Finance News

Lockdown: The Coronavirus Strikes Back

Posted on Thursday, July 9, 2020
Just last week I was talking about the impact on business for ten postcodes across Melbourne that had been sent back into lockdown, and now we have the rest of the metropolitan area about to experience the same pain – again.   With the city reverting to stage 3 lockdown measures as of last night, the impact on businesses is going to be severe. But it is something that we have already been through, so the key is to stay prepared.   The federal treasurer is set to announce the future of JobKeeper and JobSeeker in a couple of weeks, and my hope is that there will be an extension or at least a review of the scheme for Victorian businesses.   Premier Dan Andrews flagged that there could be some more relief from the federal government, but that is still unknown at this point.   With that on the horizon, it is time to call your accountant and make sure you are right on top of your finances and prepared to strike when the time comes.   As a business owner, you have to assess w ... Read the rest of entry »

New financial year, new coronavirus challenges

Posted on Wednesday, July 1, 2020
Normally our 1st July newsletter starts with “happy financial new year!” Unfortunately, this year there’s not a lot to celebrate.   Just when it looked like we could take stock, focus on tax time and start preparing for the new financial year with some clarity, the COVID-19 pandemic throws Victorian businesses another curveball.   News this week that ten Melbourne postcodes (more than 30 suburbs) are heading back into lockdown means it is back to take-away service for cafes and restaurants, and the return of restriction for pubs, gyms and beauty parlours.   It is important that businesses affected by these changes make sure they apply for the Victorian government’s $5000 support payment. Those eligible for the payment will be businesses previously eligible for a Business Support Fund grant or a payroll tax refund that have been affected by coronavirus and this additional lockdown.   This would also apply to businesses currently receiving JobKeeper payme ... Read the rest of entry »

EOFY is approaching, time to sort your FBTs and IAWOs

Posted on Wednesday, June 24, 2020
With just a week left in June there’s one thing every small business owner is thinking about: the end of the financial year.   It’s fair to say this year has been unlike any other, so it’s more important than ever to ensure you get the best possible result for your business throughout this period.   The first thing to be aware of is fringe benefits tax, which will look very different for many businesses and their employees this year.   Whether it’s a company car, accommodation credits, or meal allowances, these are an important way that many businesses structure their salaries, and the tax on those is generally due on 28th May but has already been deferred to 25th June.   It’s important with everything that has happened in recent months that business owners don’t neglect that FBT deadline, but it is also worth noting that if you need an extension on submitting that paperwork you can get your accountant to ask the tax office for one, or you can em ... Read the rest of entry »

How to claim your working from home expenses

Posted on Wednesday, June 17, 2020
Tax time will look a bit different for small businesses this year, but there are some important tips to remember as we approach the end of the financial year. Of particular importance this year for employees, will be making sure you have your working from home expenses right, with this the single biggest change for most businesses in the past 12 months. There are a couple of ways of looking at this, and which way you decide go could make a big difference to your tax return. The ‘short cut method’ is to claim 80c an hour for the hours you have worked from home, to cover costs like electricity and internet. This approach could see employees claim around $700 from the pandemic period, but it could also actually mean you end up paying more tax, so it is worth putting in the extra effort to get this part of your tax claim right. What I would be doing right now if you work in a small business, would be going to your employer with a logbook of the expenses incurred during your time working fr ... Read the rest of entry »

Some clarity on the government's intentions from Sen. Michaelia Cash

Posted on Wednesday, June 10, 2020
This week I had a chance to chat with the federal Minister for Small and Family Business, Senator Michaelia Cash. With so much government intervention in the economy, the fast-approaching end of financial year, as well as keeping our businesses running smoothly, it was a great chance to get some clarity on a few things.   The first was an announcement from the federal government this week that the $150,000 instant asset write-off scheme has been extended until the end of the calendar year, allowing more time for businesses to make big-ticket purchases.   This means that businesses looking to make a prominent purchase, such as a work ute, or a piece of equipment that couldn’t be delivered by June 30, now have an extra six months to install it or get it up and running.   That’s a boost for business at a hectic time, and I think it will help a lot of businesses make decisions for their future that they may have otherwise put off.   Many businesses may also not have th ... Read the rest of entry »
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