Improving Debt Collection in the Construction Industry With BIF Act 2017

Improving Debt Collection in the Construction Industry With New Law

Debt collection in the construction industry is fraught with problems due to delayed payment terms. The extended payments, which, unfortunately, have become industry practice, negatively impacts the cash flow of players in the industry. To address this, Queensland passed the Building and Construction Industry Payments Act (BCIPA) in 2004. Late 2017, the Parliament amended the BCIPA …

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ATO Extends Small Business Tax Audit Independent Review to End of 2020

ATO Extends Small Business Tax Audit Independent Review to End of 2020

Taxes are the so-called lifeblood of the government. The government needs to collect taxes to continue to provide the services that they are obliged to give to their constituents. Taxes then are necessary business expenses. In most jurisdictions in the world, taxes are overhead expenses that must be paid otherwise the business cannot operate. The …

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Keeping Cash Flow Constant Amidst the COVID-19 Crisis

How to Keep Cash Flow Constant Amidst the COVID-19 Crisis

How do you keep cash flow constant amidst the COVID-19 crisis? The effect of the COVID-19 crisis on cash flow cannot be underestimated. Disruptions in operations, labour, and supply chain negatively impacted businesses, leading them to cashflow crunch. We cannot overemphasize that cashflow is the lifeblood of business. Without it, businesses cannot survive. It has been …

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High Court Holds Ex-CEO Responsible for MFS Financial Collapse

High Court Holds Ex-CEO Responsible for MFS Financial Collapse

The High Court of Australia ruled that Michael Christodoulou King, former CEO and executive director of MFS Ltd was an “officer” of MFS Investment Management Pty Ltd (MFSIM) and that he was responsible for the acts of the subsidiaries, including the MFS financial collapse that resulted to billions of investor losses. Background Mr King and …

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