Finance News

Will the government wind-back Job Keeper early?

Posted on Wednesday, May 13, 2020
Once again, the confusion around the government’s Job Keeper stimulus package is sweeping around the business community, with some reports suggesting the program will be wound back early.   That’s despite the payments having only just started filtering through to businesses that have been planning for this stimulus package to keep their employees in a job and keeping their businesses functioning.   In my opinion, I don’t think the government is going to end the program early. We’re still only at the beginning of this pandemic, and the effects on businesses are going to be felt for a number of months to come, so this stimulus will be vital.   While more businesses will start to re-open their doors or add more services as restrictions are eased, it won’t be like flicking a switch and everything goes back to normal.   The government has said they will be reviewing the Job Keeper program in June, but I believe it will run its course through to Septemb ... Read the rest of entry »

Preparing for the new normal, and the grant opportunities you might have missed

Posted on Wednesday, May 6, 2020
Every week we’re getting closer and closer to some sort of normality resuming for businesses, and there are rumblings that some of the restrictions could be eased in the coming weeks to allow this.   What is important for businesses across the country now is to be as prepared as you can be, and one thing that a lot of people may have overlooked are the additional supports available at a state level.   With The federal government Job Keeper payments starting to flow in, it would be wise to check out some of the state grants that are also available, particularly for businesses in Victoria and New South Wales.   These were announced by those two state governments back in March, but were quickly followed by the Job Keeper announcement at a federal level, so many businesses may not be aware of them.   In essence it allows for an additional $10,000 one-off cash flow boost if you qualify by having an ABN for the past 12-months, turnover of less than $50 million, and a ... Read the rest of entry »

Getting back to business post-corona

Posted on Wednesday, April 29, 2020
We are now another week down the track of navigating the government’s Job Keeper assistance program and there are some important updates for businesses to be aware of.   The first is that a bit of common sense has come in for employers looking to access the assistance program, where they can lodge a claim for the program up until May 31 instead of the previously announced April 30. Good result.   The other good news that we heard this week is that maybe small businesses will be getting back to work soon. But it won’t be business as usual, it will be business post-corona.   I was speaking with my mechanic on Sunday, who opened his second shop just before Christmas, following huge growth in his business from better processes, honouring dealer warranties and more cars on the road from ride sharing. His business was going really well before the shutdown. He asked me what he should do marketing-wise as a small business at this time. Should he re-do all marketing plans?  ... Read the rest of entry »

Job Keeper 101: My experience now that it's live

Posted on Wednesday, April 22, 2020
If you’re a small business owner, chances are you’ve been hanging out to hear how the Australian government’s Job Keeper program is going to work.   I’m one of the 900,000 business owners who is signing up to the program, which provides $1500 per employee, per-fortnight in relief to businesses that can show they have experienced at least 30 per cent reduction in revenue due to the COVID-19 pandemic.   With every employer in the country seeking the same information at the moment, the on-hold times at the ATO are astronomical – I spent over four hours on hold! My advice? Don’t call!   The good news is, the process for applying is done very simply through the business portal on MyGov, which allows you to apply for the Job Keeper payments for your employees and start getting some financial relief flowing.   There is still a lot of information and developments to come out as the payment is rolled out, and more information will come to light as this pr ... Read the rest of entry »

The silver lining to this corona crisis

Posted on Wednesday, April 8, 2020
Every cloud has a silver lining. And without diminishing the hardship that a lot of small business operators (and others) are facing at the moment, there is at least one positive that can come from this coronavirus downturn.   Small business operators often find they spend a lot of time working in their business, performing day to day tasks, managing staff and clients, actually doing the work. However, they often lack the time and resources to work on their business.   This downturn we’re currently experiencing is a perfect opportunity to step back, take stock, examine the weak spots in your business and get to work on fixing them for when things do return to normal in a few months’ time.   And here’s something to think about: if your business qualifies for the government’s Jobkeeper payments, you will find yourself in the unlikely scenario that once that payment kicks in, the government will be paying your employees to sit at home and work on y ... Read the rest of entry »

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