Business

The NSW Government recently announced additional programs to support businesses following the Omicron wave. The following measures have been introduced/expanded. The 2022 Small Business Support Program For businesses with a turnover of $75,000 – $50 million that experienced a minimum 40% decline in turnover due to the impacts of Covid in January 2022 (compared to January 2021 or 2020) and... Read more

All company directors now need to verify their identity with a unique identification number, in order to help prevent the use of false or fraudulent director identities. Company directors must apply for their own director ID, only once, which will be their unique identifier forever. Existing directors have until 30 November 2022 to apply. Directors appointed before 4 April 2022... Read more

As the financial year draws to a close, there are some changes worth highlighting which are likely relevant for a number of clients. Compulsory Superannuation Rate Increases The superannuation guarantee rate will increase to 10% from July 1, 2021 and rise by 0.5 per cent per year thereafter until it reaches 12 per cent by 2025. 2021-22: 10% 2022-23: 10.5%... Read more

There has been much talk about the potential fiscal cliff after JobKeeper ends, however we have a more optimistic view. Strong indicators of economic recovery in combination with the commencement of the vaccine roll-out, allows us to see a light at the end of the pandemic tunnel. In fact we have been amazed at the strength of businesses and the... Read more

Tuesday’s Budget from the Federal Government, in which it continues its robust effort to deal with the fallout of the Covid-19 pandemic, has been followed by an abundance of commentary. In this note, I add my thoughts, with the key issues for our clients in mind. Last year’s Budget was delivered shortly before the 2019 election. At the time I... Read more

Changes to Employee Eligibility for Jobkeeper 1.0 There has been a recent change to the classification of eligible employees for Jobkeeper 1.0. Some businesses will now have more eligible employees: If a business has a full-time or part-time employee that commenced after 1 March 2020 up to 1 July 2020 then they will now be eligible for the remainder of Jobkeeper 1.0 that... Read more

In a time when blanket coverage of coronavirus and its impact on the economy can lead to a lot of confusion, Shane Oliver this week discusses the good news, the bad news, and what it all means for investors. Key Points After a strong rally, in the short-term shares are vulnerable to bleak economic and earnings news. However, positive news... Read more

Applications are open now, until 1 June 2020 for the NSW Government Grant to assist small businesses affected by COVID-19. Eligibility To be eligible, NSW-based businesses will need to: have between 1-19 employees as at 1 March 2020 have a turnover of more than $75,000 a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000 have an Australian... Read more

If your business has been significantly impacted by the coronavirus shutdowns you will be able to access a wages subsidy to continue paying your employees and to set businesses up for a speedy recovery after the crisis has been resolved. Businesses and NFP’s with Employees To be eligible, employers must meet the following criteria: Turnover is less than $1 billion... Read more

Banks have outlined how they are supporting those affected by the coronavirus pandemic and its economic impacts. All members of the Australian Banking Association (ABA) will suspend principal and interest loan repayments for distressed small-business customers for six months. All four major banks (CBA, NAB, ANZ and Westpac) will also extend this to distressed home loan customers, enabling them to... Read more