Debt solution now an option for builders and tradies

SEVERAL CHANGES TO SUPERANNUATION ARE COMING INTO EFFECT FROM 1 JULY 2022, INCLUDING SOME THAT WILL IMPACT EMPLOYERS. BUSINESSES NEED TO BE READY FOR THESE CHANGES AND FACTOR THE ADDITIONAL COST INTO NEW WORK THEY’RE UNDERTAKING AFTER 1 JULY 2022.

Known as the Small Business Restructuring Process (SBRP), this new legislation was introduced by the federal government in January 2021 as a way for small businesses to negotiate an arrangement with creditors without losing control of their business – as they would in traditional insolvency action. CEO of Xact Accounting, Michael Renton believes the SBRP could be the lifeline the industry needs to keep struggling builders and tradies in business. “There are plenty of good builders out there that have found themselves going backwards as a result of cost blow-outs and other circumstances beyond their control,” he said. “They now face every day with a debt burden that will not only take years to pay down but is impacting their ability to trade their way to profit. The knock-on impact when a business fails is enormous, so it’s fantastic that we now have SBRP as a potential solution for those in financial stress.” As a further benefit to QBCC licence holders, the decision to enter into an SBRP arrangement is not considered an insolvency event by the regulator, who would ordinarily exclude licence holders for a three-year period in the event they were subject to standard insolvency action like the appointment of an administrator. To qualify for SBRP, businesses need to meet certain conditions, including having total debt of less than $1 million, super and other staff entitlements must be up to date and whilst not all tax payments need to be paid, all ATO lodgements must be up to date.

MASTER BUILDERS’ MEMBERS ARE ELIGIBLE FOR A FREE CONSULTATION WITH THE TEAM AT XACT ACCOUNTING TO DISCUSS WHETHER SBRP IS THE RIGHT OPTION FOR THEM.

Re-levelling Homes with Australasia’s Largest Re-level Company

Mainmark has delivered thousands of successful residential and commercial projects. We raise, re-level and re-support homes and buildings of any size, as well as correcting sunken concrete floors. Our technologically-advanced methods use a system of ground injection techniques to deliver engineered outcomes for every foundation repair and strengthening project. Your customers will be back to normal in no time, because our methods don’t require excavation and are often completed in a matter of days. Repair is fast, clean and cost-effective and there is little disruption to the home or neighbours. Repair and strengthen foundations at your client’s home the fast, cost-effective, and clean way.

Benefits to Builders and Engineers:

Our methods:

Are accurate to within millimetres

Simplify the next phase of building work Minimise project down time

Work for buildings of any size

Don’t require major excavation Minimise disruption on site

Benefits to Homeowners:

Our methods are:

Guaranteed with a 50-year product warranty on material

Environmentallyinert and have zero negative impact

Cost-effective Convenient because homeowners can often stay in the house

Non-invasive and clean

Find out how we work with builders, contact us now

1800 623 312 | www.mainmark.com

Scan to see our Teretek® solution in action