Using a Broker is More Than Better Interest Rates
Hello
You probably didn't even notice, but for the first time ever, I missed sending out a newsletter last month and didn't get this month's newsletter out right after the RBA interest rate announcement.? Not because I didn't have anything to share but I took some time off, worked on a couple of refinances and just generally ran out of time.? Clients will always come first so my newsletter was put on the back burner.
Over the last couple of months, I've been busy helping my existing clients increase their working capital (those sheep prices really have really impacted budgets and cash flow).? I've updated my client's annual benchmark reports and also refinanced for some new clients, securing significant interest savings and better lending structures. These changes have aligned well with their long-term business goals, cash flow needs and simplified their banking.
So as you can see, having the support from an agribusiness broker is so much more than better interest rates.? It's property purchase, expansion & diversification. It's relationships and succession planning. It's uncomplicating your lending. Click on the link below to find out what other support I can provide to your business.
I also attended the Commerical & Asset Finance Brokers Association Professional Development Day.? There were two sessions which provided some really interesting information.
PPSA - Personal Property Security Act.? Is your business protected from the insolvency of your customers???PPSA Advisory can help you do just that. You will be surprised at what you can protect business against, including grain supplied to feedlots, piggeries etc.
It is estimated that the ATO is currently owed close to $60 billion from small businesses.? They recently warned that businesses with tax debts exceeding $100,000 and that are more than 90 days overdue are now at risk of having their debt disclosed.? During the 6 months to end of December 2023 the ATO issued 30,000 Director Penalty Notices and disclosed the debt of 20,000 business to credit reporting agencies.
I'm pleased to say that none of my clients fit into this category but maybe you know someone that does.? Did you know there are specialists that assist with tax debt negotiation???TaxAssure is one of them and spoke to us about this growing problem with small businesses across Australia.
As a result of working on land purchase proposals for a number of clients during the last few months, I have put together a blog on what information you should always have on hand.? Land purchases require a collaborative effort as we work through the information required by the bank and often on a timeline.? Have you got a list of land holdings, 5 year average yields and pricing and an equipment finance register? Click on the link below to read my blog.
What's Happening with Interest Rates?
The RBA decided to leave the cash rate unchanged for the month of May at 4.35%.? Inflation continues to moderate, but is declining more slowly than expected.? Services inflation which is moderating only gradually is a large part of this.
The economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth.
Angus Coote from the AFR writes that in his over 20 years in financial markets, he's never seen such a wide dispersion of view on interest rates as we currently have in Australia.
What are the banks saying?? Interest rates will have to stay high until inflation comes down.? They seem to be in agreement that the earliest we will see the first cut is in November 2024.
?"A fine is a tax for doing something wrong.? A tax is a fine for doing something right — Mark Twain, American writer and humorist
Have a great day!! Deb
Latest News
Western Australian (WA) sheep producers have two primary alternatives to live export: channeling their livestock into the domestic processing sector within WA, provided the sector has the capacity and labor force to handle the increased volume, or transporting their sheep to the eastern states. However, the eastern states can be an unreliable destination.
For the eastern states to be a feasible option for WA producers, the demand must be consistently high, not just when price discounts severely disadvantage WA producers.
The Federal Government has twisted the knife into Australian agriculture in tonight’s budget, with the biggest allocation of new funding for the sector allocated to shutting down the live sheep trade. National Farmers’ Federation President David Jochinke said while at a glance it would appear the biggest spending spree for agriculture was for the Future Drought Fund, only $42.2 million is new money.
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Purvis AgriFinance
PO Box 616
Wallaroo? SA? 5556
0409 438 115
Credit Representative 501225 is authorised under Australian Credit Licence No 389328
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sounds like you've been quite the financial wizard lately! helping clients secure their future - impressive work! #financialgenius Deb Purvis