Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Phase 1B of Vaccine Rollout Begins Phase 1B of Australia’s COVID-19 vaccination rollout plan started this week to further cushion the health, social, and economic impacts of the pandemic. Priority groups in Phase 1B include: elderly adults aged 80 years and over elderly adults aged 70 years and over… Read more
The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”. For those severely impacted by COVID-19, JobKeeper might be available. The third and final phase of JobKeeper started on 4 January and runs through until 28 March 2021. To receive JobKeeper, employers need to have experienced a… Read more
Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons profitable businesses have little money in the bank, and what business owners can do… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Phase 1b Vaccination Roll Out to Commence on 22 March 2021 Phase 1b vaccinations will commence on 22 March 2021, and more than 1,000 general practices will join the COVID-19 vaccination program from next week to further strengthen the capacity and ensure efficient distribution of vaccines across the country.… Read more
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The lockdowns have added another layer of complexity as many work patterns and behaviours changed. A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related to you such as a spouse, child or even a friend), but in a different form to salary… Read more
The first COVID-19 vaccination in Australia rolled out on 21 February 2021 preceded by a wave of protests. With the rollout, comes a thorny question for employers about individual rights, workplace health and safety, and vaccination enforcement. The rollout, managed in phases, is expected to complete by the end of 2021 (you can check your eligibility here). While the Australian Government’s COVID-19 vaccination policy states that vaccination “is not mandatory and individuals may choose… Read more
When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Figuring out how much to charge is stressful, but it’s worth it. If your business doesn’t bring in enough money to pay… Read more
Super Retail Group – owner of the Supercheap Auto, Rebel, BCF and Macpac brands – handed back $1.7 million in JobKeeper payments in January after releasing a trading update showing sales growth of 23% to December 2020. Toyota announced that it will return $18 million in JobKeeper payments after a record fourth quarter. And, Domino’s Pizza has also handed back $792,000 of JobKeeper payments. Toyota, Super Retail Group, and Domino’s… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. COVID-19 Vaccination Drive On Track, Says PM Prime Minister Scott Morrison said the vaccination drive against COVID-19 is on track to meet the target of having everyone inoculated by October, despite delays. As of 7 March 2021, the total number of people who have been vaccinated stands at 86,369.… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Government Committed to Vaccinating All Australians by October Although the vaccinations are currently behind the target set for the end of February, Federal Health Minister Greg Hunt says the government stays committed to getting all Australians inoculated by the end of October. The Australian Defence Force will also assist… Read more
Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’ financial health… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Second Shipment of Pfizer Vaccine Arrives in Australia The second shipment with about 166,000 doses of the Pfizer-BioNTech COVID-19 vaccine arrived late Monday, as Australia entered the second day of a nationwide immunisation drive. Total weekly doses will be increased to 80,000 next week, from 60,000 doses this week.… Read more
If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated to your business Make sure that you keep… Read more
Upcoming Key Dates Key lodgment and payment dates for businesses in Australia this February 2021: 21 February Activity statements January monthly activity statements – final date for lodgment and payment. 28 February Activity statements Quarter 2 (October–December) activity statements – final date for lodgment and payment, including electronic lodgment. GST Annual GST return or Annual GST information report – final date for lodgment and payment (if required) if you do… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Victoria lockdown to end Victoria’s five-day lockdown is due to end at midnight Wednesday 17th February as no new local COVID-19 cases were announced. While most restrictions will cease, some will continue. For example, face masks are required in most circumstances and five visitors are allowed to homes. Public… Read more
On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business. Drawing on key features of the Chapter 11 bankruptcy model in the United States, the new system aims to speed up the insolvency process, reduce costs and where possible, restructure to help the business survive. Where survival is not possible, it’s hoped that the quicker insolvency process will… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Active COVID-19 Cases at Near 2-Month Low Australia only has 46 active cases of COVID-19, the lowest number in nearly two months. However, authorities warned against complacency. New South Wales, which has now gone 23 days without detecting any local cases of COVID-19, also warned of a drop-off in… Read more
Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have to pay employees, cover fixed expenses, buy supplies and pay your own subcontractors. Here are… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia Aims to Vaccinate Entire Population by End of 2021 Australia will spend more than $1.9 billion on equipping hospitals and health centres to administer COVID-19 vaccines that will see 26 million Australians vaccinated by the end of the year, according to Prime Minister Scott Morrison. Morrison said a… Read more
Having total control over your finances can give you an amazing sense of freedom. However, it takes a lot of discipline and hard work for you to be able to achieve this. In this article, we will share some of the most useful tips that you can start now to live a better financial life. Build multiple sources of income Whether it’s through your business, a side hustle, or investing,… Read more