On Thursday May 4, Small Business Minister Michael McCormack handed down the government’s response to the commission’s final report from its review of business set-ups, transfers and closures in Australia. The report considered the major factors driving businesses being launched and exited, and whether policy adequately supports the business community. Read the full story here… Read more »
Last week, smartcompany.com.au published an online article advising that ASIC has debt management firms in its sights as it looks to crack down on misleading conduct by debt management companies as personal insolvency rates are up 10%. Read the full story here or below… ASIC cracks down on debt management firm ads as personal insolvencies… Read more »
There has been a call to simplify superannuation rules as SMEs have been accused of using employees’ unpaid super contributions to improve their own business cashflow. smartcompany last month reported that business leaders have made the call after accusations.
Victoria has launched its “Fair Payment” code to drive businesses towards being good corporate citizens. smartcompany recently reported Victoria’s Small Business Minister, Philip Dalidakis, has not ruled out making the state’s new voluntary code on fair payment times mandatory for all businesses in the state if the government does not see an improvement on the times… Read more »
Do experience delayed extended periods from larger businesses? smartcompany recently reported about the small business ombudsman has called for a national register to name and shame businesses that fail to pay SMEs promptly.
The Australian Financial Security Authority (AFSA) released regional personal insolvency statistics for the December quarter 2016 in January. Next month new figures will be released, making for interesting comparisons.
Debt collection is a serious and regulated business. There are rules and a code of conduct we adhere to, ensuring that, while collecting debt for our clients, debtors rights are also protected.
From 1 July 2017, the ATO will provide information to credit reporting bureaus regarding the unsettled tax debts of Australian businesses, starting with debts over $10,000 that are at least 90 days overdue. This arrangement was announced in the federal government’s Mid-Year Economic and Fiscal Outlook (MYEFO), which stated: “Businesses are expected to pay taxation… Read more »
This morning (8 February 2017) smartcompany.com.au released an article about credit agency Veda being ordered to pay a business owner $15,000 after accidentally recording a $7,000 debt on the wrong file.
As tax debt to the Australian Taxation Office climbs to $20 billion, new measures are coming into play where the taxation department will now disclose small business tax debt information to credit reporting agencies.
