SMALL BUSINESS BANK REVIEW CONSIDERATIONS
It is important to be aware that at this time of the year your bank maybe commencing their annual review. It is my belief that some of you (particularly my small business clients) are paying too much in interest. Please note:
- Some banks are much more fee conscious than others
- Margins and rates can be negotiated
- Real estate reporting values have increased significantly in recent times assisting in improving the equity of properties for bank lending.
For context: A competitive bank’s commercial lending rates, including margins, are in the high 1-0% and low 2-0% range for long term debt and their overdraft rates range from 2-5% to 3-0%.
Currently, we are assisting many clients in the negotiation and/or re-negotiation of their bank finance and are seeing some huge savings made. If you are in any doubt we recommend contacting our office for more information.
TAX MINIMISATION STRATEGIES BEFORE 30 JUNE 2021
Now is the time to review your business’s tax position for 30 June 2021 Tax Planning.
- Farmers must look at their tax position from 1 July 2020 to date, and projection to June 30 now before seeding.
- Huge tax concessions are available for small businesses as a result of the Federal Government’s October Budget.
Right now we are conducting ‘pre-seeding’ business reviews. To discuss your cost of banking and tax planning requirements, please contact Alyson or Yvonne on 08 8373 3155 NOW or click below to register a call back.