Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Federal Budget 2020 Released The Federal Budget was released earlier this week. Here’s a quick rundown of the key points: This budget is based on economic assumptions including that there will be a COVID-19 vaccine rolled out by the end of 2021. Asset write off – businesses… Read more
The Federal Budget was released on Tuesday 6th October. This article has a good summary of the “Winners and Losers” of the Budget. You’ll also find a recap of the key points below. Key Points: This budget is based on economic assumptions including that there will be a COVID-19 vaccine rolled out by the end of 2021. Tax cuts for workers – more money in pockets for more Australians. JobMaker… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. $800m Digital Business Plan to Drive Economic Recovery The Australian Government has announced a Digital Business plan to enable businesses to take advantage of digital technologies to grow their businesses and create jobs in the wake of COVID-19. PM Scott Morrison and Treasurer Josh Frydenberg announced the… Read more
The Australian Government announced that JobKeeper and JobSeeker payments will be extended, with changes starting on 28 September 2020. Below is a rundown of the changes to expect on these support schemes. Changes to JobKeeper The JobKeeper scheme will continue until 28 March 2021. The extension of the scheme will operate in two separate periods: Extension 1: 28 September 2020 to 3 January 2021 Extension 2: 4 January 2021 to… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Queensland Border Zone Extensions from October 1st Queensland’s border zone will be extended to 5 local government areas in NSW starting October 1st. These areas include: Byron, Ballina, Lismore, Richmond Valley and Glen Innes councils. South Australia-NSW Borders to Open at Midnight South Australia will reopen its… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Australia To Extend Bankruptcy Protection Rules Until End of 2020 Australia will extend its temporary insolvency and bankruptcy protection rules until the end of this year, providing businesses a lifeline to recover from the impacts of COVID-19. The rules, which were first introduced in March and originally… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. COVID-19 Cases in Victoria Fall to Seven-Week Low Victoria, the epicentre of Australia’s second wave of COVID-19 infections, has reported a significant drop in the number of new cases, reaching a near two-month low. This is good news as the total lockdown in Melbourne is set to… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Victoria’s State of Emergency extended for 18 months Victorian Premier Daniel Andrews has announced the State of Emergency will be in place for 18 months and lockdown restrictions will be extended beyond September. Businesses in Victoria that are struggling can access the state’s Business Support Package. Get… Read more
Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. Cashflow Boost and JobKeeper Audits The ATO has announced that it will be actively conducting audits on the cashflow boost JobKeeper scheme. If you receive contact from the ATO to review your JobKeeper eligibility, you will be required to provide documentation as proof that you meet the eligibility criteria.… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Australian Borders Remain Shut Prime Minister Scott Morrison announced that international border closures were unlikely to lift before Christmas, as the country reported a record single-day surge in COVID-19 deaths on Monday. However, drastic lockdown measures in Melbourne appear to be working, as the rate of daily… Read more
7 August 2020 You may have heard the news that Treasurer Josh Frydenberg has announced the government will expand the JobKeeper scheme again. This comes a few weeks after announcements of JobKeeper 2.0 to start at the end of September. Below is a roundup of what has been announced and what we expect to see, but please note that this is not legislated yet and is still subject to change.… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Support for Victorian businesses As you have probably heard, the Victorian Government has announced updated restrictions for Melbourne and regional Victoria to help slow the spread of COVID-19. Stage 4 restrictions started from 6pm on Sunday 2 August for metropolitan Melbourne. Stage 3 restrictions are in place… Read more
The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still “needed” but required a “test to ensure that JobKeeper is well targeted”. Be prepared This means there will be changes to your current situation and your entitlements will be affected. The details of the changes are being announced now and we will ensure our clients are fully informed as to how this… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Next phase of JobKeeper to come after September PM Scott Morrison confirmed today that there will be a “further phase” of JobKeeper payments following this September when the scheme is due to end. No more details have been announced yet, but we will keep you updated when… Read more
If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn from the response to COVID-19 to help plan for the future. Yes, your… Read more
As small business owners look to operations after COVID-19, there are some important business questions to ask. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns. It’s not always fun to do this sort of examination, but the answers to these questions… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Second Round of Cash Flow Boosts If you received initial cash flow boosts, you’ll automatically receive additional cash flow boosts when you lodge your activity statements for each monthly or quarterly period from June to September 2020. The amount will be equal to the total amount of… Read more
Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies… Read more
Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. Easing restrictions Last week we mentioned the government’s state-by-state roadmaps to relaxing restrictions. Most states have started their roadmap and as a result some businesses are gearing up to reopen. If it’s still a little while away for your business – hang in there, and please don’t hesitate to… Read more
As many business owners are experiencing, the COVID-19 pandemic has created serious financial difficulties for entrepreneurs. Small businesses especially are faced with cutting their budgets so they can continue to operate—even at a smaller scale—and not have to close for good. They also have to figure out how they can market themselves so once the pandemic is over, their customers and clients come back to them. During a financial crisis,… Read more