Businesses tendering for Government contracts to face tax office health checks
From July 1 businesses competing for Federal Government contracts will need to have a clean bill of health from the Tax Office, including 4 years of records. The policy was a recommendation from the black economy taskforce, which found poor supply chain practices could result in tax avoidance and that governments had a role in preventing […]
‘Excessive’ ATO debt recovery measures a threat to business solvency
The controversial debt recovery tactics employed by the Australian Tax Office (ATO) have been called in to question by the Australian Small Business and Family Enterprise Ombudsman Kate Carnell. A recent review by the Auditor General found that Australia’s 3.8 million small businesses currently owe nearly two thirds of collectable tax debt. While the ATO’s […]
Six things you should know about invoice finance
In the wake of the Royal Commission recommendations, many brokers are now looking at expanding their business finance offering as a way of ensuring future growth. Additionally, tightening lending conditions means that invoice finance is becoming increasingly utilised by SME businesses who can’t get what they need from traditional lenders. But as with any product, […]
Working with an ATO tax debt
ATO debt can be one of the biggest barriers to securing cashflow finance for small business. If this is an issue facing you as a business owner, you are not alone – last year the ATO released figures showing that Australian Small Businesses owe in excess of $12 billion in tax debt. However, the debt does not always […]
