More JobKeeper changes expected

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

COVID-19 Business Update – 6 August 2020

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

COVID-19 Business Update – JobKeeper, Grants and Networking

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. JobKeeper Changes Coming in September This week the PM announced the JobKeeper wage subsidy scheme will be extended from September through to March next year, with some changes. This comes as businesses continue to struggle and as an increase in infections has been reported in the southeast.…  Read more

Ways to reduce your overheads

If you’ve been reviewing your business’s financial position and are looking for ways to improve your cash flow, one of the first things to look at are your expenses. As your business grows, so will your costs, but there are things you and your employees can do to keep them down as much as possible and so improve your cash flow. It’s important not to rest on your laurels. Continually…  Read more

JobKeeper 2.0 – Changes coming in September

The government has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy is 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

Battling Through COVID-19: Finance Tips for Business Survival

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. The seriousness of the disease and the lack of a vaccine (at the time of writing this) have prompted governments around the world to impose strict measures…  Read more

COVID-19 Business Update – Tax Time, Payment Summaries and 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. Tightening restrictions as COVID-19 cases top 10,000 Restrictions have tightened back up in some states in an attempt to contain a fresh outbreak of COVID-19 in the country’s southeast, which pushed the total number of cases in the country beyond 10,000. While Australia has avoided the high…  Read more

Payment Summaries have changed

Last year’s introduction of Single Touch Payroll (STP) means that tax time this year will be a little different. Employers are now required to report pays, taxes and superannuation information directly to the ATO each payday through STP. Employers that do report this way will not have to give you a payment summary as they usually would at this time of year. Instead, employees will get an end-of-year income statement…  Read more

COVID-19 Business Update – JobKeeper, EOFY and 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

Bootstrapping so you can keep going

Bootstrapping is figuring out how to reduce the cash you need to start, by eliminating any unnecessary overheads while finding out who will give you a hand. If for whatever reason you’re not able to raise enough capital to start-up you might be able to get what you need by ‘bootstrapping’ (finding what you need through unconventional or low-cost methods). Have others lend what you need You don’t have to…  Read more

COVID-19 Business Update – 1 July 2020

Happy New Financial Year! Welcome to this week’s update… State grants and support programs. Each state and territory has announced various grants and assistance packages which you may be eligible for. You can find a roundup of these grants on the Government’s Business website. Alternatively, you can also contact us so we can discuss which options are most suitable for your business based on your eligibility and needs. Victoria Reimposes…  Read more

Beyond COVID-19 – How to build value in your business

We’ve said it before and we’ll say it again – this has been an extremely difficult few months for all of us, but there is no better time to think seriously about your business. In this article, we have compiled a few tips to create value in your business. The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to…  Read more

COVID-19 Business Update – 25 June 2020

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

What have you learned from COVID-19?

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

Questions to ask as your small business recovers from COVID-19

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

What’s your Business Recovery Plan?

Have you thought about a COVID-19 Business Recovery Plan? Recent events have made a lot of people wonder what the future holds, both for themselves and for their business. This is the ideal time to stop and have a think about strategic business planning for the year ahead. Here are some tips to make that planning more productive. Get your team involved Business planning works best when it’s a team…  Read more

Here to help as you reopen your business

It’s great to see more and more businesses are able to reopen now, but it doesn’t mean everything is back to normal. There’s still a lot of uncertainty around what business will look like and how long it will take to “bounce back”. With so many unknowns, we want to let you know we’re here to help. We can help you develop a plan to reopen your business safely and…  Read more

Asset Write off Extended for Small Business

Great news this afternoon from Treasurer The Hon. Josh Frydenberg.  The instant asset write-off of $150,000 for small businesses with a turnover of less than $500 million will be extended to 31 December 2020. The instant asset write-off helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure. The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided…  Read more

9 Steps to Leading People Successfully through Major Organisational Change

Change in business is almost always a good thing, but often poor management means that the workforce becomes disengaged and the change process painful. In the worst cases, this results in irreparable damage being done. It doesn’t need to be this way. Follow these nine steps and empower yourself to successfully lead your people through major organisational change. Understand the change Make sure you understand exactly what is changing and how…  Read more

COVID-19 Government and Business Updates – Free E-Book

Everyone has been affected by COVID-19 in some way, shape or form, especially small business owners. There is so much information out there and it can get really confusing to wade through it all. At Love Your Numbers, we wanted to help. So…we recently created an E-Book to roundup the information out there on COVID-19 Government Announcements and Business Updates. We developed the E-Book in the hopes it assists you…  Read more

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