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CreditorWatch Blog

Fewer debtors taken to court in Q4 2017

Fewer debtors taken to court in Q4 2017

Fewer businesses were taken to court over outstanding debt during the final three months of 2017 compared with the same period a year earlier, according to CreditorWatch’s latest quarterly Small Business Risk Review.   Four states saw a decline in the number of court actions taken against debtors in quarter four; namely, Queensland (-9%), NSW (-16%), […]

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Jail time for employers who deny staff super

Jail time for employers who deny staff super

Employers who deny their employees their superannuation entitlements face up to a year in jail under legislation drafted by the Federal Government. According to Minister for Revenue and Financial Services, Kelly O’Dwyer, the purpose of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 is protect workers’ superannuation entitlements and “modernise” the […]

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New ATO power will wind up bad debtors but protect ‘good’ businesses, says credit bureau

New ATO power will wind up bad debtors but protect ‘good’ businesses, says credit bureau

The Australian Taxation Office (ATO) will be empowered to report a business’s overdue tax debts to credit reporting bureaus under draft legislation released by Minister for Revenue and Financial Services, Kelly O’Dwyer. The legislation, which – together with explanatory material – is now available for public comment, will require a business to “effectively engage” with […]

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Data dungeon: the small business case for making ANZSIC code information available

Data dungeon: the small business case for making ANZSIC code information available

Dynamic Business interview with Colin Porter, CreditorWatch. The Federal Government’s Public Data Policy Statement, released last December, flagged its commitment to make non-sensitive government data ‘open by default’, with the aim being to stimulate innovation and drive productivity improvements across all sectors of the economy. Nearly a year on, a slice of data with huge potential benefits […]

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Fraud case highlights need for due diligence

Fraud case highlights need for due diligence

Mark Steven Grevsmuhl, the superannuation fraudster who swindled 74 people, including friends and family out of $6 million, has been hit with a permanent ban by ASIC. The ban means Grevsmuhl is prohibited from providing financial services and engaging in credit activities. This follows his conviction of multiple counts of fraud in Brisbane District Court on […]

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Ad-hoc expense management systems a burden for financial controllers and sales staff

Ad-hoc expense management systems a burden for financial controllers and sales staff

Small businesses can take the pain out of meeting EOFY tax-time requirements by ditching the shoebox overflowing with expense claims and invoices.  CreditorWatch spoke to Concur, an expense management solutions provider,  to find out more about how small businesses can better manage their invoices and expense claims at tax-time. According to Murray Warner, director business development Asia Pacific, […]

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SuperStream extension for small businesses

SuperStream extension for small businesses

More than 450,000 small businesses have become SuperStream compliant ahead of the 30 June deadline. If your businesses will struggle to adopt the new payment standard in time, don’t worry: the ATO has announced it is extending the deadline by four months.  Deputy Commissioner James O’Halloran said small businesses that need extra time to become SuperStream compliant will […]

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SMEs pessimistic about economy but start-ups forecast revenue growth: MYOB survey

SMEs pessimistic about economy but start-ups forecast revenue growth: MYOB survey

Despite federal election promises of greater support for SMEs, businesses owners remain pessimistic about the Australian economy, with two in five expecting it to worsen in the coming year, the latest MYOB Business Monitor revealed.    The bi-annual national survey of over 1,000 SME operators found that 42% believe the economy will decline over the […]

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