Finance News

Victoria commits to paying SMEs within 10 days

Posted on Wednesday, December 2, 2020
If you ask any small business owner, they will likely tell you that slow payment times is one of the biggest hurdles they encounter, so it’s pleasing to see some significant progress on that front this week, with the Victorian Government announcing it will now pay all SME invoices within 10 days. It’s a lead I’m hopeful that other states will follow.   It’s a harder task convincing big business to commit to the same standard, but I spoke to the Small Business Ombudsman Kate Carnell this week, who said the move from Victoria was a step in the right direction.   “They had been doing it throughout COVID, but they’ve now promised to continue to,” Ms Carnell said.   “To be fair to other states, the federal government has moved to 20 days, and New South Wales has done something similar, but this is 10 days so it’s a great step.   “There is still capacity for businesses who use e-invoicing to go to five days over time, but that&r ... Read the rest of entry »

Payroll tax relief and more to help businesses back onto their feet

Posted on Thursday, November 26, 2020
Last week we saw New South Wales throw the kitchen sink at their budget to give small and medium businesses a boost, and this week we have seen Victoria throw the whole kitchen!   The main benefit for Victorian business owners is that those with payroll up to $10 million can continue deferring payroll tax, and if you speak to any business in the eastern states they will say that payroll tax is something they dread.   This is a great boost for the local economy, especially with the end of JobKeeper and JobSeeker now just four months away, and the time getting closer for businesses to hold onto and hopefully put on more staff.   The recently announced Jobs Tax Credit initiative will run for the next two years and means that small and medium businesses that qualify will receive a 10-cent credit for every dollar of taxable wages if they keep staff on once Job Keeper support expires at the end of March, or if they re-employ them. That’s a great incentive to keep workers on, to increase h ... Read the rest of entry »

Payroll tax relief and more to help businesses back onto their feet

Posted on Thursday, November 26, 2020
Last week we saw New South Wales throw the kitchen sink at their budget to give small and medium businesses a boost, and this week we have seen Victoria throw the whole kitchen!   The main benefit for Victorian business owners is that those with payroll up to $10 million can continue deferring payroll tax, and if you speak to any business in the eastern states they will say that payroll tax is something they dread.   This is a great boost for the local economy, especially with the end of JobKeeper and JobSeeker now just four months away, and the time getting closer for businesses to hold onto and hopefully put on more staff.   The recently announced Jobs Tax Credit initiative will run for the next two years and means that small and medium businesses that qualify will receive a 10-cent credit for every dollar of taxable wages if they keep staff on once Job Keeper support expires at the end of March, or if they re-employ them. That’s a great incentive to keep workers on, to increase h ... Read the rest of entry »

NSW budget released with VIC to follow: choc-a-bloc with COVID relief

Posted on Thursday, November 19, 2020
It may be later than usual, but the New South Wales state budget this week was a welcome boost for small business owners in the most populous state in the country.   Among some of the key points was a reduction in payroll tax for the next two years, which is expected to provide a business paying around $1.2 million in wages about $38,000 in savings over the next two years. Those businesses that do not pay payroll tax will receive $15,000 vouchers to cover government fees and charges.   NSW has also announced changes to stamp duty, which offers homebuyers the option of paying upfront or via an instalment plan. That’s great for homebuyers and people looking to grow their business, and there’s hope that the real estate industry, which has been hit hard by cancelled auctions and restrictions on inspections, will see a jump in activity as we head into 2021.   Victoria will have its budget out shortly, and you can be sure there will be plenty in it to try and stimulate the econ ... Read the rest of entry »

Risk mitigation: protecting your business despite the constant flux

Posted on Wednesday, November 11, 2020
The craziness of the crisis has led to constantly shifting goalposts for business owners, with conditions in a seemingly never-ending state of flux.   But one thing that any small business owner should never ignore is risk mitigation and making sure your business is protected from any number of scams that are doing the rounds, as well as the more common risks of running a business.   While this year has been more about staying in business and ensuring cashflow continues, there are still a number of ways to minimise your risk.   The big financial risks are clearly mitigated by insurance, however a recent study showed that while 87 per cent of business owners understand how important insurance is for them and their liabilities, 62 per cent of business owners don’t understand their insurance or aren’t sure if they are adequately insured.   My big tip for this is to first take a step back and look at the kinds of insurance you have in place. Do you have business insura ... Read the rest of entry »
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