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Re: What to do if my business partner has been stealing money from the business

Initiate

Views 792

Replies 7

Hello all!

I was a small business owner and unfortunately my store has ceased trade due to lease running up. After 6 years of trading I entrusted my business partner and never really looked at our finances at the early commencement of the business as I was soley busy managing store operations. Now the business has ceased trading I have now discovered my business partner has been

a) laundering money through our business from their other businesses which they own.

b) siphoning money from our business account

c) misusing credit card for personal use & funding purchases for his other businesses


The even worse thing is our accountant is also one of the share holders. This partnership to me probably should've of been red flags but being a first time business owner I was naive and didn't know at the time as I would now.

 

So to go into a bit more on how our business is structured it is a 60/40 partnership, myself being the 40%. The other 60 is between 2 people. There are 2 directors within this company 1 being myself. The accountant as I mentioned above is one of the share holders. So everything is intertwined and very messy. The pickle I am in now is everytime I ask for financial documents which I know I am entitled to I get really aggressive responses. If it was any other non-related accountant I'm sure they would've happily given what I ask but in my instance no. I explained several times am I not entitled to the information I'm asking for what is within my rights as a director. Please note we pay the book keeper and an accountant who prepare all our financial documents a sum of $1100 & $1650 per quarter. I have spoken to my friends and they have said that is really really expensive services.

 

I hope I have explained my story enough and my cry is I'm sure I am not the only person in this situation and I really desperately need help as time is currently not on my side as the 7 year mark when "technically" documents and what not may be harder to obtain if they aren't already.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Manager

Replies 4

Hi @CoffeeLover 

 

Thanks again for getting in touch, it sounds like you're trying to do the right thing and we're here to help.

 

We take the integrity of the tax and super system very seriously and have sent you an email to discuss further.

 

As @KylieATO mentioned we would suggest seeking legal advice and or a tax professional who would be able to assist you in getting access to your account. They will also be able to provide tailored advice to your personal sitaution.

7 REPLIES 7

Community Moderator

Replies 6

Hi @CoffeeLover 

 

I am very sorry to hear about your situation it must be extremely stressful.

 

Just to clarify are you concerned that you won't be able to lodge tax returns as you aren't able to access the required records? To assist you in sorting your tax matters I would recommend appointing a new tax professional who would be able to help you.

 

I would also suggest that you seek legal advice to help you work out the best course of action.

Initiate

Replies 5

Thank you @KylieATO for taking them time to reply to my thread. My concern is I know my business partner is siphoning money from our account into his other accounts. What can`I do about this? There is clear paper trails of money coming into the account for a day of two and straight away it gets transferred into 1 of 5 bank accounts which all link to his other businesses.

 

To be real honest numbers is not my forte and the fact that I'm facing up against an experience business man, an accountant & also his partner works quite high up in the ATO. I need to know what my next moves are.

Most helpful response

Community Manager

Replies 4

Hi @CoffeeLover 

 

Thanks again for getting in touch, it sounds like you're trying to do the right thing and we're here to help.

 

We take the integrity of the tax and super system very seriously and have sent you an email to discuss further.

 

As @KylieATO mentioned we would suggest seeking legal advice and or a tax professional who would be able to assist you in getting access to your account. They will also be able to provide tailored advice to your personal sitaution.

Initiate

Replies 3

Hi Clare,

 

I've tried to contact Nate 4 days of days ago but he hasn't replied so I'm reaching out now. Can someone reply to me to know where to go from here on

 

 

Thank you again

 

Coffeelover

Community Manager

Replies 2

Hi @CoffeeLover 

 

Thanks for reaching out.

 

Apologies for the delay, I can confirm we've received your email and will be in tocuh with some more information shortly. 

 

Thanks again

Initiate

Replies 1

Hi Clare,

 

I"m just wondering how long it takes for the investigstions team to look at cases? I sent my report on 29/3/21. Still have not heard any news

 

Thanks

 

Coffeelover

Community Manager

Replies 0

Hi @CoffeeLover,

 

Thanks for checking in.

 

As every case is different, there’s no set time-frame as to how long an investigation might take. At this stage, you’ll only receive further contact if we require any more information from you.

 

You’ve been a big help to the team by supplying the information you already have – so thank you! It’s people like you who help us maintain the integrity of the tax system.

 

Please let us know if there’s anything other advice you need – we’re here to help.