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Act now to beat deadline for temporary full expensing
. 5 min read
The availability of temporary full expensing expires on 30 June 2023 and businesses are encouraged place vehicle and machinery orders now to avoid missing out. Six months ahead may seem a long way off for many businesses to address a deadline. But there is a compelling case for prompt attention to this particular issue, which we will outline along with how we can assist with suitable finance. We did provide a brief mention of this in a recent article when updating on a number of looming deadlines for business owners to note. But the benefits available through tax deductions and potentially refunds on tax already paid are so significant, temporary full expensing is worth a more urgent reminder. Reasons to Act Now There are a number of reasons why we consider that businesses should seriously consider temporary full expensing for their operation and take actions now, 6 months ahead of the expiry date. For starters, we’re entering the silly season... Read More
Address the threat of data breaches with affordable IT equipment finance
. 5 min read
Businesses concerned about the threat of data breaches can access affordable IT equipment finance to upgrade and strengthen security and computer-based systems. The risks posed by the threat of cybercrime, data breaches and hackers is very real as has been recently highlighted by several high profile incidents. Businesses that are subject to these attacks can face serious outcomes and their customers devastating consequences. The Australian Cyber Security Centre provides information and resources that may assist many people to take steps to prevent becoming a victim to these events. While the perpetrators of these crimes are clearly highly sophisticated in their methods, businesses may take own measures to do what they can to strengthen their systems with the latest equipment. This can be a necessary but costly process for many operators and instances, but an investment which may be facilitated with our affordable finance options. Businesses utilise computer-based systems for a wide range of processes and procedures within the operation. So... Read More
Update on Commercial Loans: news on deadlines, alerts & support
. 5 min read
Important reminder for business owners on tax measure and Director ID deadlines, support for flood and storm victims and commercial loans interest rates updates. While there are many issues for business operators to contend with at the moment – the tight jobs situation, rising prices, continued supply chain disruptions and floods and storms, there are also deadlines for important business matters to be noted and adhered to, some with a sense of urgency. Urgent Action Required - Director ID If you are a director of a company and you haven’t yet acquired your Director ID number, then take note. The deadline to have this unique number as per the ASIC regulation is 30 November 2022. The ruling was announced a few years ago but it appears that many directors have been unaware of the requirement. The requirement is that anyone who is a company director must get their own individual number as a form of verifying identity with federal government... Read More
Surprise unemployment fall points to more interest rates rises a certainty
. 6 min read
A fall in unemployment in the latest ABS report raises the chances of more interest rates rises and highlights importance of cheaper rates for commercial loans. The Australian Bureau of Statistics (ABS) published the latest Job Figures last week and in a surprise to many, the unemployment rate in Australia dropped again. This time by 1% to 3.4%. The fall is being interpreted in some comments as the economy continuing to show strength and with inflation still rising, seen as further backing for another rate rise by the RBA when the Board next meets on 6 December. There may have been a glimmer of hope that the RBA would ease up on by how much it would increase the cash rate in the coming period. In remarks in an address at a business dinner following the November rate decision, Governor Lowe said that the Board had discussed the effects on households of rising prices and rising rates. There was mention... Read More
Business Finance: tax benefit reminders, Director ID, interest rates update & details for flood victims
. 5 min read
2022 has been full of challenges for business in general with inflationary pressures, tightness in the labour market, interest rates rising and for many, dealing with the impacts of devastating floods. While dealing with those many challenges it can be understandable that many other issues may be put on the back burner or overlooked. This general business finance article updates on deadlines for Director IDs and a key tax benefit, latest on interest rates and details for those impacted by recent floods. Director Identification Number Deadline Looms We recently posted a detailed article on Director Identification Numbers but with the deadline a week away, it’s worth another reminder as the penalties for those that do not comply can be sever. This ASIC regulation requires all directors of companies (there are some exclusions) to have an individual and unique identification number. Existing directors of companies must have their Director ID by the deadline of 30 November 2022. The process is a... Read More
The ABS announced Australia’s inflation rate has reached 7.3% and this highest level since 1990 may raise concerns over interest rates for commercial loans. Concerns which are well-founded as the Reserve Bank of Australia (RBA) implements rate rises to address Australia’s soaring inflation. The release of the September Quarter CPI figures came a day after Treasurer Jim Chalmers handed down the October Budget and less than a week before the RBA Board is due to deliver its November cash rate decision. With a large amount of data and economic information for business owners to absorb and process in relevance to their own operation, we provide a summary of the ABS announcement. Information including which sectors are contributing most to rising inflation and the possible outcomes for interest rates. ABS CPI – September The Australian Bureau of Statistics published the CPI – inflation statistics, for the quarter ending 30 September on 26 October. The announcement reveals a 1.8% increase for the... Read More
The Federal Budget delivers little in direct relief for business costs and energy price increases but may offer operators in some sectors with opportunities. The October Budget or more precisely the mini-budget was delivered by Federal Treasurer Jim Chalmers on October 25th and has been widely assessed as having essentially no direct relief for businesses or consumers in regard to spiraling costs. In the lead-up, the Treasurer said it would be a ‘bread-and-butter’ budget and present a responsible approach to costs of living. Individuals can decide if they consider that is the case with the measures and policies included. As this is the first Albanese Government budget post-election, it delivered on some promises made during the election campaign but in the opinion of many, failed to deliver on directly reducing energy bills. The Treasurer did say this budget was a first stage as the Government was taking a longer view of resetting the national accounts, especially dealing with deficit. To... Read More
With the RBA Board set to meet on 1 November, a number of data sets and other economic indicators have been released which may have an impact on interest rates. These are events and data which may be used by the RBA to guide cash rate decisions. The figures and trends may also influence the individual outlook and forecasts by lenders in setting their own interest rates on a range of business loans and finance. Staying across the economic indicators and statistic as released by the Australian Bureau of Statistics (ABS) can be utilised by business owners, operators and decision-makers to establish asset acquisition strategies and make other business plans. The ABS releases data covering general economic indicators such as inflation and employment as well as industry-specific data. All valuable intel for astute business operators. Employment Figures Released The rate of unemployment has been falling over recent months and the latest figures reported by the ABS reveal the rate has... Read More
Flood support for business in the current crisis may be available through government relief and through finance options to replace equipment and other purposes. The current flood crisis is impacting many operators in Tasmania, New South Wales and Victoria and both Queensland and South Australia may also be affected in coming weeks. The Bureau of Meteorology and authorities have warned that more heavy rain and severe weather conditions are in the forecast. We are acutely aware that many producers have lost crops which were ready for a bumper harvest, operators have lost equipment and machinery and many business owners have lost livelihoods or have had serious disruptions to businesses. Immediate relief may be sought through relevant state schemes and through the Federal Government packages. For many operators, the need will be to replace equipment which is currently under finance and/or to source finance and loans to acquire ag supplies and provide general financial support moving forward. Actions need to be... Read More
Celebrate Volvo Trucks 50th with Cheap Truck Finance on a New Model
. 5 min read
As Volvo Trucks marks 50 years in Australia, cheap truck finance is available through Business Finance Australia on new models including the all-electric range. Starting its truck-building operations back in 1972 in Australia, Volvo Trucks has produced more than 70,000 vehicles badged with the proud Volvo and Mack brands since then. Most recently Volvo has posted impressive sales figures with a nearly 38% sales uptick in the September truck sales data. The result placed the brand in second position in the heavy duty sector. With so many operators already selecting a Volvo as their workhorse of choice, it could be timely to take a closer look at the models currently available and the truck finance options available to make that purchase. 50 Year Celebrations The five decade milestone was commemorated by the company at an event which handed several trucks to significant customers. Representatives from the company’s local and international business operations were on hand to make the presentation. Per... Read More
