Small business can face many hurdles and challenges internal to the running of everyday tasks and the pursuit of goals, but when these threats come from external forces it can be hard to know what to do or how to prepare.
While the following threats may be impossible to avoid or control, it is always beneficial to know and understand the contemporary environment that your business is operating within because, as they say, knowledge is power.
It has recently been announced that Australia is changing competition law in order to help out small businesses. The change concerns an adjustment to Section 46 of the Competition and Consumer Act, which is geared towards easing the strain placed upon this sector from outside competition.
Competition from foreign competitors entering into the Australian market with much lower return on investment expectations can force small business unfairly into the red, and leave many firms fighting to compete, or even facing insolvency or bankruptcy.
When other businesses deliberately hide income to gain an unfair advantage it places significant strain on their honest and fair playing competitors.
Recently, the Australian Tax Office (ATO) visited the Gold Coast to crack down on small-and medium-sized businesses who had been avoiding tax. Assistant Commissioner Matthew Bambrick from the ATO explained in a recent press release that these businesses who are avoiding unlawfully their tax obligations are ripping off those who are honest and law abiding.
“Honest businesses can face unfair tax competition when competitors don’t lodge, don’t report all of their income, pay cash wages without properly accounting for them or don’t contribute super for their staff.” said Commissioner Bambrick.
If your business has been hit with external forces that are outside of your control, sometimes you might find yourself in financial trouble. Early detection is the best way to avoid total collapse, and Corporate Lifeline works by helping you though the whole process right through to the most difficult aspect of working with your creditors.
It may feel like a deeply personal matter, even one of personal failure, but the sooner you act the more likely you will be to have your business resurrected back to financial health. If you would like to know more about how we can help you with issues such as a bankruptcy notice, statutory demand, garnishee notice, voluntary administration or corporate insolvency, get in touch with Corporate Lifeline today.