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 »

CBA putting a hold on foreclosures, I suspect the rest will follow

Posted on Wednesday, November 4, 2020
This week we heard probably the best news a business could hear from a bank, with the Commonwealth Bank announcing they will not foreclose on customers coming into Christmas if they had met their mortgage repayments in the 12 months leading up to the pandemic.   It's fantastic news from a retail point of view, a customer point of view, but most importantly from a small business point of view. It means that if you are under pressure you are able to maintain your home and your business well into 2021, when we all hope that the pandemic will have eased. At this stage only the CBA has committed to this, but I believe the other major banks will follow their lead.   It’s now almost a week since many Melbourne businesses have reopened, and while pubs and cafes are welcoming back customers, things are far from normal. Estimates say that up to $450 million has been wiped from the Victorian economy as a result of major events being cancelled or crowds being absent from them.   All the mi ... Read the rest of entry »

Finally some positivity!

Posted on Thursday, October 29, 2020
Finally, some positivity!   It’s been a tough year for all small businesses across Australia, but it is great to see so much positivity around this week as Victoria takes a huge step towards recovering from the pandemic and re-opening the economy.   Finally pubs, restaurants and retail outlets can fling open their doors and start to do what they do best, and there’s already reports of venues planning for a rush of activity in the weeks until Christmas, and some even booked into January!   There will obviously be a few teething problems along the way, and I’m sure all businesses would have liked a bit more notice to plan and prepare, but seeing Victoria start to catch up to the other states with their economic activity is a great sign.   The downside is that Victorian businesses are now a long way behind the other states in their recovery and their ability to access the JobMaker program, which was announced in the recent federal budget. This is a program designed t ... Read the rest of entry »