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CreditorWatch Blog

Managing your money through managing your debtors

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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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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Transparency of tax default data is a win for small business

Transparency of tax default data is a win for small business

Knowing that a business doesn’t pay their bills is incredibly important for anyone in the position of providing trade credit; it is the sole reason that thousands of businesses access credit bureaus in an effort to mitigate risk and safeguard their cash flow. The question is why should knowing that a business has defaulted on […]

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SME Cashflow Problems Are Bigger than You Think

SME Cashflow Problems Are Bigger than You Think

Recently the general lack of cashflow within SMEs in Australia was investigated by Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman, ASBFEO. She found that, contrary to what many might believe, the actual reason why small businesses are experiencing cashflow problems is due to slow payers, and those payers just happen to be […]

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Rise in cancelled unincorporated entities a concern for all businesses

Rise in cancelled unincorporated entities a concern for all businesses

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 […]

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Call for government to consider UK regs to help ensure big businesses pay SMEs on time

Call for government to consider UK regs to help ensure big businesses pay SMEs on time

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 […]

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A permanent $20,000 instant asset tax write-off for businesses tops SME wishlist, MYOB finds

A permanent $20,000 instant asset tax write-off for businesses tops SME wishlist, MYOB finds

Seven in ten small businesses want the $20,000 instant asset tax write-off to continue past 30 June, this year, when it is due to expire, according to accounting software provider MYOB. The latest MYOB Business monitor, a bi-annual survey of more than 1,000 small businesses, asked operators what policies they would and wouldn’t vote. MYOB […]

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