New South Wales (NSW) has been inundated with torrential rain leading to flash flooding across the state. The NSW Government recently announced the provision of financial support to businesses and individuals impacted by the floods in NSW from February 2022. If you or your business is affected by the current NSW floods, the following financial … Continued
During the ongoing COVID-19 pandemic, many industries are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cashflow, it’s vital you map out your financial position over the coming months so that you can take the appropriate action to safeguard your cash position. Forecasting … Continued
Rent is one of the largest fixed costs for many small businesses and with current lockdown restrictions cash flow may have ceased or significantly reduced. Fortunately, the NSW Government has announced greater protection and financial support for commercial tenants and landlords impacted by COVID-19. The NSW Government will re-introduce the National Cabinet’s Mandatory Code of … Continued
The NSW Government today announced a major new grants package and changes to the Dine & Discover program to help tens of thousands of small businesses and people across NSW impacted by the current COVID-19 restrictions. The package includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers, an … Continued
Are you aware of the adjustments to JobKeeper and how they affect you? As many of you are aware, the Government recently announced that JobKeeper payments will be extended until 28 March 2021, with payments being made over two separate extension periods. The extension periods are: Extension period 1, which covers the seven new JobKeeper … Continued
As anticipated, the Government has announced an extension to its two major stimulus programs; JobKeeper and JobSeeker, to ensure support is provided after 30 September when the programs were originally due to expire. The current extensions to the programs are as follows: JobKeeper Extension: JobKeeper has now been extended till 28 March 2021 – with … Continued
Are you one of more than 800,000 Australians who have opted to defer repaying your home loan due to the COVID-19 pandemic? The deadline to resume mortgage payments is fast approaching. Your lender may have contacted you to ask if you are able to recommence paying your loan at the end of the six-month deferral … Continued
It has been a tough year for most small business owners with many of you forced to shut doors due to COVID-19. As restrictions ease and we adjust to current conditions, you may be wondering what trade looks like for your business on the other side of this calamity? Under the new Small Business Recovery … Continued
The Government has announced a second round of stimulus that is significantly larger than what was proposed two weeks ago, to assist businesses through the economic shocks of COVID-19. The measures currently in place are as follows: Boosting Cash Flow for Employers This stimulus measure has been enhanced with eligible businesses now able to receive … Continued
Here’s How to Know When It’s Time to Restructure Often when starting out in a business, the simplest and cheapest structure to use is either an individual (i.e. sole trader) or partnership. The cost to setup these structures are low, and with the expectation of low revenue in the initial years, it can also be … Continued
There are dangers in engaging an individual as a ‘contractor’ without having a proper understanding of the law. You may find that the individual is considered to be an employee at law, and this brings with it a range of legal obligations – and liabilities if you get it wrong. An employee generally works in a business … Continued
The Turnbull Government announced that they will provide the ATO with additional funding for a Superannuation Guarantee Taskforce. The taskforce will crackdown on employer non-compliance. The ATO released a media statement on 29 August that the super guarantee gap for the 2014-15 year is estimated to be $2.85 billion, which represents 5.2% of the total … Continued
Traits of Successful Small BusinessesInternational research has suggested that the following characteristics consistently play a role in successful small businesses: 1. Owners leading by example The owner or manager leads by example. He or she is usually the first to arrive, the last to leave. The owner knows everyone by name and their presence is … Continued
NSW Small Business Grant: A Boost for Hiring New EmployeesAre you a small business in NSW? Have you recently or are you thinking of hiring an employee for a new job? If so, you may be eligible for the NSW Small Business Grant. The NSW Small Business Grant is designed to encourage small businesses that … Continued