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Small Businesses to Have Greater Access to Compensation from ATO

Small Businesses to Have Greater Access to Compensation from ATO

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 …

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How to Create Effective Demand Letter to Collect on Past Due Invoices

How to Create Effective Demand Letter to Collect on Past Due Invoices

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 …

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E-Invoicing, Shortened Payment Time and Better Debt Recovery Efforts

E-Invoicing, Shortened Payment Time and Better Debt Recovery Efforts

Debt recovery efforts will be improved significantly following announcement that the Australian federal government will now be using e-invoice. The federal government will also and begin paying businesses late payment interest. The new rules are set to take effect on 1 January 2020. The rules will first apply to the …

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How to Recover Unpaid Debts? From Demand Letter to Legal Action

How to Recover Unpaid Debts? From Demand Letter to Legal Action

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 …

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