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Have You Got Enough Money to Go Into Business?
1. Alan Lewis
Accountants
BEGINNING IN BUSINESS SERIES
HAVE YOU GOT ENOUGH MONEY TO GO INTO BUSINESS?
Paper 01.06
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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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