Have You Got Enough Money to Go Into Business?

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Beginning in Business series: Have You Got Enough Money to Go Into Business? Paper 1.06

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Have You Got Enough Money to Go Into Business?

  1. 1. Alan Lewis Accountants BEGINNING IN BUSINESS SERIES HAVE YOU GOT ENOUGH MONEY TO GO INTO BUSINESS? Paper 01.06
  2. 2. CONTENTS Page 1. Introduction - Have You Got Enough Money? ............................................................................. 3 2. Personal Financial Position .............................................................................................................. 3 3. Personal Financial Checklist ............................................................................................................ 4 4. Personal Financial Requirements For The Next Twelve (12) Months ............................ 19 5. Investment In The Business ........................................................................................................... 23 6. Funds You Have Available For The Business ............................................................................ 23 7. Use Of Funds ......................................................................................................................................... 24 8. Margin Of Safety .................................................................................................................................. 26 9. General Considerations In Determining Whether You Have Sufficient Capital ........... 27 10. Do Your Homework ........................................................................................................................... 30
  3. 3. With compliments from Alan Lewis Accountants BEGINNING IN BUSINESS SERIES HAVE YOU GOT ENOUGH MONEY TO GO INTO BUSINESS? Paper 01.06 INTRODUCTION - HAVE YOU GOT ENOUGH MONEY? There are a number of different matters you have to examine in considering whether you have enough money to go into a business. These can be summarised as follows: PERSONAL FINANCIAL POSITION This checklist will help you determine your current personal financial situation (excluding any business considerations). This information will assist you in your application to borrow money. You and your advisers must have a clear picture of your financial position and needs before you go into a business.  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 3
  4. 4. With compliments from Alan Lewis Accountants PERSONAL FINANCIAL CHECKLIST Name: Date Prepared: (a) Assets (Things that you own) 1. Bank Account: Bank Account No: $ Bank Account No: $ Bank Account No: $ Bank Account No: $ 2. Building Society/Credit Union Accounts: Name Account No: $ Name Account No: $ Name Account No: $ Name Account No: $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 4
  5. 5. With compliments from Alan Lewis Accountants 3. House: Situated at: Real Property Description: Your Estimate of Value: $ 4. Other Real Estate: Situated at: Real Property Description: Your Estimate of Value: $ Situated at: Real Property Description:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 5
  6. 6. With compliments from Alan Lewis Accountants Your Estimate of Value: $ Situated at: Real Property Description: Your Estimate of Value: $ 5. Motor Vehicles: Type: Your Estimate of Value: $ Type: Your Estimate of Value: $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 6
  7. 7. With compliments from Alan Lewis Accountants 6. Boat: Type: Your Estimate of Value: $ Type: Your Estimate of Value: $ 7. Furniture and Household Effects: Your Estimate of Value: $ 8. Shares in Companies and Units in Unit Trusts: Unit Value Name No Value  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 7
  8. 8. With compliments from Alan Lewis Accountants $ 9. Superannuation: Fund: $ 10. Life Insurance: (Surrender Value on Whole of Life Policies) Surrender Company Policy No Value $ 11. Any Other Assets:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 8
  9. 9. With compliments from Alan Lewis Accountants Details $ Value $ 12. Total Value of Assets: $ 13. Comments on any of the items listed as assets:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 9
  10. 10. With compliments from Alan Lewis Accountants 14. Term Insurance Policies: (No value is included in your Assets - No value unless there is a payment) Amount Insured Company Policy No. Payout On 15. Sickness and Accident Insurance: (No value included in Assets) Weekly Amount Insured Company Policy No.  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 10
  11. 11. With compliments from Alan Lewis Accountants Name: Date Prepared: (b) Liabilities (Money that you owe) 1. Bank Overdraft: Bank Account No: $ Security: Bank Account No: $ Security: Bank Account No: $ Security: 2. Bank Loan: Bank Account No: $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 11
  12. 12. With compliments from Alan Lewis Accountants Security: Monthly Repayment: Bank Account No: $ Security: Monthly Repayment: Bank Account No: $ Security: Monthly Repayment: 3. Building Society/Credit Union Loans: Name Account No: $ Security: Monthly Repayment: Name Account No: $ Security: Monthly Repayment: Name Account No: $ Security:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 12
  13. 13. With compliments from Alan Lewis Accountants Monthly Repayment: 4. Finance Company Loans: Name Account No: $ Security: Monthly Repayment: Name Account No: $ Security: Monthly Repayment: Name Account No: $ Security: Monthly Repayment: 5. Hire Purchase Loans: Name Account No: $ Security: Monthly Repayment:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 13
  14. 14. With compliments from Alan Lewis Accountants Name Account No: $ Security: Monthly Repayment: Name Account No: $ Security: Monthly Repayment: 6. Bank Cards/Credit Cards: Current Amounts Owing: $ 7. Australian Taxation Office: GST: Withholding Taxes: Income Tax:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 14
  15. 15. With compliments from Alan Lewis Accountants $ 8. Other Loans: Lender Security Given $ Lender Security Given $ 9. General Creditors: Attach a list of names and amounts owing $ 10. Any Other Amounts Owing:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 15
  16. 16. With compliments from Alan Lewis Accountants Details $ 11. Total Liabilities: $ 12. Comments on any of the items listed as liabilities:  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 16
  17. 17. With compliments from Alan Lewis Accountants 13. Leasing Commitments: (Not included in Liabilities) Lease Monthly Arrears Residual Residual No. Repayment Amount Company (if any) Due Date ASSET Name: Date Prepared: (c) Summary of Current Financial Position: Total value of assets {3(a)12} $0.00 Less liabilities {3(b)11} $0.00 Net Worth/(Net Deficiency) $0.00  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 17
  18. 18. With compliments from Alan Lewis Accountants Comments: (if any)  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 18
  19. 19. With compliments from Alan Lewis Accountants PERSONAL FINANCIAL REQUIREMENTS FOR THE NEXT TWELVE (12) MONTHS Name: Date Prepared: (It may be appropriate to include your spouse’s income and expenditure, if you are making a Joint Finance Application) (a) Expenditure: Name Name Consolidate d 1. Mortgage $ $ $ Repayments/Rent 2. Rates $ $ $ 3. Hire Purchase Repayments $ $ $ 4. Personal Loan Repayments $ $ $ 5. Lease Payments $ $ $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 19
  20. 20. With compliments from Alan Lewis Accountants 6. Overdraft Repayments $ $ $ 7. Health Insurance $ $ $ 8. Life Insurance $ $ $ 9. Other Insurance $ $ $ 10. Food $ $ $ 11. Clothing $ $ $ 12. Telephone/Electricity/Gas $ $ $ etc. 13. Motor Vehicle Expenses $ $ $ 14. Transport/Fares $ $ $ 15. Education $ $ $ 16. Entertainment $ $ $ 17. Holidays $ $ $ 18. Major Expenses $ $ $ 19. Sports/Clubs $ $ $ 20. Taxation $ $ $ 21. Other $ $ $ 22. 23. 24. 25. Total Expenditure $ $ $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 20
  21. 21. With compliments from Alan Lewis Accountants (b) Income: Name Name Consolidated (Other than the proposed business) Other Income you will receive - irrespective of the business venture. .1 Dividends $ $ $ .2 Interest (on other $ $ $ investments) .3 Net Wages (after tax) - $ $ $ (not from the proposed business venture) that will continue if the business venture commences .4 Any Other Income $ $ $ $ $ $ $ $ $ .5 .6 .7 Total: $ $ $ .8 Less: Estimated taxation on $ $ $ items not taxed at source .9 Total Income (after tax) $ $ $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 21
  22. 22. With compliments from Alan Lewis Accountants (c) Net Financial Requirements: Name Name Consolidated Expenditure for the next twelve (12) months {4(a)25} $ $ $ Less: Income (after tax) for the next twelve (12) months {4(b)9} $ $ $ Net Financial Requirements for the next twelve (12) months that you will have to earn from the business (after) income tax on income other than the business. $ $ $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 22
  23. 23. INVESTMENT IN THE BUSINESS Investment of money is obviously required in any business enterprise. The amount varies with the type and size of business venture. This checklist will assist you in determining how much you may require and also assist in formulating a Cashflow Forecast, which will be required as part of your application for financial assistance, should your existing funds be insufficient. Remember, that even with a cash business, you have an overlap of time between buying stock, setting up etc and receiving the cash from sales. You also require capital to keep the business running for a number of months, if you are giving credit and having to pay for your stock and other expenses promptly. FUNDS YOU HAVE AVAILABLE FOR THE BUSINESS Name: Date Prepared: .1 Your available funds $ .2 Investments by others (name them) $ .3 Loans (long term) $
  24. 24. With compliments from Alan Lewis Accountants .4 Loans (short term) $ .5 Suppliers Credit $ .6 Total funds available for the business: $ USE OF FUNDS .1 Purchase of goodwill (when purchasing existing business) $ .2 Purchase of plant and equipment (new or existing) $ .3 Stamp Duty $ .4 Legal Fees $ .5 Accountancy Fees (for business appraisal, loan application and setting up of business entity etc.) $ .6 Loan Establishment Costs (bank or finance company) $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 24
  25. 25. With compliments from Alan Lewis Accountants .7 Installation costs (telephone etc) $ .8 Other establishment costs (Valuation Fees etc) $ .9 Cash Floats $ .10 Deposits - electricity, gas, telephone, other $ .11 Rent Bond $ .12 First month's rent $ .13 Insurance Premiums $ .14 Lease Plant & Equipment for ........... months $ .15 Opening special advertising, promotion campaign $ .16 Purchase of initial stock $ .17 Discounted stock for opening specials $ .18 Rejuvenation of premises for opening $  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 25
  26. 26. With compliments from Alan Lewis Accountants .19 Additional technology required $ .20 License Fees $ .21 GST $ .22 Withholding Tax (Wages)........ months $ .23 Pay staff for ........ months $ .24 Repay loans for ........ months $ .25 Purchase stock/materials for ...... months $ .26 General operating costs (telephone, electricity etc) for ..... $ months .27 Owner's wages/drawings for ..... months $ .28 Total Use of Funds: $ MARGIN OF SAFETY  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 26
  27. 27. With compliments from Alan Lewis Accountants Funds you have available for the business (6.6) $ Less - use of funds (7.28) $ Margin of safety - (prior to any sales bankings) $ If there is a surplus, it means that you should be able to operate for the period of time specified in “Use of Funds” before relying on revenue from sales or debtors. If there is a deficit, it means that you will need to generate additional loans or suppliers’ credit or you will have to rely on revenue from sales or debtors earlier than you had anticipated. This may not be readily available and could cause you major problems. GENERAL CONSIDERATIONS IN DETERMINING WHETHER YOU HAVE SUFFICIENT CAPITAL There are a number of other matters that you will have to determine when ascertaining whether you have sufficient capital to start a small business. These would include the following: 1. What are the accepted Terms of Trade for the business you are acquiring or in the type of business activity in which you are going to trade i.e. is it a cash business or do you have to extend credit? If so, what is the average time for payment by the business’s customers? 2. What are the normal supplier's Terms of Trade offered to similar businesses? Do they expect you to pay them cash or will they give you credit?  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 27
  28. 28. With compliments from Alan Lewis Accountants 3. Obviously, the way that your debtors will be paying and how you have to pay your suppliers, is of immense importance in determining your capital requirements. 4. What Credit Card Companies are you going to deal with? What are their terms of payment and costs? 5. What are the normal terms for payments to staff? Are they payable on a weekly, fortnightly or monthly basis? Are there any Award based requirements? 6. Will you be subject to the payment of Fringe Benefits Tax or Pay Roll Tax? Have you examined the effect of the Goods and Services Tax (GST) on the business's operations. If the turnover is over $1m, it will mean that the Business Activity Statement for GST has to be prepared on an "accruals" basis. This can mean that you are paying GST on some of the debtors before they pay you. How will this affect your cashflow? 7. Payment for Stock. Are you expected to pay for all the stock when you purchase the business or will you be able to negotiate with the Vendor to pay over an extended period? For example: 25% on taking possession - 25% at the end of one month’s trading - another 25% after two month’s trading with the balance after 90 days. This is a flexible arrangement and it is one that should be considered when negotiating to purchase. 8. Will the Vendor accept staggered payments instead of receiving payment in full at the date of settlement? 9. Consideration should be given to negotiating that settlement be on the basis that an amount of “Hold Back” (e.g. 20% of purchase price is held in the Solicitor’s Trust Account) to guarantee that the level of sales indicated by the Vendor is achieved by the Purchaser.  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 28
  29. 29. With compliments from Alan Lewis Accountants 10. There should be an amount provided in the Cashflow Forecast to build up a Cash “Sinking Fund” for the payment of GST and income tax. The "sinking fund" would be established with separate bank accounts. 11. Do you intend to lease the business? (e.g. Motel or Hotel) Are you obtaining sufficient plant, equipment, fixtures and fittings, to operate the business or will it be necessary for you to expend additional funds? Have you the right to sub-lease the business? 12. Have you examined the seasonal trends in the business to determine the “off season” months? In your planning it will be necessary to cover the costs of operation in these months. 13. The time of year at which you intend to purchase the business can have significant bearing on your capital requirements (at least your initial capital requirements - is it a seasonal business?) Do you have to order stock on a seasonal basis? 14. Once you have done these evaluations, it will then be possible to prepare budgets. The first budget should be the Expense Budget which shows the fixed and variable expenses to be incurred on a “week by week” basis. It will then be necessary to determine the gross profit margin you anticipate earning in the business and from this a Sales Budget can be calculated. Detailed consideration should be given to the sales amount to determine whether it is realistic and that this level of sales will be able to be generated. If you consider that there is going to be a lead-up period before you will be able to achieve the required sales volume, then this will have to be taken into account in determining the amount of capital required. 15. Once the Budget has been prepared it will then be necessary to prepare the Cashflow Forecast. (The preparation of Budgets and Cashflow Forecasts is discussed in Paper 05.35).  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 29
  30. 30. With compliments from Alan Lewis Accountants DO YOUR HOMEWORK It is essential that you do some extensive homework on your present financial position, your estimated requirements for the next 12 months and the realistic amount that is going to have to be invested in the business. Obviously, this includes more than the original acquisition price of the business. Only after all these calculations have been done, will it be possible for you to prepare a realistic Budget and Cashflow Forecast. The preparation of all this information will be beyond the ability of most new small business operators. You will probably need to engage a Professional Accountant to assist in preparing this data. However, the Accountant cannot prepare the various working papers on his/her own and will require your detailed considered input, if the end result is going to be of value in the forward planning process.  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 30
  31. 31. With compliments from Alan Lewis Accountants LINKS Paper 05.35 - Budgets and Cashflow Forecasts  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 31
  32. 32. With compliments from Alan Lewis Accountants AN IMPORTANT MESSAGE The forms and commentaries contained in this paper are provided as a guide only and should not form the sole basis for any advice in relation to the particular situation of any person without first obtaining proper professional advice. This paper is provided on the understanding that ESS BIZTOOLS Pty Ltd (ACN: 078 451 439) and ALAN LEWIS ACCOUNTANTS Pty Ltd (ACN: 137 070 921) will not be responsible as a result of any use made by users hereof of the forms or commentaries of this paper without first obtaining specific professional advice. Neither shall ESS BIZTOOLS Pty Ltd or ALAN LEWIS ACCOUNTANTS be responsible for any errors or omissions contained in these papers. ESS BIZTOOLS Pty Ltd and ALAN LEWIS ACCOUNTANTS expressly disclaims liability whether under contract or negligence and whether to a direct purchaser of these papers or to any other person who may borrow or use them in respect of any loss or damage flowing therefrom whether direct or consequential. In particular and without limiting the extent of this disclaimer ESS BIZTOOLS Pty Ltd and ALAN LEWIS ACCOUNTANTS accepts no liability if any form or commentary contained herein, whether used in its original form or altered in some way by the user, proves not to be valid or not to attain the end result desired by the user. This exclusion shall extend both to the user and to any client of the user who may suffer loss as a result of the use of these papers and it shall apply even though ESS BIZTOOLS Pty Ltd and ALAN LEWIS ACCOUNTANTS may have been negligent in the publication or preparation of these papers. The user acknowledges that it has not made known to ESS BIZTOOLS Pty Ltd and ALAN LEWIS ACCOUNTANTS any particular purpose for which these papers are required and that it has not relied on ESS BIZTOOLS Pty Ltd and ALAN LEWIS ACCOUNTANTS skill or judgement to provide a paper suitable for any such purpose. INTELLECTUAL PROPERTY NOTICE The authority to use all copyright, trade marks and other intellectual property rights comprised in this paper is held exclusively by ESS BIZTOOLS Pty Ltd (ACN: 078 451 439). Neither these rights nor any part of this paper may be used, sold, transferred, licensed, copied or reproduced in whole or in part in any manner or form whatsoever without the prior written consent of ESS BIZTOOLS Pty Ltd (ACN: 078 451 439).  - ESS BIZTOOLS Pty Ltd - ACN: 078 451 439 Edit by ALAN LEWIS ACCOUNTANTS Pty Ltd – ACN: 137 070 921 PO Box 4295, LAKE HAVEN NSW 2263 Phone: (02) 4390 4156 www.lewistaxation.com.au Paper 01.06/140706/Page 32

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