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, …
Back to Basics: Do’s and Don’ts of Creditors Read More »
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 …
Small Businesses to Have Greater Access to Compensation from ATO Read More »
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 …
How to Create Effective Demand Letter to Collect on Past Due Invoices Read More »
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 …
E-Invoicing, Shortened Payment Time and Better Debt Recovery Efforts Read More »
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 …
How to Recover Unpaid Debts? From Demand Letter to Legal Action Read More »
