Can’t wait to see you

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Aboriginal Products

Wow the 24th May is drawing closer and I am getting very excited about bringing the Interrentye range to Sydney.

I must admit my experience with doing a market is minimal – actually none, but lucky for me I have great friends who do have some experience and they have been helping me get organized.

The lovely Amanda Webb, of Make-A-Strand has lent me a table, with all the coverings, a marquee and showed me how to set up the stall to create a visual delight.  I am also off to visit Belinda Stinson, of Creatively Belle, who has a jewelry stall at the Rocks Market get some more pointers, on selling directly to the public, so a face to face basis.  I usually talk to clients over the phone so face to face is going to be different.

The product range has all been handmade at the Akeyulerre Healing Centre and consists of –

  • Lip balms made out of Macadamia Oil, Bees Wax and Cocoa Butter.
  • Handmade soaps, with a lovely eucalyptus smells
  • Body Oils, made of Macadamia, sunflower & soybean oil with E. duttonil leaf extract, vitamin E
  • Uterrenge Body rubs, traditionally used on the body to nature dry and irate skin, made from olive and soybean oils, E. longifolia leaf extract, beeswax, vitamin E.

So if you have time come along to the Kirribilli Markets,  Burton Street Tunnel and Bradfield Park Bowling Green on the 24th May from 8.30 am and check out the products.

For more information please go over to the Indigenous Products page.

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Is tax debt affecting your business growth?

Tax DebtI would like to thank the Australian Government for allowing businesses to delay paying their tax, but often it comes back to hurt businesses ability to borrow.

At the start of the global financial crisis the government was offering loads of incentives to keep the economy going; Individual’s got a lovely stimulus payment while businesses were given the opportunity to delay paying their GST or company taxes. 

With interest free and or low-interest rate repayment schemes being offered by the ATO it really was a great option to keep cash in your business.  The cash could then be used to make more money or just simply be kept as a buffer during the tough times.

Well, this has now become a problem if you are looking to finance business equipment and motor vehicles.

Why, because finance companies think there is a cash flow problem and perceive a risk that the business may not be able to meet day-to-day cash flow needs. Financiers also believe that the ATO will have a priority on debts in the event of liquidation and those financiers and creditors alike will be unlikely to recover moneys owed.

How do they know – With most applications for finance, prospective lenders require seeing a copy of the business’s latest financial statements.  Often the balance sheet liabilities will show the Australian Taxation Office (ATO) as a creditor which in turn prompts most finance companies to ask whether the business applicant has any tax debt or repayment arrangement for tax debt with the ATO. 

At this stage we will ask for a copy of a current Tax portal, which most accountants can obtain on behalf of their clients.  The tax portal shows the movement of money through the tax office, any outstanding debt, your payment history etc.  If a business is paying off their quarterly debt, the financiers are unlikely to lend.

So if you are looking at financing some new equipment or motor vehicles for your business and have a tax debt, the best thing to do would be to pay this debt off first, or at least inform your broker during the first consultation so that you’re financing can be placed with the best financier.

When Investing in the Business Makes Sense

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When financing can help the business grow

Why would you finance your business equipment and not buy it outright? Why would I get myself in debt? What are the benefits?

These are just some of the questions I get asked on a daily basis – so I thought I would give some examples of how equipment financing can help your business. 

A couple of years ago, we were approached by a client who was just starting out in business.  She needed to buy a $30,000 machine which would enable her to increase business efficiency.  With a deposit and some background history on the client we managed to get the deal financed. 

By financing this equipment the client was able to make the most of the following benefits:

  • Keeping cash in the business which could then be spent on marketing and growth strategies as well as general office expenses.
  • Paying cash erodes business cash flow which then has an impact on the businesses ability to pay directors fees, superannuation and taxes.
  • By maximising productivity and efficiency, the machine allowed her to complete jobs in less time, effectively increasing margins and freeing up her time to take on more clients.
  • Loan Interest is tax deductible, as is depreciation on the cost of the goods, effectively making the whole purchase tax deductible.
  • Debt is classed as “good debt” meaning it is debit that is used.

This was a couple of years ago and every 3 – 6 months, the client comes back for another machine as their business has grown as a result of the first purchase of equipment. 

Now this client is heading towards a $1 million annual turnover – all because she decided to think a little differently and finance equipment to help grow her business.

Of course as every circumstance is different, this doesn’t mean that everyone financing is going to have the same outcome but it gives a general idea of what can be achieved.

Another great story was helping a market stall holder purchase a used car, as her existing car had just given up.  She knew what she could afford; she had done her sums and worked out what it cost her every day in cabs and public transport.  With a quick discussion we figured out the best way to approach financing and get the client her new car. 

What I love about these scenarios is that I can help find solutions for small business owners to grow their business. I want to make financing easy and enjoyable. 

For more articles at She Inspires

Being Ready to Get Finance

I write regularly for SheInspires.com.au a women’s magazine all about creating inspiration, knowledge, empowerment, love and joy.

I have helped dozens of small business people get equipment financing. In some cases I get a call saying, I don’t know if I will be able to obtain finance but after a 5 minute telephone interview, I can usually tell if I will be able to help you.

As credit criteria tighten up and finance companies are reluctant to lend money, I thought I would give you an idea of how to obtain financing for a business loan, home loan or even a new car.

Some of the first questions I ask you are:

1. Are you a home owner? Yes, then we can continue, if no then how long have you been renting, and how much are you paying. Finance companies are looking for stability, so if you are renting and have been at your address for a while this is a good thing; we will also get a reference from your landlord.

more….

How to Get the Best Personal Loan for Your Budget

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I write regularly for SheInspires.com.au a women’s magazine all about creating inspiration, knowledge, empowerment, love and joy.

 Do you ever feel that understanding how money works is just too hard sometimes? That getting a loan is one thing, figuring out how to get the best one for you and your budget and requirements is something completely different?

Well we caught up with a woman who loves money, finance, getting the best loans for the right things to start help each of us skill up. Building a healthy foundation in financial knowledge and skills is so much easier than you’d think.

Tina Clark of Laurentide Financial Services is here to help make sense of the world of finance, brokers, banks and money.

So let’s start with some basics about how to get the best loan for your purposes, find out what a finance broker is and what you need to know (and feel) when dealing with them.

Tina, why use an equipment finance or mortgage broker?

I have been a finance broker for over 10 years and during this time I have been asked “Why would I use a broker when I can go directly to the bank?”

Well the reason is quite simple, more

Tips to buying a car through private sale.

More and more people are buying cars through a private sale as a way of saving money and without the hassle of having to go deal with a car dealer.  But this does come with some risks, as there is no statutory warrant, so if you have any problems with the vehicle it may be difficult to get any assistance or compensation from the private sale vendor.

So before you hand over your money, do a little digging –

  • Have the car checked out by a licensed mechanic before you purchase to make sure that it is mechanically safe.
  • Check to see if there are any encumbrances (financing). An internet search on REVS (register of encumbered vehicles) will bring up the relevant authorities for your state.  If encumbered make sure you pay off the relevant finance company BEFORE you pay the vendor.  You do not gain title to the car unless the previous finance company has been paid out.  The REVS check will also give you details if the car is stolen or has been previously written off.
  • Verify ownership – Ensure that the person you are buying the car from is its registered owner and authorised to sell you the car. Ask to see a copy of the current vehicle registration papers and check maintenance records.

With a little bit of double checking hopefully you can avoid some problems and enjoy driving a new car.