Category: Tax Debt Loans & Relief

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Debt Help – Unemployed Survival Guide

Debt Help - Unemployed Survival Guide
Debt Help - Unemployed Survival Guide

With the advent of a global pandemic sending Australia into lockdown mode, many businesses have suffered immensely. Social isolating is now the norm and businesses that were once thriving have been forced to close. This is a situation that no-one could have predicted and has left a lot of people searching for debt help.

Here is your unemployed survival guide.

I Lost My Job, Now What?

If you have found yourself without a job during this COVID-19 pandemic, you are certainly not alone.

With restrictions placed on restaurants, pubs, gyms, cafes and many other businesses taking a huge hit, they have been forced to lay off their employees. Australia’s unemployment rate rose to 5.2% in March. With Employment Minister Michaelia Cash stating that Treasury modelling shows it will spike in June at around 10%.

On top of this, figures from ANZ showed total job ads plunged 53.1 per cent in April, compared to a 10 per cent drop in March.

While the most logical solution is to go on the hunt for a new job, with fewer jobs available and more people looking for work than ever, this just isn’t an option for many. This has left many families looking for debt help. If you find yourself in this position, here are some steps you can take.

Look For Your Entitlements

The Australian Government has stepped up to help those who have lost their jobs during this time, so it is worthwhile looking at what you might be entitled to. Here are some you can look into:

The Jobseeker payment is available to those who were stood down or let go, including sole traders, self-employed, casual workers and contract workers. You have to meet the following requirements:

  • Between 22 years old and Age Pension age.
  • Income is under the test limits.
  • You meet residence rules.
  • You meet their Government’s definition of unemployed and are looking for work.
  • You’re sick or injured and are unable to do your usual work or study for a short time.

If you meet these requirements, you are entitled to anything from $565.70 to $790.10 a fortnight. Your partner’s income could also affect what you are entitled to.

Coronavirus Supplement payment: if you are eligible for the Jobseeker payment or other Human Services payments (such as Parenting Payment and others), then you will be eligible for this one too. It is a new support payment of $550 per fortnight, once again, dependant on how much you or your partner earn.

Economic Support payments: this is a one-off $750 payment for those who already receive a range of government benefits.

The idea of all these benefits is to give people debt help while we social distance and stay home to help slow the spread of COVID-19. Of course, for some people, these payments aren’t enough.

Get Debt Help

If these payments aren’t enough to help you with the cost of living and you are finding yourself in debt during this crisis, then it is time to get debt help.

Speak with lenders

The first thing to do is to speak with your lender and ask if they can offer any help. Many businesses are stepping up to support fellow Australians during this time and offering interest-free periods to stop your debt from increasing while you struggle to pay it off. You may even be able to pause or defer certain repayments. Many banks are offering relief from credit card repayments.

Look at your service providers

It is also worth calling around your service providers and seeing if they can offer any assistance. Look at cheaper options or whether accounts can be paused or suspended for the time being.

Sort your debts

If you are juggling a number of different debts, try and prioritise them and work out which one needs to be paid off first. It generally makes sense to pay off the one with the highest interest rate first and work that way. Debt Consolidation could be a good option for you. This is where all of your debts are combined into one, easy to manage payment with a lower, fixed interest rate.

Payday loans:

It may also be worth considering a payday loan to help make ends meet while all this is going on. They are short-term loans with no restrictions on what they can be used for. They do come with high fees attached to them, so it is worth weighing up whether they are right for you.

Get Debt Help Fast

If you are up to your knees in debt and don’t know how to move forward, it is time to speak to a professional and get some debt help. The experts at Australian Lending Centre will talk you through your options and give you the help you need to get back on your feet and see you through this global crisis.

Remember, these are unprecedented times that no-one could predict. If you need debt help, just know you aren’t alone.

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Debt Management Financial Fitness Tax Debt Loans & Relief

Debt Reduction: How to Stop Spending Impulsively

debt reduction strategies include budgeting||personal loans||debt management

Debt can be annoying and stressful. Trying to enjoy life whilst juggling a whole lot of debt, can however become overwhelming. Now throw in nasty shopping addiction and your plans to get out of debt can seem practically impossible. So how do you avoid overspending whilst reducing your debt? Is it even possible?

Introducing debt reduction tips

Debt reduction is all about making mental and lifestyle changes which can affect your spending habits. For some people, this may be kicking an addiction, and for others, it may simply involve setting a budget. Regardless of your personal situation, our debt reduction tips are here to help you stay on top of your messy finances.

Don’t buy things unless you need them

Have you walked past that designer clothes store to notice a fashionable pair of sneakers? You tell yourself ‘no, no I don’t need them’. Ten minutes later you find yourself sitting down trying them on. Five minutes later you’re in $500 debt to overpay.  People who are in debt tend to purchase everything they want, regardless of whether they can actually afford it or not. This craze is very common and it is otherwise known as impulse buying.

The trick to battling impulse buying is to stop and wait. Give yourself some time to decide whether you really need it or not. The best trick to dealing with impulse buying is to question your purchase decision. Ask yourself the following questions.

  • Do I really need this?
  • Do I already have a similar item?
  • What will I use it for?
  • How much is this going to set me back?
  • Can I actually afford it?
  • What can I do with the money if I don’t buy it?

You will quickly find that when you give yourself time to stop and reflect upon your purchase decision, you will realise that it is not a need. If however, it is a matter of necessity, consider if it is the best option available.

Think of loss as an opportunity

Before you make that big-ticket purchase, consider one thing. The loss of a certain thing you didn’t need but you really wanted is an opportunity. What we mean by this is that whilst you lose out on not buying that designer pair of shoes, you have gained the opportunity to pay off your debts sooner. At the same time, you have gained the opportunity to reduce your debt. Remember, debt reduction should be your ultimate goal. The sooner you remove unwanted debt, the quicker you can get on with your life.

When you’ve settled that, you’ll think twice before paying for trinkets. It will automatically become your instinct. As a consequence, you’ll be less impulsive.

Make a monthly budget

“This month, I’ll spend x dollars on food and expenses.” If we could suggest one main debt reduction strategy, it would be budgeting. A budget is the best way to reduce your debt and develop positive long term money habits. Luckily, there are many online calculators that can help you to evaluate your debt and set an appropriate budget.

Now, by all means, we don’t want you to starve yourself, but the goal of budgeting is to plan out your finances. Assess how much money is coming in and how much is going out. From here you can determine your saving capabilities(if any) and how long it will take to pay off your debt. To do so, you must refrain from overspending. Budgeting requires strict mental discipline.

If you don’t have many places to cut from, then consider additional income. This may include side jobs such as becoming a ridesharing driver or using your skills on upwork. This will help you reduce your debt quicker.

Don’t shop without a list

When you go shopping without a clear knowledge of what you need, you’ll always end up buying the stuff you didn’t even think about in the first place. Write everything down. Assess what you need before you go to the shop down the street. It will make it easier to stick to the basics. All the debt reduction tips you’ll ever find will include this one.

Avoid online shopping

More often than not, the prices you see on the Internet for the same products that you can find in any store are considerably lower. Because of this, you start adding stuff to your cart thinking “Boy, I’m so lucky!” Unfortunately, you’re not. You’re going to spend even more than you would’ve spent at the store. Everything’s so cheap that you just got to have all of it. If your debt is therefore out of control and is a result of online shopping, stay right away.

Don’t be pressured by the end of year promotions, or the large red banner that says “Sale, 50% off everything”. This will send you down a path of uncontrollable debt. The last thing that you want is a bad credit score which can arise from failing to meet your debt obligations.

Conclusion:

Debt is painful. It’s hard to splurge on big-ticket items. Unfortunately, you are in a situation that requires lifestyle changes. Debt reduction will only benefit you in the long run. For this reason, you must avoid overspending at all costs. You’ll push the deadline further away and, at the same time, you’ll amass more penalties. Implement these simple debt management tips, and your debt will dissolve faster. If you continue buying impulsively, you’ll only hurt yourself and your family.

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Business Loans Business Consolidation Loans Self Employed Short Term Loans Tax Debt Loans & Relief

How to Deal With Rapid Business Growth

small business owner dealing with rapid business growth

When your dreams come true, and your business is not only up and running, but thriving and growing, it is truly a joyous feeling. Although you may want to take some time to bask in the light of your successful accomplishments, rapid business growth is actually a time for you to take a step back, to regroup, and to refocus.

As counterintuitive as it may seem, business success and growth is optimal for analysis, because if you don’t address the success and growth, you run the risk of false complacency and mindless routine, both of which can quickly derail expansion and progress.

Therefore, after that well-deserved pat on the back, sit down and try to understand why your business is so successful. It may be a strange directive, but by acknowledging what you do well, you can also understand what needs improvement. Your business strengths can be honed even more or expanded to different areas of the company.

Rapid Business Growth Means Big Changes

By going through receipts, invoices, payslips, bills, product assessment and/or services provided, you will be able to ascertain if you are good at budgeting, finances, predicting trends or even data entry. All of these facets constitute a business, and if you can identify the positive factors, then you can see the negative ones as well. It is possible to turn the negatives into positives.

Another source of feedback is customers:

  • Why are your customers so happy?
  • Why are they coming to your business rather than your competitor down the street?

Talking to customers individually or corresponding by email will help you see their perspective and will encourage customer loyalty. Without customers, there won’t be a business, so treat them well and listen to their comments, no matter how insignificant.

It also helps to have a business mentor. Depending upon how your business is funded, you might have private or angel investors who can bring a great deal of sound advice and experience to the proverbial table. See them not only as a cash resource but also as a font of knowledge.

  • How do they handle rapid business growth?
  • What are their suggestions?
  • How can they be of service to you during these exciting times?

Ask Your Closest Allies

Since we are focusing on the people who surround you, also turn your attention to your team. They can offer unique ideas and different perspectives as to the success of the company. By assessing their skills and their compatibility, you will be able to see if your team is a well-oiled machine that works together. This may be a reason for your success or it could use some more grease.

If you conclude that your team can handle the business growth, and continue to do so in the future, then this is definitely fortunate. However, don’t be afraid to add new talent to the team. Take a risk and hire people with more experience or more education, since they can bring entirely new working methods and ideas to the company.

Rapid business growth may spur you to hire new people, as mentioned above

However, before doing so, you might want to see if your team can do the work or to assign different chores to a range of staff. By shifting and sharing responsibilities among employees (and yourself), you create a different dynamic that might benefit you even more. The team could run more efficiently or people might discover hidden talents.

Adding More Employees May Help

If you still feel the need to hire new people, to keep costs low initially, you might contemplate using a temp service. In this way, you can see what roles need to be filled and how the group environment changes. After a certain amount of time, you will better understand your employment options, and you can always transition a temp to full time.

Freelance workers are an additional source of labor. By outsourcing data entry, accounts, or marketing, you can alleviate some of the work burden on staff, while again, keeping costs low, while you analyze your business.

Adapting to new trends and technology is key. As you well know, everything in the virtual digital world is constantly updating, becoming faster and better. Computers, programs, devices, and even wifi service are forever changing and while some of it may be blatant marketing, some products are worth researching.

Don’t Get Left Behind

Why be left in the dust due to a stubborn attachment to an old program or an antiquated banking system? Don’t be afraid to try new things that might actually make your business run smoother and ease your own stress levels.

Even though you must be doing something correct to achieve rapid business growth, studying emerging trends and adapting to them is an important strategy. Adjusting your business model and testing multiple ideas is a means of keeping your company fresh and innovative.

Businesses are often in constant flux, and flexibility regarding that constant flux is a very significant way to manage your rapid business growth.

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Business Loans Bad Credit Loans Business Consolidation Loans Self Employed Short Term Business Loans Tax Debt Loans & Relief

Business Loan Despite Bankruptcy

business loan despite bankruptcy

Bankruptcy is a highly dreaded word in the realm of financing and getting a business loan despite bankruptcy is a bit difficult. Even though it is dreaded, many people end up in a situation in which filing for bankruptcy is the only solution they have. Nonetheless, considering that you’ve done that in the past, a looming question is can I apply for business loans regardless of that? As you might expect, the answer to this question isn’t a fixed one – there are many factors that should be considered, which we’ll outline in the present article.

Bankruptcy Can Be a Fresh Start

Irrespective of the negative connotations associated with bankruptcy, you should note that this isn’t the end of the road – or at least it shouldn’t be this way. Even though it isn’t an easy thing to do, the most challenging process follows after filing for bankruptcy. This refers to aiming at rebuilding your finances and credit.

Generally speaking, a bankruptcy statement will remain on your credit for a few years’ time. Therefore, if you apply for business loans afterward, your capability of getting financing won’t be affected in any way. On the other side, if the bankruptcy statement still is still present on your credit report, which will, inevitably, impair your creditworthiness and reliability as a borrower.

Can I Apply for a business loan despite bankruptcy?

Yes. But bear in mind that your options will be limited. Generally speaking, the longer you wait after you have filed for bankruptcy, the more likely you are to get convenient loan terms and interest rates. At the same time, there are some lenders that are more open to working with you, as opposed to traditional banks whose lending criteria are rather stringent.

Nevertheless, the downside is that the interest rates and additional fees will be significantly higher than they normally should. Therefore, before you apply for business loans, make sure that you can afford to make repayments. If you can’t, this will imminently worsen your financial situation. Evidently, applying for a loan when you’re struggling financially is a decision that requires a lot of consideration and in-depth thought.

The Differences Between Personal and Business Bankruptcy

Considering that you own a business which has established credit, you might have the option of applying for business loans. In this scenario, your firm’s credit rating will be taken into account. In other words, your personal bankruptcy file won’t affect your ability to get business loans in any way.

Your personal credit score is a major constituent for most lenders. That is to say, your credit rating and personal finances are of major significance, even though this is to your disadvantage. Hence, depending on the state of your finances, you might be unable to get financing. Or, your only option could be getting business loans with unfavourable terms and interest rates.

What Steps Can You Take?

Separate Business and Personal Finances

Before anything else, you should strive to distinguish between your personal and business finances. The thing is that, if your business is new, this might not be a possibility. But, if you’re an established business owner, you should definitely separate your personal finances from your firm’s finances. Otherwise, you are inevitably taking unnecessary risks.

Apply for Secured Business Loans

If you really need a form of financing, your only option could be using your valuable assets as collateral for new loans. By adding collateral, you are instantly minimising the lender’s risk when they borrow you the money. This could increase the likelihood of having your application approved.

Be Patient

If you need a business loan despite bankruptcy, avoid requesting a $500,000 loan immediately afterwards. On the contrary, take up smaller amounts of money instead, and focus on making the repayments – this will allow you to rebuild your credit and prove that you’re trying to get back on your feet.

Explain The Circumstances of Your Bankruptcy

Talking openly about the circumstances that led to your current financial situation can be helpful when you apply for a business loan despite bankruptcy. There are situations in which unexpected circumstances can cause unwanted complications. We’re referring to health problems, divorces, or natural disasters – these could seriously mess up your financial life without any fault of your own. Therefore, by being upfront and transparent, you can increase your chances of getting financing for your business.

At the end of the day, it is mandatory to comprehend that each lender has different criteria that ought to be taken into account. Do your research beforehand, so that you don’t end up sending numerous applications all around without any results. Australian Lending Centre can help you – make sure you visit our website to find out more about our loan offers.

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Bad Credit Loans Business Loans Short Term Business Loans Short Term Loans Tax Debt Loans & Relief

Loans from Private Lenders With Bad Credit

Loans from Private Lenders With Bad Credit
Loans from Private Lenders With Bad Credit

Just a couple of years ago, having a bad credit score was an end-of-times scenario, although now you can get loans from private lenders. It simply meant that the unfortunate owner of said credit was unable to get another loan for years or for the rest of their life. Luckily, we’re past that now. The evolution of banking and lending has enabled a new wave of borrowing.

If you’ve ever had a low credit rating, applying for a loan with a private lender was most probably the first solution to get you out of your predicament that you thought of. If you’re reading this because you’re aiming for a loan, but your credit score leaves a great deal to be desired, we’ll teach you how to get the money you need.

Private Lenders & Bad Credit Loans 

Shop Around for loans from private lenders

You should not settle for the first lender you find during your search because you will be missing out on more advantageous offers for sure. Compare a few offers and dissect them. If you can’t do this on your own, we recommend you hire a financial advisor that specialises in Loans for People with Bad Credit.

Make Your Case 

Even if private lenders give people with bad credit a chance, they’ll have to know what happened. Also, people who tend to put the blame on their banks but seem to be completely oblivious that it’s their fault will make private lenders a lot more reluctant to help them out. Unlike a bank, a lender won’t show you the door as fast as he sees your credit score. Plus, he’ll listen to your story. Perhaps you had a medical emergency and you couldn’t keep up with the monthly payments and your credit score dropped – in this case, a private lender will know that you’re not a bad payer.

Consider a P2P Platform 

P2P stands for “Peer-2-Peer”. This is basically a way of lending that pairs up people and private lenders. Let’s assume that your credit score is in a certain figure and your financial needs, too, are in a certain amount. When you go to a P2P platform (a fancier term for a P2P website, really), the professionals there will consult the lenders they collaborate with and will get back to you with the best deal, i.e. the one that’s in line with your requirements.

Opt for Secured loans from private lenders 

As risky as it is, you should be willing to take this step. The thing is, you can definitely get a loan with bad credit, but the lender won’t be very keen on giving you a low interest rate.

A secured loan is attached to assets, such as your house or car. If you fail to pay, the lender can place a lien on the asset that the loan is secured to. On the bright side, if you make your payments appropriately and things don’t go awry, you’ll get a much lower rate than you would with an unsecured loan. And what’s more, it will be in a much larger amount.

Avoid loans from private lenders that Are Too Eager to Help

Private lenders will always ask for proof that one’s income is sufficient to allow him to borrow money and live however decently for the rest of the month. If a lender doesn’t ask you for this kind of proof, an alarm should go off in your mind. Serious lenders that are actually genuine and work in accordance with the law, will never give you money unless your income allows it.

You might think “Oh boy! I’m the luckiest guy alive!” but you really aren’t. You might end up in even more debt and wreck your credit score to such an extent that it will be impossible for you to ever borrow money again.

Concluding Remarks 

Private lenders are evidently of great help to people who can’t get loans from traditional lenders like banks and credit unions. Even though it’s fairly easy to get a loan from an online lender, you shouldn’t lose your wits. Approach things with a clear mind and a thorough understanding of how loans work in general.

If you’re having trouble with finding a lender you can place your trust into, please visit Australian Lending Centre and make an inquiry concerning the type of loan you’d like to apply for. You can rest assured that you’ll get what you’re looking for plus some valuable, professional advice on how to improve your credit score.

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Business Loans Financial Fitness Financial Planning Low Doc Loans Self Employed Short Term Business Loans Tax Debt Loans & Relief

Questions for People Applying For Business Loans

Questions for People Applying For Business Loans

Are you applying for a loan so you can start your own business? Here are five questions about business loans to help you make the right decision.

Am I a manager or an entrepreneur?

Entrepreneurs and business managers face almost the same stress when it comes to operating a business. But the two are on opposite sides of the spectrum. They’re different. What is the difference? A manager operates an already-established business. They may not be the people who started it and founded it, but they are the ones who own it at the moment. A manager also has to make sure that the challenges the business faces are handled properly. He also has to hire and retain hard-working employees, know the niche their business in focusing on, and be able to improve whatever needs improvement.

Entrepreneurs Are The Innovators

An entrepreneur, on the other hand, is the one who creates the business. He looks for opportunities that are what the market needs, and converts them into a business plan. A real entrepreneur has the eye to identify opportunities needed in the market and also has the ability to turn those opportunities into businesses.

Managers Are Effective With Day To Day Operations

If you think you can be an effective manager but you don’t have the enthusiasm to start everything from scrap, you might consider franchising. It doesn’t involve the stress of putting up a new business altogether and you have tried and tested marketing methods and business plan to help you get started. But, if you think you have the heart of an entrepreneur, go for it! Get the business loan you need to kick start your business and you will surely beat the odds and succeed in your business.

What is my business model?

This is one of the questions about business loans with high importance. Are you putting up a home-based business, an online business or a traditional brick and mortar business that requires a good location?

Create a Business Budget

Create a business budget before you fill-up the application loan. It is important to include the annual budget for the upcoming year, based on the current year’s expenses. When making a budget, don’t forget to review you’re the actual expenses versus the budgeted amounts for the past two years of operation to get a good idea of your average income and expenses.

No Guarantees on Sales Forecasts

While it is important to make a sales forecast, bear in mind that you cannot guarantee the exact sales volume. So, when coming up with a budget consider your past expenses and profits as well as your realistic sales forecast.

Business Expenses

Create a ledger are of your business expenses based on your business model. For example, list fixed expenses such as:

  • administrative expenses
  • marketing expenses
  • payroll
  • rent or mortgage
  • utilities

These amounts are fairly consistent each month regardless of your sales volume. Don’t forget to include the list of variable expenses —or those that fluctuate each month. These include raw materials, inventory and manpower.

Is Self-Employment good for me?

Self-employment is starting your own business- with your own finances, own plan, own budgeting, own everything. Now it also has its own pros and cons like everything else. Being able to own a business may sound quite great at first. But sometimes, it gets tiring when you’re the only one working. Independence is a good thing. You wouldn’t have to rely on anyone else, which minimises the possibility of small quarrels between co-owners.

Are You After Fame or Freedom?

If ever your business becomes known, you’ll be known as the person who single-handedly founded your company. This is actually a great advantage. Imagine, being the only one who founded a huge business? That’s a big deal. To other people, owning a business means being able to control whatever happens in their lives. That’s what we all want right? Freedom to do what we want, say what we want to say.

Being Independent

The search for independence has struck many – this is the reason why the majority now wants to start their own business, for them to have more control over their lives. However, drawbacks exist- such as payoffs.

Loans Give Your Freedom To Chase Goals

When you have access to business loans, regardless of your credit score, you will have the freedom to set your goals.  It is also a good motivator to track spending—knowing that when you do, you’ll be an inch closer to the accomplishment of your goals. Finally, it is a good source of emergency funds. You can cover up to 3 months of working expenses in case you hit an unexpected situation.

Finances are the biggest sources of conflict

Financial issues are one of the commons sources of business conflicts-either with business partners, with suppliers or clients. That’s why it is important to have easy access to business loans to ensure that your business will go on as usual despite financial crises. But, you have to be careful with whom you borrow money from—a good lender would want its clients to move ahead in life. They will not charge hefty interests and unreasonable fees for a small amount, Look for a reputable lender that allows you to grow your business while you can comfortably repay your loan.

It’s common to have questions about business loans. After all, it’s a big decision which does come with risk. However, business loans can also bring great reward. Australian Lending Centre can provide the financial assistance that you need to push your business forwards.

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News Tax Debt Loans & Relief

Tax Help for Small Businesses to Pay Tax Debt

debt consolidation loan

Small and medium enterprises (SME’s) with tax debts owed to the Australian Tax Office are likely to start feeling pressure to repay those debts by now. The ATO is expected to start ramping up actions to get those debts repaid. Debts to the ATO mounted up to $35.3 billion in the 2013-14 period and that was a 9.7 percent increase over the previous year. Because that amount is growing so fast and is so large, the ATO is going to have to start increasing their collection efforts and SME’s should be warned.

The debt amount has grown so large that the ATO will probably make the penalties for late debt repayments much stricter in the future. The ATO will hope that the tougher penalties on late debt repayments will motivate SME’s to pay their debts on time.

SME’s often have the capital to pay their debts to the ATO but have not managed their working capital properly. Those SME’s that have delayed making their debt payments have likely been making the short term decision to use their capital in their business instead of paying their debts.

Delaying paying debts to the ATO can get an SME on a dangerous path that can lead to severe penalties from the ATO. There are ways for SME’s to get the capital to pay their debts and keep their businesses running.

Tax Help for SME’s

There are bank and non-bank lenders that make loans available for tax help. Tax help loans are common and can be had at reasonable rates. A business just needs to apply.

Tax help loans from non-bank lenders are often easier to get and are less strict. SME’s should do everything they can to avoid having the ATO come after their assets to pay off their debts. In order to pay off the debts to the ATO a bank or non-bank loan can be taken to pay off the debt. This will allow the business to stay open and profitable while paying off the loan.

If your business has debts with the ATO then you should take action now. Tax help loans are affordable and available. It is much easier to pay off a loan to a bank or non-bank lender than dealing directly with the ATO. Reach out to a non-bank lender like the Australian Lending Centre to see how we can help you with your tax debts.

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Tax Debt Loans & Relief

Tax Time – How to get organised to make most of tax deductions

how to maximize tax deductions

It’s that time of the year again, filing for taxes and making the most of tax deductions. It also marks the end of the financial year.  It’s the time of sending paperwork to their respective accountants, the time when their tax returns must be compiled. Finding needed receipts can be a hassle if not a waste of time, and the situation is not something new to many Australians. In fact it is a routine every year. The general consensus is that paying taxes is a stressful time for most people, but it doesn’t have to be like finding a needle in a haystack every time. With some planning and preparation throughout the year, you can significantly reduce the amount of taxes that you owe.

The months of May and June provide a perfect opportunity to start getting organised and plan to make the most of those tax deductions. The following tips should help to guide you on creating a stress free plan, to get organised and maximise your tax deductions.

Planning for Maximum Tax Deductions

Claim any potential deduction that you are aware of: Know your potential deductions. A deduction is something that reduces the amount of your income that is taxed. These can include charitable donations, job-related expenses, interest paid on student loans and mortgages, energy-efficient home improvements and more. Make sure you keep track of all your assets and claim any potential tax deductions. You can also claim, if you’re into business, a tax deduction on pre-pay or stock up on supplies that you buy regularly like office equipment. Even bad debts are tax deductible. To know more about tax deductions you are eligible for, it is best that you review your tax form.

Know Potential credits you are eligible for: Being eligible for credits on taxes entitles you for a reduction on the actual amount of money you have to pay for your taxes. Examples are child tax credit, earned income tax and student tax credit. Furthermore any business with a turnover less than $2 million is potentially entitled to a range of tax benefits, like capital gains tax, income tax, GST and fringe benefits tax. Knowing potential credits may help you get the most from your tax deductions

Evaluate your Financial Position: Having a stable financial position is important in maintaining financial life and business. A stable financial position lessens your burden on taxes. More importantly, it will give you peace of mind knowing your finances are stable.

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News Tax Debt Loans & Relief

Federal Budget 2015 – The Good and The Bad

Australian Federal Budget

The Australian federal budget changes announced on May 12th had many positive points as well as several negative points that you might have missed if you did not pay close attention and read the details.

Federal Budget 2015

The Bad

On the negative side, the federal budget axed large portions of the money devoted to combating climate change. Abbott’s government has reduced the funding to the Green Army, a group of tree planters that formed part of Abbott’s “Direct Action” policy aimed at reversing climate change.

The taxes collected from “indirect taxation” will really open your eyes when the figures are laid out clearly. GST alone is expected to bring in $54.285 billion while taxes on alcohol will bring in another $5.23 billion along with petrol’s $6 billion and tobacco’s tax revenue of $8.28 billion. Australia’s foreign aid has also been slashed 20%, down to $4.1billion.

African nations in need along with neighboring Indonesia will have their benefits cut the most. Special tax breaks for big families have been taken away to save the government $177.3 million. Some art programs will have their budgets cut entirely or trimmed significantly. FIFO workers will have some travel benefits slashed to close loopholes for those who were taking advantage of the generous tax concessions.

The Good

On the positive side of things, the government is taking the initiative to allow employee share schemes so that employers can attract vital staff with tax incentives on start-up company shares. The Abbott government is making it easier for Australia’s young people to access The Youth Allowance payments.

Small businesses will get a big boost by being able to write off $20,000 of their taxes for every piece of equipment they buy for their business. Shift workers will also get more family help from nannies through a $246 million subsidy.

There were some big changes made to the federal budget in the recent announcement and not all of the news was only positive or negative but together gives a picture as to which way the government is looking to spend or save the tax revenue it receives. Whether or not you agree with the new government’s new changes to the federal budget, it is important to know how it could possibly affect you and your business or family. No matter what side of the politics you are on, it will be interesting to see how these changes to the federal budget will affect the Australian economy.

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Tax Debt Loans & Relief

Business Owners: Done With Dirty Tax Debt

business loans||short term business loans

[fusion_text]Tax season is a nail biter this year for many Australians. Through the year, business runs as usual, and then the bill comes. Like the end of a five-course dinner, the ATO check drops. OH MAN – There is no way that is payable unless you want to skip employee pay checks this month – as tempting as that is. Don’t let it sit and fester, seek a tax debt loan solution!

Don’t feel alone, the tax burden this year is heavy for many Australians. Particularly for small business owners who are unaware of the tax loop holes that the larger companies use. Yeah the big guys are making more than you and paying less for it, hmm, that seems unfair.

The regulations that are in place create an unfair market place for small to medium businesses. With the current tax laws, big companies are paying an effective tax rate of 10 percent or less. Nobody likes tax, but even more, nobody likes to know that the big business bullies are practicing tax avoidance and creating an unfair, noncompetitive market place. This is in spite of various business groups who have cautioned the Federal Government against routine tax avoidance for the effects it could have on the economy.

Company directors experience tax debt difficulties for many reasons, ranging from late debt payments, lack of tax insight, to poor advice from experts. Don’t let yourself drown in tax debt, there are many off ramps, including tax debt loans. Work with experts who have an extensive network of private funding at their disposal. We know tax debt loans and want to help you make the business tax cutoff on October 31st!

If you find yourself in this situation, reach out to the business loans experts, and avoid the stress this season. Hear how we worked with Alan, an Australian small business owner, helped him pay off his tax debt and return to a positive balance sheet.

Tax Debt Loans Saved Alan’s Business

He first set out to approach his business bank for a loan; however, they would not touch him, because:

  • He had defaulted on a loan
  • He had no business savings
  • He had a large tax debt

All of the factors combined to result in a rejection to his loan application. Just like his primary business bank, all the other banks declined his loan applications as well.

He was amazed to find that the Australian Lending Centre offered an ideal solution for his needs. We help business owners pay off their tax debts by understanding the small businesses circumstances and tailoring tax debt loans to their individual cash flow needs.

After calling our offices and speaking to a friendly consultant, Alan was able to secure a business tax debt loan that not only provided him with the funds to cover his tax debts he could also pay wages this month.

This approach helped Alan to get rid of the tax debt that was weighing heavily on his shoulders and to put the business back into profitability. Tax debt loans saved the day and his employees rejoiced as they were handed the paycheques they deserve.

Take Advantage of Tax Debt Loans

If you are struggling to repay your tax debt, apply for a business tax debt loan from the Australian Lending Centre.[/fusion_text]

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Business Loans Tax Debt Loans & Relief

Tax strategies for investment property and business expenses

tax deduction strategy

Tax strategies for investment property and business expenses

The tax season is undoubtedly a stressful time for most of us. That is why we always hear advices from the experts to start planning ahead of the taxation deadlines to avoid any hassle. Early preparations can also help assure that we take possible advantages of all possible tax deductions that we can avail of.

Are you aware that there are possible tax deductions from investments in properties? Of course, it is a common knowledge that those deductions abound for business owners as well. Here are simple tips that can be of guidance for all us prior to the tax season for the next year and for the coming years to come.

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Tax Debt Loans & Relief

5 Useful Tips to Reduce Business Tax

how to reduce business tax

During tax season, it is quite normal to see business owners get drowned by numerous paper requirements. This is the time when most companies start considering and reviewing every possible entitlement or eligibility for any potential claim. When business taxes are prepared, most firms aim to lower tax payables so that profits will be bolstered.
Beware! Tax collectors are now more stringent when it comes to cracking down on tax evaders. Those companies with offshore assets or accounts are particularly advised to be more vigilant. If you think your business has activities or projects that may be considered illegitimate, you should immediately seek advice from the Australian Tax Office (ATO).

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