Clients can find themselves in financial distress for a wide
range of reasons. And that financial distress can translate to real anxiety.
a situation that's much more difficult to emerge from. It's at this stage that an adviser is most likely asked to assist.
That said, the hallmark of a trusted professional is the ability to provide prudent advice when clients need it
with a Client in Financial Distress event in Perth, a number of high-profile
tax and legal specialists will be joined by representatives of the ATO to look at
the causes and effects of financial distress, and the options available for businesses and individuals
facing financial difficulties.
Dudley Elliot CTA
Dudley Elliott CTA, from Trove Advisory Group, has told us a
little about what to expect from his session: 'Business solvency – salvaging
what you can - tax and accounting considerations'.
facing serious financial difficulty are accounting and tax issues. But ignoring
them only makes things worse down the track. And when there are possible
solvency issues, there are ways you can reduce risk and maximise what can be
saved for your client.”
sheet. He will outline the issues to consider earlier rather than later in order to reduce
your client’s exposure and to save what you can.
businesses and structuring considerations when setting up, and the important
planning steps you can take to protect what you can when business survival is a
client and between entities), Division 7A considerations, and your client’s tax
position with respect to losses (revenue & capital), Dudley’s session will
also cover personal use assets and commercial debt forgiveness.
warning bells for those accountants advising clients with possible solvency
issues. From that they can apply the concepts to reduce risk and increase
what can be saved for their clients. I’m hoping the experiences I impart will
be of use to advisers facing similar situations with their clients. I’m also looking forward to hearing from the other presenters – after all, in
an area as complex and fraught as this, you don’t know what you don’t know!”
Accounting career with Nelson Wheeler (which later became part of the BDO
group). Combining a Graduate Diploma in Financial Planning and a Masters in Taxation with his banking and accounting experience has given Dudley a unique
set of skills that he can apply to most problems.
Dudley joined Deloitte in 1994, working with the Deloitte partnership from 1999 through to his departure in 2007. For the following 10 years, he was a partner in the Indian Ocean Group in Subiaco.
In June this year he formed a new group, Trove Advisory, based in
found himself “begging forgiveness from the wife for being offline for four
weeks writing another paper and doing another presentation for The Tax
(HLB Mann Judd Insolvency WA) with their session, ‘Director Penalty Notices and
personal liability for directors in a liquidation scenario’, and Craig Pitt
(Australian Taxation Office, Debt – Early Intervention Service Delivery) who will present ‘The ATO and debt relief provisions’. Other sessions will cover
bankruptcy, asset protection and superannuation issues.