How Small Businesses are Boosting Sales During COVID-19

We started 2020 with optimism and hope that this year was going to be better than the last– but then, COVID-19 happened and brought sudden massive changes worldwide. It has disrupted the way we interact, shop, work, and transact. Businesses of all sizes have been plunged into darkness, with some even having to shut completely Meanwhile, others managed to find dynamic solutions to shelter their businesses from the harsh impacts…  Read more

COVID-19 Business Update – 2 September 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. 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

JobKeeper Extension Bill introduced this week

The JobKeeper Payments Amendment Bill was introduced in the House of Representatives on Wednesday 26th August. We appreciate your patience as we process these changes This Bill introduces the extension of the JobKeeper scheme that was announced last month. The proposed rate changes will see the current $1500 per fortnight payment drop to $1200 for full time workers. and $750 for those working less than 20 hours per week from…  Read more

COVID-19 Business Update – 27 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. 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

COVID-19 Business Update – ATO Audits, JobKeeper changes and 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

Adjustments to Employee Eligibility for JobKeeper

The ATO has released further guidance on the recent changes to the JobKeeper scheme in relation to the timing of an eligible employee. From JobKeeper fortnights commencing 3rd August, the key date for eligible employees has changed to 1 July. In the past, an employee had to be on the books as of the 1st of March in order to be eligible for the JobKeeper wage subsidy. This change is…  Read more

COVID-19 Business Update – 13 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. 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

Preparing for the end of JobKeeper

Since the government announced the $70-billion JobKeeper program to support businesses and their employees during the COVID-19 pandemic, many small- and medium-sized businesses and non-profit organisations heavily relied on this scheme to stay afloat. According to a recent survey by the Australian Institute of Company Directors on the impact of COVID-19, over 40% of the respondents reported reliance on JobKeeper payments. 47% of SMEs indicated that the JobKeeper Scheme had…  Read more

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

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