Finance News

Reopening: it's back to business basics

Posted on Wednesday, October 21, 2020
It’s been a very strange few months for small businesses, especially in Victoria. But as things are starting to get moving again, it’s crucial that you have a clear plan for how your business will look in this new world we’re entering.   A small number of businesses have already opened their doors this week, with hairdressers and barbers doing a roaring trade from last Monday, and there’s every chance a large number of retail and hospitality businesses will be back open next week sometime, or early November at the latest.   We’ll await the Premier’s Sunday press conference for that.   But I’ve spoken to a number of small business owners in recent weeks who say they’ve had to take a good look at how they operate their business – almost like going back onto your L plates – to figure out if what they are doing and how they are doing it is the best way forwards.   It’s back to basics.   For example, I know a ... Read the rest of entry »

Changes due this Sunday, but what will they be?

Posted on Wednesday, October 14, 2020
It’s been an exasperating time for small businesses in Victoria, but particularly those in the retail and hospitality sectors that have been counting down the days and weeks to re-opening.   From everything I’m hearing, it appears that not much will change for those businesses when the next steps are announced on Sunday, and the light at the end of the tunnel of re-launching the industry on grand final weekend now seems unlikely.   It means more time juggling JobKeeper, which is now into its second phase and businesses have until the end of the month to get their business turnover information to the ATO to qualify for the next phase of the scheme.   The federal budget last week went a long way to recognising the importance of small businesses across the country and helping get people into jobs. A big issue with that is obviously cash flow, and businesses being uncertain how they will look in the months and years to come, so remaining apprehensive about hiring more staff. &nbs ... Read the rest of entry »

Tax Cuts + stimulus = jobs! (Hopefully!)

Posted on Wednesday, October 7, 2020
This year’s budget is arguably a once in a lifetime level of spending and stimulus. The federal government has sought to plug the economic hole by bringing forward tax cuts, supplements to various welfare payments, and a number of smaller schemes to encourage building, hiring of apprentices, and boosting manufacturing. These all add up to an unprecedented boost in government spending. The government's decision to bring forward planned tax cuts worth about $12.5 billion over the next 12 months represents a big win for a forecast 11.5 million taxpayers. The 19% tax bracket threshold will rise from $37,000 to $45,000 under the government's plan, while the 32.5% bracket will go from $90,000 to $120,000. The one-off low and middle income tax offset will stay in place for another year. When combined the measures will deliver individuals up to $2745 in tax benefits. All of this was designed to help set Australia up for a bounce in economic growth and employment that involves more than j ... Read the rest of entry »

The light at the end of the tunnel

Posted on Wednesday, September 30, 2020
There’s been a lot of doom and gloom about this year, especially in Victoria, but at last we’re starting to see some positivity return with the light at the end of the tunnel now in sight.   With COVID case numbers continuing to fall there’s now a fair bit of optimism, particularly in the hospitality sector, that things could open up sooner than expected and there may be some opportunities to capitalise on Grand Final weekend, traditionally a bumper weekend for Melbourne.   With the next round of restrictions planned to ease on 19 October, Grand Final weekend could mean a boost for restaurants, pubs and cafes across the state, and particularly in Melbourne where they have been among the hardest hit workplaces.   We’ve seen thousands of workers return to work this week in warehouses, construction sites and distribution centres, and the chance to promote a big weekend of business as the city tunes into the Brisbane-hosted Grand Final is something to look fo ... Read the rest of entry »

Jobkeeper 1.0 Comes To An End - Time For Phase 2

Posted on Wednesday, September 23, 2020
With the first iteration of JobKeeper ending this Friday, it's time for business owners and managers to have open and honest conversations with their teams. We have never faced so much economic uncertainty, so the open conversations need to start now, as government support changes. One of those changes includes another round of Victorian state government grant funding. Applications are open for sole traders and small businesses to apply, with $3000 available for sole traders and a minimum of $10,000 for small businesses. The application process takes about 40 minutes and you may need your accountant's help with some of the financial questions. These grants are available only to employing businesses in the eligible sectors listed on the website (it includes most businesses), in recognition that these industries are the most affected by coronavirus restrictions. If your business is not in one of the listed sectors, you may be able to access other support programs from ... Read the rest of entry »

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