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The Jobkeeper scheme has been extended but wage subsidies have been cut and eligibility has been tightened. A second phase of the JobKeeper program will run to March 28, 2021 Two tiers of JobKeeper will be introduced, based on hours employees worked in February 2020. The higher tier payment for those who worked 20 hours or more each week in February will be eligible for the $1,200 a fortnight payment…  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”. Where a business has qualified and is receiving JobKeeper, then payments for eligible employees will continue until 27 September with no changes regardless of turnover improvements. Who will qualify past 27 September? We expect very few WA businesses will qualify.…  Read more

What a year! We don’t need to tell you that this year has been “unprecedented”. With so many stimulus packages, support programs, tax changes and business shutdowns this financial year is set to be like we’ve never seen before. Oddly enough, amongst all the upheaval, rarely have we felt so enthusiastic about the opportunities for people and businesses who are open to new ideas and who are looking for guidance…  Read more

The pains caused by a recession can be brutal and most of us dread the thought. A recession can mean massive layoffs, fewer jobs and wages frozen, which means consumers spend less and in turn worsening the economic slowdown. If we look at the effects of the Global Financial Crisis (GFC) of 2008, between December 2008 and December 2010, about 1.8 million small businesses closed. According to Investopedia one decade…  Read more

As small business operators emerge post COVID, there are some important business questions to ask. These questions will help determine whether your business model is working and if there are additional changes you want to make to protect your business through future economic downturns or volatility. Will you remain the same old caterpillar or a change and improve like a butterfly? 1. What worked and what didn’t work in my…  Read more

You run a business, you take a risk. The aim is generally to provide income to support your lifestyle and family and freedom to be your own boss. For too many business owners, their business is a harder task master than any boss they have ever reported to. We know there is a better way… Too many businesses fall over or fail to achieve their potential because the owner has…  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

Image from The Spirit Business If you’re like many business owners you’re probably astounded by how the world changed in a very short time, and now it seems to have changed all over again! 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…  Read more

Times are tough for business owners. Many small businesses are experiencing cash flow problems from time to time and urgently need working capital. While many business owners immediately think of the bank or loans when they’re short of money, there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your…  Read more

On 6 March 2020, just as COVID-19 was starting to cause mayhem, the government passed legislation for a Superannuation Guarantee Amnesty. The amnesty allows employers to disclose and pay previously unpaid Super Guarantee Charge, including nominal interest, that they owe to their employees for past quarters (1 July 1992 to 31 March 2018). Despite intense lobbying for an extension, no changes have been announced and the Amnesty is due to…  Read more

Seamless bookkeeping and accounting You want to avoid paying more than you should come tax time. Part of that is ensuring you have well organised and recorded financial records. When tax time comes around, are you ready or scrambling last minute for missing financial records? Business owners have a lot on their plate and can easily lose track of an approaching tax deadline or financial data needed to submit returns.…  Read more

Your “war chest” is the financial reserve your business has built up. Your war chest helps you take advantage of opportunities or cover unexpected costs or emergencies such as the current Covid pandemic. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business while attempting to keep your reserve account healthy. To begin you should download a cashflow scenario planner…  Read more

We’ve teamed up with our Website provider Bizink to bring you a free webinar on how to market and sell remotely. They’ve been 100% remote for seven years but have built a global business and they want to share how they did it with you. I’ve attended webinars from them in the past and they are always practical and useful. They are going to cover everything from slide decks, proposals…  Read more

Extension of time to enrol for the JobKeeper scheme The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you can still claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight. For the first…  Read more

The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test. This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues. Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below. The basic test is satisfied where your projected GST turnover for the…  Read more

We have recently communicated with you via a blend of newsletter, email and phone calls across various topics including: Business Continuity Planning – bring structure into your business management across a range of areas Cashflow management and forecasting PAYG instalments – options to pay or vary for March quarter and also an option to reduce previous quarters to nil and receive a refund of tax instalments paid Government Stimulus –…  Read more

Author Peter Farlie Director Knight Financial Advisors Coronavirus concerns continued to dominate markets through March, causing unprecedented volatility in investment markets. The far reaching economic consequences have effectively wiped out all of the progress made over the last three years. We summarise the main indices as at the end of March below which have now turned to a sea of red: In addition to the above, the combined effect of…  Read more

If your business qualifies for JobKeeper support (effectively measured by your actual or forecast turnover reducing by more than 30%), then your business may qualify for commercial rent relief as provided for in the National Cabinet Mandatory Code of Conduct SME Commercial Leasing Principles during COVID-19. The key principles are as follows: Where it can, rent should continue to be paid, and where there is financial distress as a result…  Read more

The legislation and supporting documentation for the first two stages of the stimulus came to more than 200 pages. Our team has been reading the literature and attending training seminars on the application of this new legislation and working out how this legislation applies to your business. PAYG Withholding Stimulus for eligible employers TAX FREE PAYMENTS of up to $50,000 for eligible* small and medium businesses based on their PAYG…  Read more

      The Western Australian Government announced this week, further stimulus actions to help Western Australians The small business relief includes: $17,500 grants for small businesses with a payroll between $1 million and $4 million. The $1 million payroll tax threshold (announced in October 2019) will be brought forward by six months to 1 July 2020. Grants of $17,500 will automatically be paid by cheque to eligible businesses from…  Read more