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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
Are your commercial loans up to economic challenges?
. 5 min read
With construction activity contracting and a global recession probable, assess the effectiveness of commercial loans and seek better solutions at cheaper rates. The Australian economy was the standout on the global stage with its remarkable bounce back and recovery following the peak of the pandemic. But it didn’t take long for inflation to start rising and rising and rising and the RBA to step in and hike interest rates and the outlook to deteriorate, especially globally. The Governor of the RBA, Philip Lowe has been commentating for several months on the uncertainty surrounding the global economy. This can be seen in daily finance news headlines with what is happening in the UK and the USA and as a result of the ongoing war on Ukraine. Domestically, Treasurer Chalmers says the chances of a recession on a global basis is now probable, but he does remain optimistic for Australia. Supply chains continue to disrupt many industries along with ongoing labour shortages.... Read More
Field Day Success Puts Spotlight on Farm Machinery Finance
. 5 min read
Farmers seeking cheaper farm machinery finance for equipment exhibited at recent field days are welcome to seek quotes from Business Finance Australia. The return of these great industry events after a 2 year break due to COVID, has reportedly seen a huge interest in machinery and equipment sales. The Henty Machinery Field Day (HMFD) held in September reported massive attendances and outstanding results for exhibitors. Case in particular is reported as recording good sales over the three days of the event. While many operators use these events to place orders for new machinery, others choose to weigh up the features and benefits of different models and arrange finance after the event. Then proceed to make the purchase. For potential buyers in the process of making those post-field day buying decisions, sourcing the cheapest interest rate finance could be key to realising the optimum benefits in profitability, output and productivity from the new machines. Showcase: Award-winning Machinery Buyers may be considering... Read More
The RBA announced another rise for interest rates at its October meeting which may have impacts for business finance and motivate businesses to act on acquisitions. The signs were there that the Reserve Bank Board would call for another cash rate rise in October, but the commentary has been increasing for the central bank to commence easing up on rate hikes. Governor Philip Lowe in the accompanying monthly statement acknowledged that rates had been increased substantially in a short time period. This was noted as being a factor which the Board reflected on in making the latest decision. That decision was to increase the official cash rate from 2.35% by a further 0.25% to 2.6%. This follows on from four monthly rises of 0.5% and the 0.25% increase in May. Placing the cash rate at the highest it has been in 9 years. While the October rise was less than the 50 basis points that some expected, there are strong... Read More
Cab chassis ute or light duty truck? Pros, Cons and Vehicle Finance Considerations
. 5 min read
Business Finance provides cost effective, cheaper interest rate vehicle finance for both work vehicles such as utes and cab chassis models as well as trucks. So we can handle requests and comparison quotes for businesses that are considering making the move from the ute as the main vehicle to a light duty truck as the business workhorse. While many operators will be welded onto the idea of a classic ute, others may be open to considering whether another option may deliver cost-savings, productivity gains and other benefits to the business. With costs in general on the way up, any wins in improved productivity can be welcome. Any differences in the vehicle finance will also be a top-of-mind consideration. The RBA has hiked rates over several months and most operators will be well aware of the significance of interest rates to the overall cost of finance and the monthly loan payments. So any move to a small truck from a cab... Read More
