Debt management is liaising with creditors to obtain greater flexibility in terms of payment arrangement. Iconic Accountants can help if you are struggling with debt problems, through identifying and learning to manage your debt to take control of your finances.
For most people, owning their own home is one of their top priorities for them and their family. However, debt can also be used in different ways to assist with wealth creation, retirement planning, business start-ups and growth and to help you move capital purchases to an expensive purchase through leasing and hire arrangements.
What is important when using debt to achieve a lifestyle, investment or business-related goal is that the structure and level of the finance been used is appropriate.
There is also the consideration of which entity, e.g. person, company, trust etc, the finance (loan) should be owned by and responsible for the loan, and not forgetting the implications of tax.
There are numerous key considerations when using finance that should be evaluated, depending on the purpose and ultimate objective of the debt.
We simultaneously can arrange finance from other financial institutions if the debt level is at a critical stage. Our firm acts together with various mortgage brokers who are more than capable to assist. Australian Taxation Office (ATO) is usually the main creditor of many small businesses, dealing with them at all levels of their debt recovery process had numerously been done by the firm. Success rate achieved is high but it depends on a case by case basis.
If the debt management proves to be unsuccessful, clients are requested to cease trading and then the liquidation process is explained to them. Referral to the liquidators is done on a request basis.
Depending on your situation there will likely be opportunities to optimise your debt management strategy by using a combination of flexible lending products.
There is a diverse range of options to consider including:
Increasing loan repayments amounts and/or frequency to reduce the loan balance sooner.
Using mortgage offset or loan redraw facilities to reduce interest being paid while retaining access to the equity you have built up in your home loan.
Combining personal loans and credit card debt in with your home loan to save on total interest paid.
Ensuring you are structured to maximise your potential tax deductions.
We know the market and have the experience to ensure your debt management strategy will be correctly structured for you.
Call our representative at +61 406 579 352 for more information.
Please feel free to contact us. We will get back to you with 1-2 business days. Or just call us now
+61 406 579 352
info@iconicaccountants.com.au
