Invoice Factoring Helps SME's Keep Up With Superannuation Obligations
Announcement posted by THE INTERFACE FINANCIAL GROUP 06 Mar 2012
ATO Crackdown and New Laws Threaten SME Survival
Sydney, NSW (PR Wire –06March 2012) – The Interface Financial Group (IFG), a growing source of alternative funding for Australian small businesses, announced its continued support for small businesssector which is under greater pressure to keep up with employee superannuation payments. IFG provides short-term financial resources including selective invoice discounting and spot factoring to companies in Australia, New Zealand, the UK, Ireland, the United States, Canada, and Singapore.
The Australian Tax Office (ATO) is becoming increasingly aggressive with companies that are falling behind on their obligations to pay employee superannuation. In addition, SME's can lose the tax deductibility of these expenses if the payments are made late. To compound matters for SME's, there is new proposed legislation which would make directors personally liable for superannuation liabilities if they remain unpaid.
David Hechter, chief operating officer for IFG in Australia, is encouraging small business owners to be proactive about freeing up cash flow from their businesses to ensure these obligations are being met. “Most SME's do not realise that cash flow challenges can be overcome even if they have customers whose slow payments are threatening their ability to meet superannuation payment obligations on the prescribed dates. By factoring receivables, unpaid invoices can be turned into cash which is then used to make these payments on time and keep small businesses out of the cross-hairs of the ATO."
By factoring receivables, SME's can realise superior benefits as compared to conventional bank loans. Invoice discounting allows a small business to use the facility only as required without having to be locked in for a particular term. In addition, a factoring or invoice discounting facility can grow in line with the value of the accounts receivable.
Invoicefactoring and discountingbelong to the family of debt factoring products where a company can use its strong customer base as a source of cash flow by selling their invoices to a factoring company. With invoice factoring and discounting, there are no minimums, no maximums, no long-term commitments and no lengthy application process.
About The Interface Financial Group (www.ifgnetwork.com.au)
The Interface Financial Group (IFG) provides short-term financial resources including invoice factoring (invoice discounting). IFG launched the Australia operation in 2006 following the success of its New Zealand businesses which commenced in 2004. IFG's innovative products also include spot factoring – the purchase of a single invoice or a selective batch of invoices. IFG does not require the whole debtor book for funding.
The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG's international office network. IFG has grown to over (150) international offices in Australia, UK, the United States, Canada, Ireland, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other factoring companies in Australia. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.
W: http://ifgnetwork.com.au/
Headquarters:
The Interface Financial Group
Suite 1, Level 3, 179 New South Head Road
Edgecliff, NSW 2027
T: Toll Free: 1300 957 900
The Australian Tax Office (ATO) is becoming increasingly aggressive with companies that are falling behind on their obligations to pay employee superannuation. In addition, SME's can lose the tax deductibility of these expenses if the payments are made late. To compound matters for SME's, there is new proposed legislation which would make directors personally liable for superannuation liabilities if they remain unpaid.
David Hechter, chief operating officer for IFG in Australia, is encouraging small business owners to be proactive about freeing up cash flow from their businesses to ensure these obligations are being met. “Most SME's do not realise that cash flow challenges can be overcome even if they have customers whose slow payments are threatening their ability to meet superannuation payment obligations on the prescribed dates. By factoring receivables, unpaid invoices can be turned into cash which is then used to make these payments on time and keep small businesses out of the cross-hairs of the ATO."
By factoring receivables, SME's can realise superior benefits as compared to conventional bank loans. Invoice discounting allows a small business to use the facility only as required without having to be locked in for a particular term. In addition, a factoring or invoice discounting facility can grow in line with the value of the accounts receivable.
Invoicefactoring and discountingbelong to the family of debt factoring products where a company can use its strong customer base as a source of cash flow by selling their invoices to a factoring company. With invoice factoring and discounting, there are no minimums, no maximums, no long-term commitments and no lengthy application process.
About The Interface Financial Group (www.ifgnetwork.com.au)
The Interface Financial Group (IFG) provides short-term financial resources including invoice factoring (invoice discounting). IFG launched the Australia operation in 2006 following the success of its New Zealand businesses which commenced in 2004. IFG's innovative products also include spot factoring – the purchase of a single invoice or a selective batch of invoices. IFG does not require the whole debtor book for funding.
The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG's international office network. IFG has grown to over (150) international offices in Australia, UK, the United States, Canada, Ireland, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other factoring companies in Australia. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.
W: http://ifgnetwork.com.au/
Headquarters:
The Interface Financial Group
Suite 1, Level 3, 179 New South Head Road
Edgecliff, NSW 2027
T: Toll Free: 1300 957 900