Over 80% of NSW and Victoria SMEs plan to thrive after lockdowns

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

End of Lockdown in Sight for Melbourne

Melbourne will exit its coronavirus lockdown in late October if vaccine targets are met. The city has been under lockdown since August 5, but restrictions could be lifted when 70% of those over 16 years old are fully vaccinated. They projected that target would be reached around 26 October.

Victoria’s construction sector shutdown due to non-compliance with COVID safety rules

Most of the Victorian construction industry has been put under a two-week shutdown.

The shutdown affects the sector in metropolitan Melbourne and other local government areas that are subject to lockdown restrictions, which are the City of Ballarat, City of Geelong, Mitchell Shire and the Surf Coast Shire.

The construction sector will not simply restart in a fortnight’s time if ongoing COVID compliance issues continue.

Victoria’s Health Minister Martin Foley said the vaccination rule would stay, with workers allowed two weeks to get their first dose.

Financial Assistance

The COVID-19 Disaster Payment, Pandemic Leave Disaster Payment may be available for impacted workers.

Ballarat to Exit Lockdown on Wednesday

At this stage Ballarat will exit its seven-day lockdown on Wednesday night. However, there will still be restrictions in place including the mandatory wearing of masks indoors and outdoors and no home visits.

Moderna COVID-19 Vaccine Available at Selected WA Pharmacies

Western Australians 12 years old and above can receive a Moderna COVID-19 vaccine from selected pharmacies. The first distribution of Moderna is expected to reach selected pharmacies between September 27 and October 2.

COVID-19 Government Support By State and Industry

Small businesses that are currently suffering from lockdowns can get financial assistance to help them get through the pandemic. You can find the latest government support schemes for each state or territory here.

The impacts of the COVID-19 restrictions vary from one industry to another. Here you’ll find the latest government financial assistance available for particular industries.

All Australian hotspots: COVID-19 Disaster Payment for recognised lockdowns

This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

Cash Grants for Tourism and Hospitality Businesses in SA

Hundreds of local tourism and hospitality businesses in South Australia have already started receiving new $3,000 and $1,000 cash grants, as part of a joint Federal-State Government small business support package. You can find more information about support grants in South Australia here.

NSW Grants

The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

NSW: Micro-business grant

The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

To check your eligibility and apply, visit the Service NSW website.

COVID-19 Business Grant

A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

ATO support for those affected by COVID-19 restrictions or disasters

The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

The ATO may be able to:

• prioritise any refunds owed to you
• set up a payment plan tailored to your individual situation
• remit penalties or interest charged during the time you have been affected.

If you need help to manage your tax or superannuation obligations, please get in touch with us.

JobMaker Hiring Credit

Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

• up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
• up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register before the due date of the first JobMaker period you’re claiming for.

Wage Subsidy Scheme for Apprentices and Trainees

The government is continuing the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months.

Tips for First-Time Business Owners

First-time founders often waste time and resources during the early stages of building their business because of the knowledge gap on how to efficiently start a company. In this Forbes article, seven tips have been shared for the successful launching and running of a business.

• Create an online presence. Build brand trust by having a beautifully designed website and polished online presence that potential customers, investors, and staff can visit.
• Find an organisation system that works for you. Have one place to store all your information, manage to-do lists, stay aligned on big-picture ideas, manage data, plan out product and content calendars, among other things, so you can run your business more efficiently.
• Stay on top of your finances. You’ll become a more strategic business owner when you keep your finances on track and understand your cash flow.
• Learn to block your time. Scheduling your time is key– block out hours of your time on your calendar to focus on certain projects.
• Don’t skimp on HR and payroll. Ensure your HR and payroll are taken care of so you can have peace of mind. It’s recommended to invest in a platform that can help keep these aspects of your business running smoothly.
• Remember that you don’t have to start from scratch. Helpful templates and resources are available everywhere– you don’t have to start everything from scratch.
• Keep confidential information confidential. Limit who has access to proprietary information.

Your most precious resource is your time. So if you want to find more ways to save time and focus on building a thriving business, get in touch with our advisors today!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

NSW Lockdown Extended for 2 Weeks

Lockdown measures in Greater Sydney have been extended by at least another two weeks from Monday. At this stage it will last until 11:59pm on Friday July 30. We’re thinking of everyone affected and encourage you to get in touch with us if you have any questions about your business.

New NSW COVID-19 Support Package Announced

Under a combined NSW and Federal Government support package, the COVID-19 Disaster Payment will be expanded and increased. The payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 and less than 20 hours of work a week.

From 18 July 2021, the Disaster Payment will be available to those outside the Commonwealth declared hotspots in NSW that meet the criteria for the payment. It will be offered to any other state or territory that experiences an extended lockdown.

Also, a new business support payment will be available for those with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover. Eligible entities, including not-for-profits, will receive $1,500 to $10,000 per week based on the level of their payroll.

For sole traders, payment will be set at $1,000 per week.

More information will be on the Service NSW website later this week and we will keep you updated.

NSW COVID-19 Business Grant

If you're a business, sole trader or not-for-profit organisation impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a grant of up to $15,000 from 19 July 2021.

Victoria Closes Border to NSW

Victorian authorities have closed the state's border with New South Wales on Sunday. The border is closed to NSW and the ACT, except for Victorian residents returning on a red zone permit for 14 days of quarantine and those with exemptions.

NZ Resumes Travel Bubble with QLD as restrictions ease

NZ has resumed its quarantine-free travel arrangement with QLD from 11:59 pm on Monday. QLD health authorities announced reduced restrictions on social gatherings and mask wearing starting this Friday, prompting the NZ government to bring back the travel bubble. Queenslanders will still need a pre-departure test to enter NZ.

Kiwis Stranded in NSW Start to Come Home

Managed return flights will start bringing New Zealanders stranded in NSW home to NZ on Tuesday. There are as many as 2,500 Kiwis in NSW, but there are only about 1,000 rooms available in the MIQ facilities over the next two weeks. Returning travellers will be required to quarantine for 14 days upon return.

Singapore-Australia Travel Bubble More Likely in the End of 2021

A planned travel bubble between Singapore and Australia is more likely to happen towards the end of the year, according to Australian Minister for Trade, Tourism and Investment Dan Tehan. Plans have been on hold due to a third wave of COVID-19 in Australia.

At present, around 40% of Singapore's population have been fully vaccinated, while 11% of Australian adult population (20.5 million) have received both shots of an approved vaccine.

Western Australians Exposed to Victoria, SA Hotspots Must Get Tested

Western Australians who have been to recently announced exposure sites in Victoria and South Australia are required to be tested immediately and to quarantine for 14 days regardless of the result.

This comes after a group of COVID-infected removalists from Sydney visited a Melbourne apartment complex and a South Australian petrol station. The entire apartment building in Maribyrnong has been placed into lockdown after the removalists dropped furniture using the building's lift.

Australian Business Activity Fell From Record Highs

National Australia Bank’s index of business conditions dropped 12 points to +24 in June, after climbing 5 points in May. Meanwhile, its measure of confidence slipped 9 points to +11, though that was still above the long-term average.

This comes as the COVID-19 lockdowns in New South Wales and Victoria curbed sales and undermined confidence.

JobMaker Hiring Credit

Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee they hire between 7 October 2020 and 6 October 2021. You may be able to claim the following payments:

• up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
• up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register before the due date of the first JobMaker period you’re claiming for.

Wage Subsidy Scheme for Apprentices and Trainees

The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

Income Statements can be found in myGov in July

Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) and now known as Income Statements, can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your employer has 20+ employees or by 31 July if the employer has 19 or less employees.

Eight Tips to Calmly Handle Company Crises

Running a business has its own ups and downs. Sometimes, ideas fail and things go out of hand, leading to a crisis within the business. In this Forbes article, members of the Young Entrepreneur Council share eight tips to manage company crises calmly and competently.

• Take a moment to sit and think, without distractions. It's through clarity that you can make the best decisions and take the right actions.
• Ask senior leaders to help address the crisis. Catch up with leaders, explain the current situation, and ask them to help you address the crisis.
• Respond in a calculated manner instead of reacting. Responding requires you to take a moment, gather all relevant information, and make a plan to move forward.
• Encourage employees to stick to their daily routines. This keeps a sense of normalcy and prevents placing unnecessary stress on employees.
• Take ownership of successes and failures. Resist the urge to shift blame as this will only cause more problems and worsen the crisis.
• Remember your company's purpose and vision. Re-centre everything to your true north in order to stay calm and manage the crisis.
• Quantify the issue to put it into perspective. Being able to quantify the issue as a one-dollar problem or a thousand-dollar problem, for instance, can help you approach the crisis from a composed viewpoint.
• Create a plan of action with detailed steps. Proactively define priorities and then communicate the three or five most important steps. Having a plan will not only help address financial concerns and preserve operational continuity, but will also make your team feel secure.

Need more focused business advice? Get in touch with us today and let us talk about your specific situation and how we can help you.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

For 2020-21 financial year ending on 30th June, working from home has become a common term because most of the employees had to work from home if their duties didn't require them to be physically present at their workplace. For this reason, ATO has given a special method for calculating working from home expenses that employees can claim in their tax returns for work-related deductions.

This deduction although looks simple but may have lots of complexities when the questions come about the nature of expenses that can be included in working from home deductions and the methods of calculating accurate numbers.

There are more than one method to calculate working from home expenses and each method may result in different numbers. If you want to maximize your tax refund, then it is necessary that you choose the method than gives you the highest amount.

For a person who is not familiar with tax laws and rules, it may be difficult to work out the necessary numbers. This is the reason that many taxpayers don't claim the correct amounts in their tax returns and miss on maximizing the tax refund.

We have prepared an easy-to-use template to calculate the amount of deductions for working from home.

Even the most complex scenarios have been considered in this template. You can calculate the decline in value (depreciation) of assets you used for work purpose. You just need to input the date, amount of purchase and useful life of the assets. Template will calculate all the final numbers for deduction purpose.

All the rules of ATO have been considered while preparing this template.

During 2020-21, taxpayers will can use 3 methods to calculate their working from home expenses:

1. 52 cents per hour plus other expenses not included in the rate of 52 cents if you have a dedicated place of work at your home.

2. All actual numbers.

3. Shortcut method of 80 cents per hour that covers all expenses for working from home.

As ATO says taxpayers are free to choose a method that gives them better results, this template will work out 3 results with 3 methods. You need to input your numbers only once.

Please note:

1. Input your numbers in the cells shaded in green only. Other numbers include text and/or formulas.

2. In the last step you need to manually choose your numbers which you prefer to use for your tax return.

We hope you will find this template useful. If you need further help, please contact us at team@rbizz.com.au and we will be happy to assist you.

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Delta Strain Leaves States on High Alert

Tasmania and the ACT remain the only Australian jurisdictions with no active local COVID-19 cases as NSW continues to battle a growing cluster that originated in Sydney's eastern suburbs.

Lockdown extended for Greater Sydney

Greater Sydney, including the Blue Mountains, Central Coast, Wollongong, and Shellharbour, will remain under strict lockdown measures until Friday 16th July. Schools will start online learning on July 13.

NSW Government Support

The NSW Government has support for individuals and businesses affected by COVID-19. Visit the NSW Government website to learn more about these measures, including disaster Payments, Pandemic Leave Payments and Dine & Discover NSW vouchers. Ask us if you have any questions.

Australia to Cut International Arrivals By 50%

Prime Minister Scott Morrison has announced Australia will cut international arrivals by 50% to prevent a surge in the delta-variant of COVID-19.

The slow vaccination program that has been hit by supply chain delays and confused messaging from authorities regarding the safety of the AstraZeneca vaccine has made Australia particularly vulnerable to the variant.

New Zealand Restarts Travel Bubble With Victoria, SA, ACT, and Tasmania

New Zealand has reopened the travel bubble for people from certain states in Australia.

From 11:59 pm on Sunday night, those from Victoria, South Australia, Tasmania, and the ACT will be allowed to travel to New Zealand without quarantine, provided they haven't visited a COVID-19 hotspot.

According to New Zealand’s Ministry of Health, all travellers eligible to fly to New Zealand would be required to take a pre-departure test within 72 hours of leaving Australia that must return a negative result.

Travel Bubble Between NZ and Western Australia, the Northern Territory to Resume on 9 July

The government announced that Western Australia and Northern Territory have their outbreaks contained, and the travel bubble will resume from 11:59 pm on 9 July. Although the pause remains for NSW and Queensland, those who ordinarily reside in New Zealand will be allowed to travel but with the following requirements:

• A declaration that they have not been in a location of interest in the past 14 days
• Not symptomatic
• Not a close contact of a positive case
• Not awaiting the results of a Covid-19 test

It's important to note that pre-departure tests are required, and those linked to a person or place of interest will not be allowed to travel.

JobMaker Hiring Credit's Second Claim Period

If you've taken on additional young employees between 7 January and 6 April 2021, you may be able to claim the following payments:

• up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
• up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register before the due date of the first JobMaker period you’re claiming for.

Wage Subsidy Scheme for Apprentices and Trainees

The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

Income Statements can be found in myGov in July

Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) and now known as Income Statements, can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your employer has 20+ employees or by 31 July if the employer has 19 or less employees.

Conduct a Mid-Year Business Review

Time flies! The year is halfway over and although the battle against COVID-19 is not completely over, a lot of things have changed since last year as countries ramp up their vaccination efforts.

Instead of waiting until the end of the year to do some business clean-up, why not conduct a mid-year review to evaluate your performance, boost your awareness of your business, and start corrective actions early?

This Forbes article provides an actionable checklist to help you look into your business more closely and knock off some tasks so you won't get overwhelmed by the end of the year. These include:

• Get to a quiet place and check how you’re feeling. Block off a day or a few to reflect on how you're feeling about your business. Are you living up to your purpose and vision? Do you feel you're accomplishing your goals? Are you overwhelmed or anxious about the future of your business?
• Assess your cash flow. Regardless of your industry or size, cash flow is the life-blood of your business. Monitor how close you are to your targets for revenue and profits, and identify problems or potential issues. Some of the things you should look into include income, profit, owner's compensation, tax, and operating expenses.
• Review your tax payments. Check in with your accountant to see if you're on track with mid-year tax projections. Your accountant can look at your revenue, make a projection, and estimate how much you should owe during tax season.
• Conduct an expenses analysis. If you're having cash flow troubles or you simply want to have more cash, you can review your expenses and either increase sales or cut costs. Cutting costs is usually quicker.
• Write down what's next. Develop steps to accomplish new goals and write them down. What can you do about the obstacles you're facing? How and when are you going to do it? How do you feel about it?

Remember, the purpose of this review is improvement or progress, and not perfection. If you need some guidance to push your business forward, get in touch with us today and let's discuss how we can help!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Five states in lockdowns

After months of keeping the coronavirus under control, five out of eight Australian states and territories are battling the highly infectious Delta variant.

In order to prevent the spread, lockdowns in three large cities have been implemented, affecting more than 20 million Australians, or about 80% of the population.

From Tuesday, Queensland imposed a three-day lockdown in Brisbane and neighbouring regions as well as Townsville, while Perth and Peel started a four-day lockdown, joining Sydney and Darwin.

Sydney is in a two-week lockdown until July 9. Dawin, on the other hand, was extended by 72 hours to Friday.

New Zealand to Resume Travel Bubble With Some Australian States

New Zealand will resume its travel bubble to certain parts of Australia, as some states implement lockdowns in Australia to contain COVID-19 outbreaks.

The travel bubble will again be available from 11:59pm on 4 July for  South Australia, Victoria, Tasmania and the Australian Capital Territory. However, a negative test result is required to be presented before departure.

The New Zealand government plans to review the travel bubble pause with Queensland, New South Wales, Western Australia, and the Northern Territory next week. All four jurisdictions are undergoing regional lockdowns due to a spread of new COVID-19 infections.

Relief Package for NSW Small Businesses

The NSW government announced a new grants package and changes to the Dine & Discover program to support thousands of small businesses and people across NSW impacted by the lockdowns.

The package includes grants of between $5000 and $10,000 for small businesses, payroll tax deferrals for all employers, an extension of the Dine & Discover program to 31 August, and the ability for people to use Dine & Discover vouchers for takeaway delivered directly to their home by the venue itself.

Small businesses could be granted $10,000 for a 70% decline, $7000 for a 50% decline, and $5000 for a 30% decline during the current COVID-19 restrictions.

Businesses will be able to apply for the grants through Service NSW from later in July.

Major Banks Offer Rescheduled Payments and Fee Relief to Sydney Businesses

Major banks have said they will consider deferring loan repayments and waiving fees for businesses that can prove hardship as a result of the two-week lockdown in Sydney. Westpac, National Australia Bank, Commonwealth Bank, and ANZ have also indicated they are open to assistance packages for individual customer circumstances.

Top Australian Destinations for Foreign Investment

When it comes to foreign investment, Victoria is the first choice, making up 44% of all approvals. Meanwhile, New South Wales and Queensland are tied in second, with 19% of the market each.

The Sunshine State, which used to be a distant second, is rapidly becoming a preferred destination of foreign buyers. Queensland has the advantage of lower prices, less congestion, and lifestyle.

Improving Aged Care in Rural and Remote Australia

The government is injecting $40 million over two years for multi-purpose residential aged care providers to carry out minor capital works.

The minor works grants will support multi-purpose services to provide better services to senior Australians with dementia to remain in their communities, offer a more home-like and comfortable environment, or upgrade their higher intensity care service for those with more complex care needs.

Applications for the minor capital works grant round must be received on or before 11 August 2021.

Superannuation Guarantee increases on 1 July 2021

The Superannuation Guarantee (SG) will increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase.

What do you need to do?

• Firstly, you should speak to your payroll software provider to make sure they are on top of this rate change. Your accountant or bookkeeper may also be able to help.
• Review any individual agreements with an SCG rate of more than 9.5%, but less than 10%.
• Notify your employees as they may need to review their Salary Sacrifice or after-tax contributions arrangements.
• Update Remuneration Packages as it could mean a pay decrease for employees.
• This is also a good opportunity to do some housekeeping to ensure your super obligations have been met (including super payments and calculations).

As an employer it’s important to ensure you pay super at the new minimum rate. There are financial penalties applied for not meeting your SG obligations. Ask us if you have any questions.

JobMaker Hiring Credit's Second Claim Period

The second claim period of the JobMaker Hiring Credit is open. So if you've taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

• up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
• up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register before the due date of the first JobMaker period you’re claiming for.

Wage Subsidy Scheme for Apprentices and Trainees

The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

Income Statements can be found in myGov in July

Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) and now known as Income Statements, can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your employer has 20+ employees or by 31 July if the employer has 19 or less employees.

Questions to Ask Yourself Before Pushing Through With a New Product or Service

As a business leader, you're often full of ideas, especially when it comes to new products or services. However, this doesn't mean that you should always move forward with them.

In this Forbes article, members of the Young Entrepreneur Council share some questions you can ask yourself before investing time, money, and resources into a product or service idea.

• Does the customer need this feature?
• Is the market large enough?
• How does it help revenue or retention?
• Will the product or service be able to scale?
• Is creating the product within my budget?
• Do I have to make the product myself?
• Would I use it?
• Would my enemy use it?

By spending time thinking about these questions, you'll be able to decide if you should push through with your idea or not.

Interested in gaining access to personalised business advice? Book a one-on-one consultation with us today!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

NSW Records 16 New Local Cases, New Restrictions Reimposed

NSW recorded 16 new cases of COVID-19 since the last time health officials spoke at 11 am on Tuesday. There's also one mystery case where authorities still haven't identified the source of COVID-19 detected in a nine-year-old child from Sydney’s east.

Starting 4 pm on Wednesday, new measures will be imposed for people in Sydney, the Central Coast, Blue Mountains, Wollongong, and Shellharbour. You can find a summary of the rules here in case you missed it.

NZ Resumes Travel Bubble With Victoria

New Zealand has resumed its quarantine-free travel bubble with Victoria starting midnight on Tuesday. This comes after Victoria recorded only one new locally acquired COVID-19 case on Monday.

Travellers will no longer be required to have a pre-departure coronavirus test. However, New Zealand has urged all travellers to continue monitoring for symptoms and check the Victorian Health website for updates on exposure sites.

NZ Pauses Travel Bubble with New South Wales

New Zealand has temporarily paused its travel bubble with NSW due to the increasing COVID-19 cases in the state. The pause came into effect at 11.59pm NZT on Tuesday and will be reviewed on Thursday.

Treasurer: Lockdowns Dent Confidence, Cost Jobs, and Hurt Investment

Treasurer Josh Frydenberg says a decline in unemployment to 5.1% reflects the resilience of the country's labour market but warns that lockdowns negatively affect confidence and jobs. This unemployment decline was better than expected, and the government is aiming to get it below 5%.

Since May, nearly 1 million new jobs have been created.

Prime Minister Promises More COVID-19 Shots to States

Prime Minister Scott Morrison said Australian states and territories will get more doses of vaccines soon as the COVID-19 cluster in Sydney continues to grow.

Officials expect to ship 2.3 million Pfizer doses to states this month and 3.4 million next month. At present, only 4% of Australia's adult population of 20 million have been fully vaccinated and more than 25% have had at least their first dose. About 6.5 million shots have been administered so far.

Australian Researchers Begin Trials of COVID-19 Nasal Spray Vaccine

Australian researchers are starting clinical trials of a new type of COVID-19 vaccine that comes as a nasal spray.

Scientists at Brisbane's Nucleus Network believe that this could potentially be more effective than the AstraZeneca and Pfizer vaccines. According to researchers, the nasal spray could be available in a year or two.

$26 Million to Boost headspace Services for Young Australians

The government is investing an additional $26 million in headspace that will make mental health services more accessible to young Australians.

headspace provides free or low cost youth-friendly support in four key areas: mental health, related physical health, substance misuse, and social and vocational support. This additional funding will help headspace services expand its services; refurbish, expand, or relocate headspace facilities; and deliver new strategies such as triage and a walk-in single session approach.

There are 40 headspace service facilities located in New South Wales, Victoria, Queensland, South Australia, Western Australia, and the Northern Territory that will benefit from grants of up to $1.8 million each.

EOFY is Fast Approaching

The end of the financial year is not just about saying goodbye to a challenging year, it's also a chance to prepare for a successful year ahead! Below are some things we recommend you consider. Ask us if you have any questions.

Temporary Full Expensing or Instant Asset Write-Off

Small businesses with an aggregated turnover of less than $50 million can receive a full write-off for all assets. Both new and second-hand assets qualify, but these assets must be used or already installed by the end of the financial year. The immediate deduction for a car cannot exceed the cost limit of $59,136.

Payroll

Pay all unpaid wages that have been processed and employee bonuses before 30 June. It's also recommended to start reviewing and updating your employment contracts with your staff.

Superannuation

Consider paying Q4 (April – June) before 30 June to receive the tax deduction. The Superannuation Guarantee is scheduled to increase to 10% from 1 July, so you should also get ready for this.

FBT

Ensure your FBT for company vehicles declaration has already been prepared and you've provided your odometer reading on vehicles as of 1 April.

Government Rebate for NSW

Sole traders, small business owners, and nonprofits in NSW may be eligible for a small business fees and charges rebate of $1500 for fees paid from 1 March 2021 and will be available until 30 June.

EOFY tips for small businesses

1. Get your accounts in order in a cloud accounting system. Get in touch with us so we can recommend the right software for your business.
2. Get in touch with your accounting advisor now to see if you can take advantage of tax minimisation schemes like the loss carry back tax offset scheme.
3. If cashflow permits, you may consider bringing forward some expenses or purchasing capital assets that will help you save time or generate more money. This will allow you to make the most of the instant asset write-off scheme.
4. Seek an accountant who can translate the tax jargon, COVID schemes and deadlines into plain and simple English.

We’ll help you get ready for EOFY, without the stress. Chat to us if you have any questions.

Remember JobKeeper on your tax return

If you received JobKeeper this financial year you need to include them in your tax return.

If you’re a sole trader, partnership, company or trust that has received JobKeeper payments, the ATO will contact you or your tax agent by early July to let you know:

• the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out
• where to report JobKeeper payments in your tax return.

Get in touch with us if you have any questions.

Superannuation Guarantee increases on 1 July 2021

The Superannuation Guarantee (SG) will increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase.

What do you need to do?

• Firstly, you should speak to your payroll software provider to make sure they are on top of this rate change. Your accountant or bookkeeper may also be able to help.
• Review any individual agreements with an SCG rate of more than 9.5%, but less than 10%.
• Notify your employees as they may need to review their Salary Sacrifice or after-tax contributions arrangements.
• Update Remuneration Packages as it could mean a pay decrease for employees.
• This is also a good opportunity to do some housekeeping to ensure your super obligations have been met (including super payments and calculations).

As an employer it’s important to ensure you pay super at the new minimum rate. There are financial penalties applied for not meeting your SG obligations. Ask us if you have any questions.

JobMaker Hiring Credit's Second Claim Period

The second claim period of the JobMaker Hiring Credit is open. So if you've taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

• up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
• up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register before the due date of the first JobMaker period you’re claiming for.

Wage Subsidy Scheme for Apprentices and Trainees

The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

Income Statements can be found in myGov in July

Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) and now known as Income Statements, can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your employer has 20+ employees or by 31 July if the employer has 19 or less employees.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

25 June

• Lodge and pay 2021 Fringe Benefits Tax annual return if you have a tax agent that lodges your return electronically.

30 June

• Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2020–21 financial year.

Contact us if you have any questions.

SME Recovery Loans open until 30 June

The Government’s SME Recovery Loan Scheme is open to small-medium businesses with a turnover of up to $250 million that were recipients of JobKeeper or were affected by floods in certain areas. This Scheme means the Government will guarantee 80% of the loan amount. You can find more details and eligibility criteria here, but please get in touch if you have any questions.

Five Strategies For Building Customer Loyalty

Gaining customer loyalty can add significant value to your business. However, small businesses encounter challenges when it comes to keeping their customers. This Forbes article shares some effective strategies to acquire loyal customers.

• Know the values of your brand. Use effective marketing strategies to commercialise your brand and communicate your values in the initial phases.
• Offer excellent customer service. Create a good first impression to build a sense of trust among the customers.
• Establish a loyalty program. Start a loyalty program to prove to customers how much they matter to your business. You can set up a points system and offer coupons or purchase cards.
• Take customer feedback seriously. Both good and bad customer feedback is crucial. If you're not receiving any, start asking for feedback from your customers and implement valid suggestions.
• Create an online community. Social media is a vital aspect of modern businesses, especially amid the COVID-19 pandemic. So encourage your customers to follow your social media pages and create engaging content, including those that increase transparency in your business.

Returning customers are more likely to spend more into your business. So if you need some expert guidance on how to run your business better, book a one-on-one consultation with us today!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Melbourne's Lockdown Lifted

Lockdown in Melbourne was lifted on 11 June, but restrictions remain in place including a mandate to wear face masks at all times outside the home, limiting travel to within 25 km, and preventing some businesses from operating.

Although restrictions have been eased further in regional Victoria, there are still plenty of rules as the state emerges from its fourth lockdown. ABC has a summary of the new COVID-19 rules for regional Victoria and Melbourne in this article.

Victoria-NZ Travel Bubble Pause Extended

New Zealand's quarantine-free travel bubble with Victoria was originally scheduled to resume on 10 June, but NZ public health officials have recommended extending the pause for another week. Although most of the cases in Melbourne are linked to overseas, there are at least three cases where a link has not been identified.

The travel bubble pause will be reviewed again this week.

Australia in Talks With Singapore For Travel Bubble

Singapore and Australia are currently working towards establishing a travel bubble. According to the prime ministers, infrastructure and processes for resuming travel need to be put in place, starting with recognition of vaccination certificates.

Prime Minister Scott Morrison is the first foreign leader to make an official visit to Singapore since the start of the pandemic last year. He stopped in Singapore on his way to the G7 Leaders' Summit in Britain.

Discussions between the two country leaders also included a potential fintech bridge and exploration of a green economy agreement.

Australia, UK Agree on Free Trade Deal

A major free trade agreement between Australia and the UK has been finalised, following similar UK trade deals with Japan and the European Union post-Brexit.

The deal eliminates tariffs on UK exports and tariffs on imported Australian goods such as wine, swimwear, and confectionery goods. British products including Scotch whisky, biscuits, ceramics, and cars will be cheaper to sell into Australia.

UK farmers will be protected by a cap on tariff-free imports for 15 years, using tariff-rate quotas and other safeguards.

Aside from strengthening economic links, the two countries also plan to improve cooperation on security, climate change, science, and tech.

Pandemic Leave Disaster Payment for Victoria

The Pandemic Leave Disaster Payment is a lump sum payment to help Victorians who can't go to work and earn an income during the 14 days they need to self-isolate, quarantine, or care for someone.

Those who are eligible will receive $1,500 for each 14-day period they need to quarantine or care for a person with COVID-19. You can claim it over the phone by calling 180 22 66 or print and complete the Claim for Pandemic Leave Disaster Payment – Victoria form. You can find more details and the eligibility criteria here.

COVID-19 Disaster Payment for Victorians

The government has announced a COVID-19 Disaster Payment to help those affected by lockdowns and social restrictions.

This payment will help Victorians who are unable to earn due to the COVID-19 rules. To be eligible, you must be an Australian resident, permanent resident, or working visa holder with liquid assets of $10,000 or less, and who live or work in a hotspot where the lockdown is for more than 7 days.

The government will give one payment for each period of lockdown which can be either:

• $325 if you’ve lost less than 20 hours of work
• $500 if you’ve lost 20 hours or more of work.

You can claim this payment through your Centrelink online account on myGov from 8 June. More information can be found here but get in touch with us if you have any questions.

New Digital Certificate Simplifies Proof of Vaccination

The COVID-19 digital certificate makes it easy for people to show their vaccination status anytime and anywhere. As soon as your provider has reported that you received both doses of an approved vaccine, you'll be able to access your digital certificate through myGov or in the Express Plus Medicare app.

More information about how to access proof of COVID-19 vaccination can be found here.

EOFY is Fast Approaching

The end of the financial year is not just about saying goodbye to a challenging year, it's also a chance to prepare for a successful year ahead! Below are some things we recommend you consider. Ask us if you have any questions.

Temporary Full Expensing or Instant Asset Write-Off

Small businesses with an aggregated turnover of less than $50 million can receive a full write-off for all assets. Both new and second-hand assets qualify, but these assets must be used or already installed by the end of the financial year. The immediate deduction for a car cannot exceed the cost limit of $59,136.

Payroll

Pay all unpaid wages that have been processed and employee bonuses before 30 June. It's also recommended to start reviewing and updating your employment contracts with your staff.

Superannuation

Consider paying Q4 (April – June) before 30 June to receive the tax deduction. The Superannuation Guarantee is scheduled to increase to 10% from 1 July, so you should also get ready for this.

FBT

Ensure your FBT for company vehicles declaration has already been prepared and you've provided your odometer reading on vehicles as of 1 April.

Government Rebate for NSW

Sole traders, small business owners, and nonprofits in NSW may be eligible for a small business fees and charges rebate of $1500 for fees paid from 1 March 2021 and will be available until 30 June.

EOFY tips for small businesses

1. Get your accounts in order in a cloud accounting system. Get in touch with us so we can recommend the right software for your business.
2. Get in touch with your accounting advisor now to see if you can take advantage of tax minimisation schemes like the loss carry back tax offset scheme.
3. If cashflow permits, you may consider bringing forward some expenses or purchasing capital assets that will help you save time or generate more money. This will allow you to make the most of the instant asset write-off scheme.
4. Seek an accountant who can translate the tax jargon, COVID schemes and deadlines into plain and simple English.

We’ll help you get ready for EOFY, without the stress. Chat to us if you have any questions.

Remember JobKeeper on your tax return

If you received JobKeeper this financial year you need to include them in your tax return.

If you’re a sole trader, partnership, company or trust that has received JobKeeper payments, the ATO will contact you or your tax agent by early July to let you know:

• the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out
• where to report JobKeeper payments in your tax return.

Get in touch with us if you have any questions.

Superannuation Guarantee increases on 1 July 2021

The Superannuation Guarantee (SG) will increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase.

What do you need to do?

• Firstly, you should speak to your payroll software provider to make sure they are on top of this rate change. Your accountant or bookkeeper may also be able to help.
• Review any individual agreements with an SCG rate of more than 9.5%, but less than 10%.
• Notify your employees as they may need to review their Salary Sacrifice or after-tax contributions arrangements.
• Update Remuneration Packages as it could mean a pay decrease for employees.
• This is also a good opportunity to do some housekeeping to ensure your super obligations have been met (including super payments and calculations).

As an employer it’s important to ensure you pay super at the new minimum rate. There are financial penalties applied for not meeting your SG obligations. Ask us if you have any questions.

JobMaker Hiring Credit's Second Claim Period

The second claim period of the JobMaker Hiring Credit is open. So if you've taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

• up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
• up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register before the due date of the first JobMaker period you’re claiming for.

Wage Subsidy Scheme for Apprentices and Trainees

The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

Income Statements can be found in myGov in July

Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) and now known as Income Statements, can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your employer has 20+ employees or by 31 July if the employer has 19 or less employees.

Upcoming Key Dates

Upcoming key lodgment and payment dates for businesses:

21 June

• Lodge and pay May 2021 monthly business activity statement.
  

25 June

• Lodge and pay 2021 Fringe Benefits Tax annual return if you have a tax agent that lodges your return electronically.

30 June

• Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2020–21 financial year.

Contact us if you have any questions.

SME Recovery Loans open until 30 June

The Government’s SME Recovery Loan Scheme is open to small-medium businesses with a turnover of up to $250 million that were recipients of JobKeeper or were affected by floods in certain areas. This Scheme means the Government will guarantee 80% of the loan amount. You can find more details and eligibility criteria here, but please get in touch if you have any questions.

Eight Key Signs You Need To Hire Additional Support Staff

How do you work out when it’s time to bring on new team members? For busy business owners and those that are new to the game, it may not always be clear when it's time to move beyond your core employees and get additional help.

In this Forbes article, a panel of Young Entrepreneur Council members share eight telling signs that you need more support staff. Below is an overview of the indicators you should look out for:

• Your team hesitates to use time off
• Employees complain of being too busy
• Staff are behind on key responsibilities
• KPIs and success rates begin to fall
• Managers and employees lose focus
• Overtime and errors spike
• Customer service tickets pile up
• Customers complain more frequently

Do you manage your own books? It’s best to focus on your core responsibilities as a business owner and get expert help for the financial side of your business. Book a consultation with us and let’s discuss how we can make your life easier.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.