News
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 […]
The number of failed unincorporated entities has significantly increased from the September quarter of 2015. The findings were revealed in CreditorWatch’s latest Small Business Risk Review, which also shows a continuous high in national payment defaults (+67%) during Q4 2016. Unincorporated entities (typically sole traders and partnerships) are commonly small privately owned businesses. The operators […]
A new arrangement will come into effect from 1 July 2017 that will allow the Australian Tax Office to contribute information to credit reporting bureaus (including CreditorWatch) about Australian businesses with unsettled tax debts over $10,000 that are 90 days overdue. Businesses that have not paid their tax debts to the ATO will likely hurt […]
The Coalition has been urged to follow the example set by the UK Government and introduce legislation to deter big business from making late payments to SME suppliers. From April 2017, large companies and limited Liability Partnerships (LLPs) in Britain will be required by law to publicly report twice a year on their payment practices […]
CreditorWatch have released insights from an analysis that reviewed registered payment defaults and trade payment data from over 40,000 active customers for the year following the third quarter of 2015. The findings present an accurate status of small business behavioural trends as sole traders, trusts and partnerships are inclusive in the data analysed for the […]
Australian small businesses Frankland Islands Cruises and Intersective are among the first to benefit from Efic’s new Small Business Export Loan. The latest finance offering from Australia’s export finance agency, is designed to meet the needs of small businesses seeking export finance, with a focus on convenience and speed throughout the online application and approval […]
With three business days remaining before the the Federal Budget is announced, small to medium business owners have voiced a united desire for company tax rates to be reduced, according to the latest MYOB Business Monitor. The MYOB survey of more than 1,000 Australian SMB owners found that 60% of SMEs agreed that company tax rates should be reduced, […]
The definition of a small business has been further clarified in legal terms in a decision by Fair Work Australia that could have ramifications for small business owners across the country. The South African owners of a Perth-based garden statue business, Gardens of Italy, were taken to the Fair Work Commission over the alleged unfair […]
It’s hard to disagree that the 2015 budget wasn’t a cash cow for small business. Across Australia some two million businesses cashed in on $5.5 billion in tax breaks as the government attempted to stoke the home fires of the economy. The key prize allowed small business to claim basically any item needed for the […]
South Korea is one of Australia’s closest economic and trading partners, and with its high-income economy, there is a strong market for Australia’s high quality goods and services. For Australian SME exporters thinking about entering the South Korean market, it is important to first identify the opportunities for your business and any potential risks. Opportunities […]