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Finance Topics – News/Blog

Scams or False Invoicing – Be Aware

More than $2.3 million lost in scams Australian small businesses have reported losses of more than $2.3 million to scams this year, according to the national competition watchdog. The Australian Competition and Consumer Commission’s Small Business in Focus report states that small businesses have incurred losses of more than $2.3 million to scams between the 1st January 2018 and 30th June 2018.  With the majority of scams delivered via email.… Read More »Scams or False Invoicing – Be Aware

Tax Debt

Tax Debt Now Effects Your Credit File

How your Tax Debt will Affect Your Credit Rating Under proposed legislation to be introduced from 1 July 2017 the Australian Tax Office (ATO) will be able to disclose Tax Debt and tax arrangements and arrears to a Credit Reporting Agency. What is changing? The ATO will have the discretion to disclose tax debt information to credit reporting agencies for taxpayers with an Australian Business Number (ABN). The ATO has… Read More »Tax Debt Now Effects Your Credit File

Succession Planning

Business Succession – What’s Your Plan

Business Succession In Australia it is widely known that Family businesses account for around 70% of all businesses. We help hundreds of these businesses with their finance each year and we know a lot of these business owners (you may be one!) are reaching the age where they will be looking to retire in the short term. A recent report indicated that a staggering 81% of business owners are planning to… Read More »Business Succession – What’s Your Plan

accountant

Outgrown your Accountant?

Have you outgrown your Accountant? For many individuals and small businesses, the answer to this question isn’t an outright ‘yes’ or ‘no’. We often find that with our clients the truth is simply that they do need to find a new Accountant that’s better suited for them. You may suspect that you need a new Accountant however you may not know why. We thought it might be worthwhile going through a… Read More »Outgrown your Accountant?

Earthmoving finance

NSW Stamp Duty Abolished

No More NSW Govt Stamp Duty on Chattel Mortgages!! Chattel Mortgages are by far the most popular form of Equipment / Asset finance. Accountants prefer this style of finance due to its GST deductibility. This change to Stamp Duty is long overdue. The NSW State Government has agreed to abolish this Stamp Duty on Specific Security Agreements (Chattel Mortgages) effective from 1st July 2016. This will then bring NSW into line with all other… Read More »NSW Stamp Duty Abolished

Why We Need More Information

Anti Money Laundering and Counter Terrorism Act 2006 (‘Act’) – Changes Recent changes to the Anti Money Laundering and Counter Terrorism Act 2006 (‘Act’) has resulted in additional information from our customers. This is why we need more information about you? On the 1/6/2014 the above Act was amended to tighten what the Government considered were inadequacies in the Legislation. Unfortunately whilst the majority of businesses and individuals comply with… Read More »Why We Need More Information

Concentration Risk – What is it? Do you have it?

Does your business have a Concentration Risk? Concentration Risk is when you have only a few debtors / customers or suppliers and if they were to have financials difficulties or stop trading with you, your business would suffer greatly. Have you asked yourself what if one or two of my major customers falls over? What if my popular item becomes redundant by technology? What if my financier will not provide… Read More »Concentration Risk – What is it? Do you have it?

What the New Privacy Act Means To You

Your credit record is everything in business, without a clean credit record your ability to borrow money will severely effected. It would be like trying to run without legs. So it is with this in mind that you should all try to make sure that you do not get any black marks on your credit file. Previously you get a black mark against your file by being late in paying… Read More »What the New Privacy Act Means To You