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Statutory Demands in Australia – When and How to Issue

A Statutory Demand is one of the most effective and efficient ways to recover a bad debt; however, not many utilize it or understand how and when to use it. At Slater Byrne Recoveries, we try to make the Statutory Demand process simple for our...
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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...
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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...
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Obtaining ACN and ABN to Improve Your Debt Recovery Efforts

What is an ACN or ABN number? Doing business needs simple due diligence, including obtaining ACN or ABN from your clients. Imagine dealing with a company for several years. You noticed that in recent months this company has increasingly delayed its payments. Until the company...
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Garnishee Orders in NSW and QLD: What You Need to Know

In a previous blog post, we discussed what garnishee orders are and how creditors can use them to recover a debt. Here, we will be looking at how garnishee orders are obtained and processed in the states of New South Wales and Queensland. The processes are...
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Garnishee Order: How It Works and Why You Should Issue One

Understanding Garnishee Orders If you have exhausted all other debt collection options but have not yielded any results, then obtaining a garnishee order might be best solution for you. Read on to learn more about how a garnishee order works, what benefits it offers, and how you...
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The Financial Health Checklist Every Small Business Owner Needs

Regularly evaluating the financial health of your company is one of the best business practices you can implement. This process not only allows you to determine whether your account books are in good order, but also helps keep you on track and allows you to...
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Court Ruling on CGT Concession Affects Small Businesses
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Court Ruling on CGT Concession Affects Small Businesses

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 business. When the owner sold the property, he claimed CGT concessions. His reason was that he used the property for his business.  What is this CGT concession?  In 2018, the Australian government passed a law giving small businesses enterprise (SME) four types of concessions for gains. The gains, however, have...
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