*Ostroff, Fair and Company>>>Australia Taxes

I've go a problem requesting statment of financial position?

Depending on your stakeholding position you'll find the source of your problems. Are you a shareholder, dealing directly with the firm, this you need to sort out. Depending on the size of the company, financial reports may not generally be available to the public. Larger companies generally publish them online, and at times send out hard-copies when requested. It sounds like you're dealing with a small proprietary firm. As already mentioned, if the firm in question is not willing to provide you with basic compliance reports (generally tax return type) they probably have poor management practice and don't know themselves well enough. If this is the case, move on. This suggests that management is doing the following:

not planning ahead, in any strategic sense;
too busy working day to day, rather than building a reliable entity;
accepting plenty of cash jobs (black economy) and therefore the books are not comprehensive anyway in that they won't reflect the true value of the firm.

I work in a small Pty Ltd, and I have spent a great deal of time organising the financials (the company was behind in compliance). If someone asked, I would give them the details as requested, and we're a 7000 man hours/year company at present.

Regardless of the size of the firm, providing financials in some form shows a greater management strength and initiative. Also, loan applications, business plans and marketing schedules et al are based off the financials, so it is good to have current details available.

Good luck!

Cheers, L

So what's the problem? If someone won't give it to you, then there might be a reason. I wouldnt trust them -- something similar happened to me, but I didnt listen to my instincts and got royally screwed. Fortunately, I was able to screw the guy back AND get my money plus a nice healthy profit out of the business.

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