didn’t set it up and didn’t know these even existed.

At HBA Encompass, we work with your other advisors to achieve the right outcome for you. Our goal is to stay in the loop of what you are doing to ensure that all the tax/ASIC compliance is completed and all advisors know what is going on and who is responsible for what. It’s the best result for our client, every time. ca

P: 07 5444 7094 E: admin@hbaencompass.com.au www.hbaencompass.com.au

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