SR GROUP
  • Home
  • About Us
  • Services
    • Advisory
    • SR Group Debt Management
    • Advocacy
    • Brokers, Accountants & Solicitors
  • Resources
  • News
  • Contact us
    • Contact our team
    • SRG Dispute Resolution

Family Run Businesses

1/12/2020

 
We have seen a significant number of family-run businesses breakdown due to financial distress in the last twelve months. By the time a business is in financial distress, strained family relationships are often compounded further with money worries. If you're setting out to establish a business with family members, it is vital to recognise the inherent risks.

Read More

Debt Collection Assistance

18/11/2020

 
Our advisory team assists many people and companies in financial distress. Our unique expertise allows us to provide solutions across a wide range of financial distress issues that companies and individuals experience. 

We negotiate daily with debt collection agencies and importantly understand both debtor and creditor's rights and obligations.

Debt collection agencies should be flexible in their approach. A flexible approach involves making meaningful and sustainable payment arrangements that reasonably consider a debtor's ongoing living expenses. The ACCC and ASIC have produced a debt collection guideline for debtors and creditors, which encourages flexibility on the part of both parties. The guide includes recognising debtors who are vulnerable and experiencing financial hardship and appreciating that debtors may have several debts owing to different parties. If you have to deal with a debt collection agency on your own, be sure to reference this guide. 

Another helpful resource to access if you are comfortable dealing with a debt collection agency on your own is visiting the AFCA Datacube. The AFCA Datacube shows you the number of complaints against a debt collection company over the last twelve months. 

If you have any questions or need assistance, our team offer a cost-free consultation and can be contacted on 02 8304 9300.

About Credit Reports and Credit Scores

16/10/2020

 
A credit score is used by financial lenders to decide whether to give you credit or lend you money. Your credit score is based on personal and financial information about you and is part of your credit report. 
Credit reports include the following:
  • the amount of money you have borrowed
  • credit applications you have made
  • repayment history
  • defaults on utility bills, credit cards and loans 
  • bankruptcy and debt agreements 
An online credit score provider can provide you with your latest credit report. You can access your credit report for free. Do not use any provider that asks for payment of your credit report. 

Read More

Debt Consolidation Facts

17/9/2020

 
​Debt consolidation through refinancing can be a sensible solution if you are experiencing financial difficulty. It is often more manageable to pay one monthly payment at a reduced interest rather than numerous facilities at various rates.
When deciding whether to go ahead with this method of debt consolidation, you should be aware of  the areas to check before proceeding:
  • Check the company is listed on ASIC Connect's Professional Registers and confirm they hold the appropriate licence. 
  • Check you are paying less by comparing the interest rate, fees, and any other costs against your current facilities.  
  • Check you understand your monthly repayments and confirm the interest rate and any loan costs before you sign.
  • Have a workable strategy for the next twelve months that brings you more financial stability.
 

Read More

SR Group expand into New Zealand

8/9/2020

 
Susie Barnett established SR Group over a decade ago in Australia. With the success of our business in Australia, we are thrilled to be expanding our team in New Zealand. We are a dedicated team that helps people confronted with financial distress and victims of financial impropriety. 

Read more
​http://www.gisborneherald.co.nz/business/20200907/advocate-for-victims-of-fraud-financial-distress/

Debt Negotiation

24/8/2020

 
If you’re in financial distress, you’re not alone. We have helped many people negotiate with creditors over the last nine years, achieving positive outcomes allowing our clients to gain back control of their financial future. 
 
When we first meet, we listen - Here are some of our clients frequently asked questions:

Why should you act quickly when you can’t pay your creditors?
Financial distress situations can be incredibly overwhelming, with many choosing to put their head in the sand and ignore the issue. Ignoring the problem usually only acts to exacerbate, and unsympathetic creditors tend to respond aggressively. The consequences of avoidance are generally detrimental and can lead to bankruptcy. 
We work quickly and transparently to minimise your financial distress, giving you breathing space while we develop a workable strategy to get you back in a sound financial position. 
 
What type of creditors do you negotiate?
We negotiate with a broad range of creditors, including:
  • Personal and director guarantees
  • Personal loans
  • Credit cards
  • Home and investment property loans
  • Australian Taxation Office
  • Office of State Revenue
  • Utility services including water, gas, electricity
  • Car loans and leases 
  • Buy now pay later, rent to buy facilities
  • Payday loans
  • Trade creditors
  • Equipment leasing.
 
What will the likely outcome be to help me (or my business) get back on my feet?
Depending on your situation, our strategy, and the negotiation process, the outcomes we seek are:
  • Further time to repay 
  • Discounted lump sum settlements
  • Reduced payments 
  • Deferral of interest and penalties
  • Debt waiver on compassionate grounds.
 
Why should I use a professional advisory team?
Our unique expertise allows us to provide solutions across a wide range of financial issues in a cost-effective manner. Our team are specialists in accounting, debt negotiation and restructuring. We approach each financial distress situation in a thoughtful and caring way. 
 
We are here to help and can be contacted on (02) 8304 9302 for a confidential cost and obligation free discussion. 

Seeking help from Financial Counsellors

3/8/2020

 
Picture
In Australia, financial counselling is a free and confidential service provided by community organisations, community legal aid and some government agencies. It is an essential service for over 125,000 people each year experiencing financial distress. Financial counsellors are skilled in listening to problems when an individual's judgement and clarity may be distorted. What people need is non-judgemental and confidential advice plus a workable plan to improve their financial distress situation.


Read More

End of Financial Year Checklist

16/6/2020

 
As the end of financial year approaches, it is essential to ensure you check off the many tasks involving your business compliance.  This year there may be additional tasks as a result of the COVID-19 crisis many businesses need to address. 


Read More

Post COVID-19 - Open for Business

9/6/2020

 
Picture
The effects of COVID-19 have been devastating for businesses across the country, but for many, there is a silver lining. Companies have adapted and transitioned employees to work remotely with great success. 

​COVID‑19 will be with us for some time, so it is essential that your business has a plan - and continues to plan to keep your workplace healthy, safe and virus-free. 

​Key things to remember as you ramp up your business post COVID-19. 

Keeping People Safe 
Maintain good hygiene - Think about how your business’s hygiene and cleaning practices by making sure your workplace is regularly cleaned and disinfected. Have enough cleaning and hygiene supplies and communicate the importance of employees not coming to work if they are unwell. 
Stay physically distant - Think about how people interact in your business. To ensure your business has appropriate physical distancing move work stations and tables further apart to comply with social distancing. If you are a retailer, provide social distancing markers on the floor where appropriate. 
In the event of infection, there should be a plan in place, so your business is confident and can respond swiftly and efficiently. 
Follow advice - Think about what makes your business and your industry unique. There may be additional steps you need to take to communicate with your customers, staff and suppliers. To help you prepare regularly review the mandatory public health directions that apply to your business as these will change as time goes on. 
Sustainability is important – many of these changes, such as cleaning practices, will be part of your day-to-day business operations already. Still, you may need to do things more often or in different ways. 

A helpful resource is safeworkaustralia.gov.au 
 
Adapting my business
The way your business operates, the products you sell and the services you deliver may need to change because of COVID‑19. This transition will be challenging, and you are no doubt thinking about how your business could adapt to change.
It is helpful to spend some time thinking about the following questions. These can act as a starting point to map potential areas for your business to explore. 
  1. What elements of your business model will be challenging to maintain in this new environment?
  2. Is there an opportunity to minimise this? Eg moving online
  3. Can your business temporarily change or expand the range of goods and services it offers?
  4. Are there opportunities to expand/change an element of your business and respond to new openings in the current environment?
  5. Are there other businesses like yours you can get in contact with to discuss different ideas?
  6. What are your competitors doing? 
Once you address these questions and identify areas you can develop and pursue it is worth contacting relevant industry association or local government to see if they are providing any specific advice or guidance to assist businesses in your sector.
 
Accessing Support and Packages 
When considering adapting your business activities and your employees you may need financial support to achieve your new plans. The Federal, State, Territory and Local Government are providing many support packages for businesses.
These are the current support packages you can apply for: 
Retaining your employees
  • A wage subsidy to help retain your employees - Eligible businesses may access a $1,500 per fortnight. You can register for the scheme with the ATO.
  • Apprentices and trainees wage subsidy - Eligible small businesses with up to $21,000 per apprentice or trainee. To apply go to the Australian Apprenticeship Support Network (AASN)
  • If you’re a sole trader or self-employed, you may be able to claim JobKeeper and other support. For more information visit business.gov.au
Additional cash to help manage your business. 
  • The ATO will be distributing tax-free cash flow boosts between $20,000 and $100,000 for eligible small and medium-sized businesses and not-for-profit organisations. You don’t need to apply. If eligible, money will be refunded when you lodge your activity statement. 
  • The instant asset write-off threshold has been increased to $150,000 and now includes larger businesses. 
  • Business can also accelerate depreciation on certain items purchased before June 2021. Further details are available on the ATO’s website. 
Loans and other credit from your financial institution
Small and medium-sized businesses can get loans of up to $250,000 over three years from a range of lenders. These loans have an initial six month repayment holiday. Enquire with your lender. 
Over the coming months, many businesses will rely on these packages to kickstart and adapt their business activities. 
Our advisory team has been supporting many of our clients in these challenging times. If you need any assistance with financial support packages and solutions, we are here to assist. Our services range from general hardship relief, loans and mortgage moratorium, vehicle and equipment finance, ATO issues and leasing arrangements. 
​
Please phone us on +61 2 8304 9302 to speak to a dedicated team member.

About Credit Card Debt

14/4/2020

 
In Australia, there are currently over 14.7 million credit cards in circulation. Credit cards come with pros but unfortunately a lot of cons as well. Credit card debt is one of the biggest causes of financial stress in this country. The effects caused can be devastating to individuals, families and small business. 

Read More
<<Previous
Forward>>

    NEWSROOM

    In our Newsroom, we share advice, the latest news, financial tips and our case studies. Please enter your email address to receive our monthly news update. 

    Subscribe

    Archives

    February 2022
    September 2021
    August 2021
    February 2021
    January 2021
    November 2020
    October 2020
    September 2020
    August 2020
    June 2020
    April 2020
    March 2020
    January 2020
    December 2019
    September 2019
    August 2019
    July 2019
    April 2019
    March 2019
    February 2019
    December 2018
    October 2018
    August 2018
    July 2018
    June 2018
    April 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    June 2017
    November 2016
    July 2016

    Categories

    All
    2018 Business Tips
    2019-2020 Bushfires
    ACCC
    ACORN
    Advisory Services
    Advocate Susie Bennell
    ASIC
    ATO
    ATO Company Director
    ATO Distress
    Australian Bankruptcy Trends
    Banking Royal Commission
    Bankruptcy
    Bendigo & Adelaide Bank
    Bill Shorten
    Citibank
    Commbank
    Consumer Law Centre
    COVID 19
    Credit Negiotations
    Debt Consolidation
    Debt Negotiation
    Director's Responsibility
    Duty Of Care
    Family Run Business
    Financial Counsellors
    Financial Difficulty
    Financial Distress Assistance
    Financial Fraud Victims
    Foodco
    Franchising Victims
    Great Southern
    Insolvency
    Investment Fraud
    Investment Tips 2018
    Mick De Brenni
    Minister For Revenue And Financial Services Kelly O’Dwyer
    Moneysmart
    New Zealand
    Peter DImitrov
    Pilbara
    Ponzi Schemes
    Prime Trust
    Professional Indemnity Insurance
    QBCC
    Queensland Builders
    Running A Business
    Scams
    Scott Morrison
    SR Group
    St George
    Superannuation Guarantee
    Support Packages
    Susie Barnettt
    Susie Bennell
    The Big Four Banks
    Veronica Macpherson
    Westpac

Privacy Policy
Terms and Conditions
Resources
Contact Us
Complaints
We acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture.
​We pay our respects to Elders past, present and emerging.
​
All contents of this website © COPYRIGHT 2021
​SR Group Holdings Pty Ltd.
  • Home
  • About Us
  • Services
    • Advisory
    • SR Group Debt Management
    • Advocacy
    • Brokers, Accountants & Solicitors
  • Resources
  • News
  • Contact us
    • Contact our team
    • SRG Dispute Resolution