Finance News

Happy new year! Or is it?

Posted on Thursday, January 14, 2021
Happy new year and welcome to 2021! But if you thought 2020 was turbulent, brace yourself, things are about to get really interesting.   It’s well known that a million employers nationwide took up the government’s JobKeeper subsidy offering, with 60% of those in Victoria. And despite the ongoing COVID concerns, the feds have stated that as March 2021 ends, so does their stimulus, with JobKeeper ending and JobSeeker reduced. That’s assuming of course, that there’s no third wave (it feels terrifying even just to write it!).   So if you run a business, now is the time to take a step back and examine whether your business can survive in a post-stimulus world, and if so, what it’s going to look like. For example, will you need to cut your staff numbers in order to make ends meet? It’s likely many businesses will, which will lead to a predicted increase in unemployment.   There are also ominous signs coming out of Google, with the search engine reporting a sp ... Read the rest of entry »

The new challenge on the horizon: a stimulus-free economy

Posted on Thursday, December 17, 2020
It seems crazy that Christmas is now just over a week away, and we are almost at the end of a chaotic 2020 that no small business owner could have anticipated. We learnt that Corona isn’t just a Mexican beer, Zoom isn’t just the sound a car makes, government = ATM, and small business owners have the ability to pivot quickly in order to counter an existential threat. We’ve also seen the resilience and ingenuity of small business owners everywhere, and it is a trend that will continue into 2021 as those who are creative will be best set up to survive moving forwards. I think it is safe to say that 2021 will bring a different look to most workplaces, and it will be a long time before we see workers returning to the office five days a week. Businesses have seen that you can survive and be successful with more fluid working arrangements, and working from home in some capacity will likely become the new normal.  But there are big challenges on the horizon, not least the end of JobKeeper ... Read the rest of entry »

DO NOT drain your super to buy Christmas presents!

Posted on Wednesday, December 9, 2020
We have seen an amazing recovery from the Australian economy over the past few months, and now we’re seeing some real proof of positivity returning to business as we approach the holiday season.   Survey results from both the ANZ and NAB have shown that business conditions are at a 20-month high, and we are hearing more and more positivity in the feedback about retail conditions and jobs as normality slowly returns to the market.   It ultimately comes down to confidence, and with more small businesses reopening, increasing their trading hours and product offerings, there is plenty of confidence in the economy. That’s not to say that we are back to normal or that everything is perfect, but with many of these businesses like caged lions for much of the year, they are ready to roar given the chance.   I spoke to a florist this week who received government support during the pandemic and was able to pivot their business to an online model, but are now able to add their normal ... Read the rest of entry »

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 »

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