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CreditorWatch Blog

Managing your money through managing your debtors

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Turnbull Government paying 60% of its small business invoices within 20 days, report shows

Turnbull Government paying 60% of its small business invoices within 20 days, report shows

Federal Government agencies are paying 96% of their small business contractors within thirty days of receiving an invoice, according to a new report. Minister for Small Business, Michael McCormack said the latest Pay On-Time report also found agencies were paying 60% of invoices up to $1 million within 20 days, and that the overall results were a […]

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The Federal Government commits to paying small businesses ten days sooner by July 2019

The Federal Government commits to paying small businesses ten days sooner by July 2019

The Federal Government will begin paying small business suppliers ten calendar days sooner to improve their cashflow, it has been announced. Under the Government’s revised ‘pay on time’ policy, Small Business Minister Michael McCormack said federal agencies and entities will be required to pay invoices for contracts worth up to $1 million within 20 calendar […]

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Small business ombudsman Kate Carnell calls for prompt payment of government subbies

Small business ombudsman Kate Carnell calls for prompt payment of government subbies

Stating that small business subcontractors are vulnerable to delayed payments, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has announced she is examining payment terms and conditions for “subbies” working on government projects. “Most government departments pay their invoices within 30 days, but when a prime contractor is appointed to manage a project […]

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Businesses urged to monitor customers as court actions increase

Businesses urged to monitor customers as court actions increase

New research shows that nearly 1 in 2 Australian businesses are leaving themselves vulnerable to bad debt by not performing credit checks on their existing customers. CreditorWatch conducted a survey asking questions relating to credit management responsibilities to business owners, accountants and credit professionals from small to enterprise sized businesses. Whilst 72% of all respondents […]

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NSW Budget: measures will save money for up to 600,000 small businesses, treasurer says

NSW Budget: measures will save money for up to 600,000 small businesses, treasurer says

More than half a million small businesses stand to benefit from tax cuts included in the 2017-18 NSW Budget, according to Treasurer Dominic Perrottet. In a statement, released yesterday, the Treasurer announced: “From 1 January 2018, the NSW Government will abolish insurance duty for small businesses on commercial vehicle insurance (including aircraft), professional indemnity insurance, […]

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Ten Network enters voluntary administration despite steps taken to improve future earnings

Ten Network enters voluntary administration despite steps taken to improve future earnings

Ten Network Holdings Limited (ASX: TEN) (“TEN” or “the Company”) announces that Mr Mark Korda, Ms Jennifer Nettleton and Mr Jarrod Villani of Korda Mentha have been appointed as voluntary administrators of the Company and each of its subsidiaries (together the “Ten Group”) by the Ten Group Directors. This decision follows correspondence received from Illyria […]

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Small businesses being used as ‘cheap form of finance’ by larger ones: late payment inquiry

Small businesses being used as ‘cheap form of finance’ by larger ones: late payment inquiry

By extending payment times to small businesses in the supply chain, large Australian and multinational organisations are effectively using them as ‘a cheap form of finance’, according to a new report by the Small Business and Family Enterprise Ombudsman (ASBFEO). The report, which responds to the Ombudsman’s inquiry into payment times and practices, highlighted the […]

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