With companies increasingly defaulting on payments, going into administration and getting wound up by the ATO, small to medium businesses are more vulnerable than ever to bad debtors. To safeguard their bottom line against slow and non-payers, it is necessary for businesses to perform due diligence on their customers and otherwise maintain an effective credit management system. Our […]
Much has been said about the benefits SMEs will see from new draft legislation recently proposed by the Federal Minister for Revenue and Financial Services authorising the Australian Taxation Office to disclose business tax debts to credit reporting bureaus. While the stated aim is to “help the SME sector”, in reality SMEs will be largely […]
The Australian Taxation Office (ATO) will be empowered to report a business’s overdue tax debts to credit reporting bureaus under draft legislation released by Minister for Revenue and Financial Services, Kelly O’Dwyer. The legislation, which – together with explanatory material – is now available for public comment, will require a business to “effectively engage” with […]
Millennial-centric fintech lender MoneyMe has hit some impressive milestones in 2017. In addition to reaching $150 million in loans funded, the North Sydney startup received a $120 million capital injection and debuted on the coveted Fintech100 list, placing it amongst the world’s most innovative fintech companies. Despite reaching lofty heights, co-founder and CEO Clayton Howes […]
SMEs are far more punctual in paying invoices issued by corporates than those issues by other SMEs, a leading commercial credit reporting bureau has revealed. The latest quarterly risk review of CreditorWatch – an analysis of payment data sourced from over 40,000 active customers – shows SMES take, on average, nearly two weeks longer to […]
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