Mzn Crying.png

As late as 31 July 2020 the Privacy Commissioner reported an increase in data breaches caused by ransomware attacks and impersonation is among the key findings in the latest statistics report from the Office of the Australian Information Commissioner.
Did you know that many people are unable to obtain finance because of the information contained in their credit file and as a result many are refused. We have reported cases of individuals having defaults without any knowledge of the alleged offence. Everyone is entitled to check their file once a year for free.
Aussies intending to apply for finance in 2021 or even planning to buy a mobile phone or something else on credit should check their credit file first before doing so. Even if you just want to see what is on your credit file it’s worth taking ten minutes to get a free copy of your report from a CRB (Credit Reporting Bureau) from one of the following. So simple just click on one of the links below or both :-

You might be surprised at what you find.

Published: Creditrail 4th July 2021




The end of the year is upon us again

It's that time of the year when we have to financially reflect on what has happened over the past twelve months and then put it on paper for the ATO. No one will disagree that 2020 has been a tough year for people and business alike.

Some business people will be searching for tax deductions to claim against their revenue but be warned, that writing off bad debts can have some pitfalls if you haven't followed the requirements of the ATO. So we have decided to have a look at the tax act in relation to such claims and summarise it briefly for you.

"While individual cases may vary, as a practical guide a debt will be accepted as bad where, depending on the particular facts of the case, a taxpayer has taken the appropriate steps in an attempt to recover the debt and not simply written it off as bad".


Generally speaking such steps would include some or all of the following, although the steps undertaken will vary upon the size of the debt and the resources available to the creditor to pursue the debt:


(i)     reminder notices issued and contact is attempted;

(ii)     a reasonable period of time has elapsed since the original due date for                     payment of the debt. This will of necessity vary depending on the amount of             the debt outstanding and the taxpayers' credit arrangements (e.g. 90, 120                 or 150 days overdue);

(iii)   formal demand notice is served;

(iv)   issue of, and service of, a summons;

(v)    judgment issued against the delinquent debtor;

(vi)   execution proceedings to enforce judgment;

(vii) valuation of any security held against the debt;

(ix)   sale of any seized or repossessed assets".

Click here >> for the ATO link to 92/18 (S32)

In essence, these are the rules by which we all live by and it may be a good idea that notations should be kept along the way with all debtors who are consistently late with payments and certainly those which you feel may possibly need to be written off at a future time.

As usual, seek your tax professional's advice. 

Published: CCSA 9th June 2021


The latest news and blog from Credit Collection Services Australia 

The latest blog deals with a warning for Australians to check their credit files and the ATO requirements for debt write off's in the next tax returns.