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Late Payments, Cash Crunch Surge as Businesses Suffer Impact of COVID-19

Late Payments, Cash Crunch Surge as Businesses Suffer Impact of COVID-19

Late payments surged to an average of 49 days in June, according to CreditorWatch’s latest data. In comparison, debtors paid within 11 days for the same month last year. This is not surprising as COVID-19 has reportedly affected 70% of Australian small, medium, and large businesses. The increase in late payments suggests several things. This …

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Keeping Cash Flow Constant Amidst the COVID-19 Crisis

Keeping Cash Flow Constant Amidst the COVID-19 Crisis

The effect of the COVID-19 crisis on cash flow cannot be underestimated. Disruptions in operations, labour, and supply chain negatively impacted businesses, leading them to cashflow crunch. We cannot overemphasize that cashflow is the lifeblood of business. Without it, businesses cannot survive.  It has been more than three months since the …

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Improving Debt Collection in the Construction Industry With BIF Act 2017

Improving Debt Collection in the Construction Industry With BIF Act 2017

Debt collection in the construction industry is full of problems because of delayed payment terms. In turn, extended payments negatively affected the cash flow of players in the industry. For those involved in the construction industry, receiving payment on time can be described as difficult at best. Often, invoices are …

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Labour-Hire Loses in Case Over Casual Work Leave Entitlements

Labour-Hire Loses in Case Over Casual Work Leave Entitlements

“Casual work” may be redefined after a Federal Court junked a labour-hire company’s “pre-pay” argument in a case involving a casual worker. Business groups and workplace lawyers are anticipating that this ruling — or what will happen after — will have a huge impact on businesses given there are more …

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ATO’s Small Business Independent Review of Tax Audit Extended to End of Year

ATO’s Small Business Independent Review of Tax Audit Extended to End of Year

Taxes are the so-called lifeblood of the government. The government needs to collect taxes to continue to provide the services that they are obliged to give to their constituents. Taxes then are necessary business expenses. In most jurisdictions in the world, taxes are overhead expenses that must be paid otherwise …

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