Support for immediate cash flow needs for SMEs

Many otherwise viable small and medium sized businesses are facing significant challenges due to disrupted cash flow. At the same time, businesses retain fixed obligations including rent, utilities, and employee expenses. The Coronavirus SME Guarantee Scheme will provide support for these businesses. Under the Scheme, the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital. This will…  Read more

ATO reveals new working from home expenses rules

The Australian Taxation Office (“ATO”) has announced special arrangements this year for everyone working from home due to the coronavirus crisis. The ATO has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (ie. additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Based on the announcement, the…  Read more

JobKeeper payment passed in Parliament

On Wednesday 8 April 2020, Parliament passed the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 and the Coronavirus Economic Response Package Omnibus (Measures No. 2) Bill 2020 The first of these measures authorises the introduction of the “JobKeeper” scheme, which will provide wage subsidies of $1500 per fortnight for workers whose jobs and income have been affected by COVID-19 and the measures taken to contain its spread. The…  Read more

The long awaited Government announcement on leasing arrangements

We have reviewed the long-awaited details on the SME Commercial Leasing Principles Code of Conduct which was announced by Prime Minister Scott Morrison to be implemented between landlords and tenants throughout the COVID-19 crisis. The SME Commercial Leasing Principles During COVID-19 appears to be very supportive of tenants (usually the business) throughout the period of the pandemic and includes a reasonable recovery period. The term ‘reasonable recovery period’ is prominent…  Read more

Eligible NSW businesses set for $10k grant

$10,000 grants for eligible NSW businesses New South Wales small businesses will soon be able to receive up to $10,000 to visit their accountant and pay for overheads as the State Government throws out an additional financial lifeline – 3 April 2020. The NSW government has now pledged $750 million to help small businesses across the state deal with the economic impact caused by the coronavirus pandemic. To be eligible,…  Read more

‘Job Keeper’ payment makes up Government’s 3rd stimulus package

The Department of Treasury refines eligibility for COVID-19 JobKeeper Payment – 2 April 2020. For businesses to qualify for the JobKeeper Payment, they must be able to demonstrate either the 30% or 50% fall in turnover as compared to the year before. This is based on turnover in a one-month or three-month period, depending on the usual activity statement reporting period of the business. The Tax Commissioner will have the…  Read more

6 Essential Accounting Terms for Small Businesses

Hiring an accountant is widely considered best practice for small business owners.  But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more…  Read more

Fringe Benefits Tax 2018

The Fringe Benefits Tax (FBT) year ends on 31 March and the FBT Return is due 21 May 2018. We’ve outlined a few key hot spots for employers and employees to be aware of for the 2018 FBT year. Motor vehicles – using the company car outside of work New safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The…  Read more

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