Budget Update 2021
Last night, Treasurer Josh Frydenberg delivered a somewhat ‘free spending...
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Budget Update 2021
Last night, Treasurer Josh Frydenberg delivered a somewhat ‘free spending budget’. Despite the considerable debt that has been incurred in lieu of the pandemic; Australia’s economic rebound from the COVID-19 has given the government more money to play with than first expected. The 2021/22 budget sees increased funding to social programs such as disability services, [...]
Jobkeeper 2.0
This first extension period of JobKeeper 2.0 runs from 28 September 2020 to 3 January 2021. Businesses will need to show that the actual GST turnover (as opposed to projected) has declined in the September 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019). See the actual decline in turnover test for more information. To [...]
Five steps to better cash flow
Get your invoicing right BlueVine knows invoicing is part of good cash flow management. Once you’ve delivered a product or service, don’t wait to invoice. That can hurt your cash flow and your business. You should get into the habit of sending invoices for payment quickly. Consider sending invoices immediately, or on a daily basis, depending [...]
10 ways to develop and maintain a strong company culture
Top tips for building a strong company culture While the term culture might be easy to define in pleasing words, it can be much harder to grab hold of in daily business. Company culture can fall into the ‘nice to have’ space, but then be ignored or forgotten when times get tough. But culture is [...]
UPDATE: BUDGET 2020/21
The government has handed down the widely anticipated 2020/21 budget, outlining its plans to help rebuild Australia post-pandemic. From the $98bn of spending and business concessions outlined; here’s what we believe are the stand out announcements impacting small and medium business: Budget Summary Graphic Uncapped Immediate Asset Write Off Businesses with an aggregated annual turnover [...]
How to create the perfect business plan in 10 steps
Why do you need a business plan? You may be wondering why you need a plan in the first place. After all, you have a clear idea in your mind about what you want to achieve. You know the market, you have the necessary skills. So why do you need a plan? There are many [...]
6 Reasons To Look at Your Financial Reports
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 [...]
Lessons learned in lockdown – for your business and life
Lockdown has been (and remains) a tough time for business. Having to shut your business at short notice, or switch to an entirely digital, remote-working model, was a stressful experience. But there are things we have taken out of lockdown. Whether it enabled us to explore new ideas or dive into some fresh thinking [...]
Green Light on Superannuation Amnesty
After much waiting and anticipation…. the superannuation amnesty has finally received the green light.
So what does it mean?
The amnesty creates an opportunity for employers to make a catch up payment of ‘old superannuation’ that should have paid for employees (and directors)… the ATO will allow the payment to be deductible* (super is normally only deductible if paid by the due date) along with reducing fines and penalties that would normally be applicable. [...]
JobKeeper – Time Extension
The ATO has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.
Importantly, the ATO will now accept the late payments of the minimum $1,500 per fortnight ($3,000 p.m) as long as they are paid by 8 May, extended from 30 April. [...]
JobKeeper – Turnover Test
Enrolment for JobKeeper opens today….. over the weekend the ATO has released the inner workings of the Turnover Test, enabling employers to be eligible. Key points below: For qualification from the start of the scheme, the turnover month used can be either March 2020 or April 2020. To qualify at a later time, the turnover [...]
JobKeeper – The Details…
Treasury and the ATO have released the much-awaited detail of how JobKeeper is to work. There is a lot to digest…. however, we have put together in a ‘broad brush’ format, what we believe are the key elements for business owners: Businesses will be able to enrol in the JobKeeper scheme from 20 April [...]
JobKeeper Update
Parliament met yesterday to further the progress of JobKeeper…. One of the main questions for business owners is: What do I need to do now to ensure I receive the JobKeeper payment in the first week of May? Answer: nothing at the moment… this is assuming you are one of the 700,000 businesses that [...]
Cash Boost for Q3 BAS
Whilst we are waiting with bated breath for JobKeeper to pass through parliament later this week…
Let us not forget the initial Cash Boost package providing tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses. [...]
JobKeeper Payment
The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus. [...]