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A creditor is someone – an individual or a business – owed money for goods delivered, or labour performed, or loans extended. Creditors are entitled to collect on money that are due them. Debtors are also obligated to pay what they owe. But, to be effective in collecting on debt, creditors need to remember the
In 2015, the Australian Taxation Office (ATO) pledged tougher tax collection. The tax office estimated $20 billion in tax debts and it was running low on cash. One of the actions proposed by the ATO was lowering the benchmark for legal action to $93,000 from $340,000. Slater Byrne Recoveries warned that ATO’s actions could hamper
Debt recovery is a multi-stage process that involves subtle to more forceful actions. A letter of demand is an act of last resort in the debt recovery process. It becomes necessary when your repeated attempts to recover unpaid debts have failed. You use a letter of demand only when you have exhausted all steps in
Debt recovery efforts will be improved significantly following announcement by Australia’s Finance Minister Mathias Cormann last week that the federal government will now be using e-invoice and begin paying businesses late payment interest. The new rules are set to take effect on 1 January 2020 starting with the Department of Finance and Services, with the
Cash is important to a business of any size. Businesses need to collect whatever money is owed to them to maintain positive cash flow and continue to operate. If you are a small to medium business, you have three options to recover unpaid debts: Use your in-house invoice and payment reminder system, Hire a debt
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