A payment transparency law will be rolled out in January. The Australian government has acknowledged that extended payment time causes poor cash flow especially for small businesses. In the earthmoving industry, for example, companies have difficulty chasing bad debts because extended payment terms. In fact, payments get delayed up 90 days when industry-standard is
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Family businesses account for 70% of all businesses in Australia. Family businesses also employ around half of the country’s workforce. In a way, family enterprises are one of those who carry the weight of the Australian economy. One of the strengths of a family business is the preservation of wealth
Unforeseen circumstances often lead to unforeseen business losses. When faced with significant drop in revenues and profits, a company’s often first instinct is to lay off workers to cut costs. Businesses should weigh this decision carefully because, while firing employees can indeed cut business costs, it can also lead to
A federal court in Australia recently issued a ruling that would affect how small businesses can avail of the new capital gains tax or CGT concession. The business owner used an adjacent property as a shed to house tools and equipment. The business owner uses the tools and equipment in his bricklaying
Obtaining financing from banks is one of the most common ways a company can extend its cash and expand its business. Banks extend the company’s lifeline. Not only that, banks also serve as unpaid financial advisors whose advice may become most valuable during tough times. It is not unusual for