S & H Tax Accountants

Category: Business Updates

  • Budget Details 2024 – 15 May 2024

    Budget Details 2024 – 15 May 2024

    Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

    ATO flags 3 key focus areas for this tax time

    As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers: Incorrectly claiming work-related expenses; inflating claims for rental properties; failing to include all income when lodging.

    Australians prioritise savings over splurging with impending stage 3 tax cut

    As Australia braces for an impending Stage 3 tax cut set to roll out on July 1, a significant portion of its citizens are opting for prudence over indulgence, according to a recent survey.

    Addressing Australia’s skills gap a national priority

    Addressing Australia’s growing skills gap must be a priority if the Federal Government is committed to boosting productivity, growing the economy and reclaiming our competitive edge, according to the Business Council.

    Australia Economic Outlook

    The global economy is recovering but inflation proves to be sticky. Domestically, the outlook remains positive but weaker growth is expected for 2024.

    Roy Morgan business confidence improves marginally in April

    There were mixed results in April with businesses growing more confident about the performance of the Australian economy over the next year, but less confident about the performance of the economy over the longer-term over the next five years.

    ATO expands data-matching program for crypto assets

    The ATO has advised in a recent notice that it will collect data from cryptocurrency designated service providers as part of a data-matching program to ensure taxpayers are meeting their tax and super obligations.

    Landlords warned over ‘double dipping’ on deductibles and other tax errors that could cost government $1.2 billion

    As Australia’s tax season rolls around again, the national tax office has a familiar group in its sights: landlords.  The Australian Tax Office (ATO) this week revealed Australians with rental properties were one of three groups under scrutiny, after findings that nine out of 10 landlords were making mistakes on their returns.

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

    The Federal Budget has been released, this article addresses the key points of the budget. If you need assistance in understanding the budget please contact S & H Accountants, on 03 8759 5532 or you can email us on info@sahtax.com.au

     

  • Business Update – 31 January 2024

    Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy.

    Data Privacy Day 2024: Aussies want transparency, businesses need action

    On Data Privacy Day, observed each year on January 28th, Australians and businesses are reminded of the vital importance of privacy. “Ironically, Data Privacy Day is a reminder that data privacy isn’t something a business can achieve in a single day at all”, says Pete Murray, Managing Director ANZ at Veritas Technologies.

    Consumer stress grows, but cost of living concerns begin to fall, survey finds

    Consumer stress has risen for the fifth straight quarter, but concerns over cost of living are beginning to decrease as inflation eases, a new report has revealed.

    Roy Morgan Business Confidence increased 5.3pts to 91.1 in December – after the RBA left interest rates unchanged at 4.35%

    In December 2023 Roy Morgan Business Confidence was 91.1 (up 5.3pts since November). The rebound in Business Confidence came after the RBA left interest rates unchanged at 4.35% in its final meeting for the year in early December. Business Confidence has now spent a record eleven consecutive months below the neutral level of 100, the longest stretch in negative territory in the history of the index dating back over a decade to 2010..

    Stage-three tax cuts: how the Albanese government’s changes will affect you

    Federal cabinet has approved an overhaul of the Morrison government’s scheme. See how much you will receive under the new packages.

    Inflation expectations and economic literacy

    The Reserve Bank of Australia (RBA) bulletin reveals a correlation between economic literacy and inflation expectations. The level of community awareness and understanding of basic economic issues can influence a central bank’s ability to achieve its goals, such as by anchoring the public’s inflation expectations in line with its inflation target.

    Top-performing superannuation funds revealed

    Superannuation fund members received a solid boost to their retirement savings in 2023, despite a challenging economic backdrop.

    Double-digit decrease in int’l airfares; which routes saw the biggest drops across each cabin?

    In positive news for international travel, outbound airfares from Australia have taken a nosedive across all cabins, new data from Flight Centre’s corporate division has revealed.

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  • Business Update – 13 September 2022

    Business Update – 13 September 2022

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

    All big four banks now aligned with Reserve Bank’s rate rise

    After last week’s decision by the Reserve Bank to raise the official cash rate to 2.35 per cent, Westpac is the last of the big four banks to raise its interest rate to align.

    Public holiday may hurt small businesses, critics say

    Government announced that Australia will observe a public holiday on September 22 to mourn and honour Queen Elizabeth II. However, not everyone is enthused – critics say that a forced closure will be hard on already-suffering businesses.

    Summit makes it clear that we need more women in the workforce

    The Jobs and Skills Summit was held earlier this month, and was meant to address unemployment and labour shortage concerns. Some say it’s a start, but to see real improvement, we need more women in the workforce immediately.

    Government seeks to ease housing crisis with new law

    Labor is expected to introduce a new law this week that would seek to encourage pensioners to downsize, freeing up their large homes for younger families.

    Aussies struggling with rental housing hikes

    Renters in most areas are faced with an impossible situation. With the price of everything going up, landlords are telling renters to either pay more or get out once their leases are up. Some are reporting increases of hundreds of dollars per week.

    Calls to extend fuel excise cut go unanswered

    The fuel excise cut is set to expire on September 29, and the government has made it clear that it won’t be extended. Many are concerned about an economic ripple effect – people may stop spending in retail in restaurants if they can’t afford to drive anywhere.

    How the government could help small businesses as inflation rates rise

    Inflation is painful for small businesses, but there are ways to ease the sting. SmartCompany has rounded up three ways the government could help protect Australian businesses from inflation.

    Construction growth falls in June quarter

    While the Australian economy grew overall last quarter, the construction industry took a bit of a hit. Skills shortages, supply chain disruptions, and inflation-affected material costs combined to deliver the blow.

    How China’s economy affects Australia

    China’s economy has been under close watch as it adapts to evolving Covid-19 restrictions, property market fluctuations, and population changes. Find out why all this matters to Australia here.

    Money will change eventually, but not anytime soon

    With the death of Queen Elizabeth II on September 8, Commonwealth nations around the world began to wonder what will happen to the existing coins that bear the queen’s likeness.

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  • When to raise your prices

    When to raise your prices

    It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to reevaluate its rates regularly to stay competitive (and to stay in business).

    While it may seem like you just set your prices or recently adjusted them, this is a task that should be done once a year at minimum – preferably more. Read on for some signs your business is ready to charge more.

    1. You have a loyal customer base

    Once you’ve been in business for a while, it’s likely that you’ve built up a loyal base. People will return to you when they know they will get a quality product. They’re also more likely to return when they get to know you personally.

    If your business has a lot of customers who bargain shop because you offer rock-bottom prices, choosing to raise your rates likely won’t go well. Wait until you’ve established a base of loyal customers who will be happily willing to pay more knowing they’ll get fantastic, personal service from you.

    People buy from those they know, like, and trust, so once they get to know, like, and trust you, they’re likely to keep coming back. Build relationships to foster that customer base.

    2. It’s been a while since you raised your rates

    The rate of inflation is reason enough to raise your prices, otherwise you’re operating at a loss. Keep track of the rate of inflation each year and adjust accordingly. People generally understand raising prices in times of high inflation–even if they don’t like it–since every business on earth must either keep up, or accept the loss to their bottom line. It’s just good business sense.

    For decades, the average rate of inflation has hovered somewhere around the 3% mark, with some years worse than others. If you’ve paid attention to the news lately, you’ll know that things are a little different in 2022. Take into account what’s going on in the bigger picture, and then adjust your rates accordingly to avoid absorbing the hit.

    3. You’ve added value

    This doesn’t necessarily mean that you’re offering more literal services for the same price. Value can also come in the form of increased experience or new skills. When you and your staff have added value to what they’re able to offer, that can and should be passed along to your customer base. People are almost always willing to pay more for a superior product or service.

    4. Your competitors are charging more than you

    Be sure to take a look around to see what your direct competitors are charging. As your business evolves and becomes better with time, check to make sure that you’re comparing yourself against other businesses of the same class.

    If you don’t keep up with regular rate increases, you may be surprised to find that competitors you initially considered to be equal to you have raised their rates significantly. You will then find yourself in a position where you have to raise your rates significantly in one go just to keep up. Keep on track by regularly checking what they’re doing.

    5. Your close rate is over 80%

    Some people like hard and fast numbers, so this is a good rule of thumb. You want to aim for your close rate to be between 75-80%. If it’s lower than that, you likely have an issue with perceived value. If it’s higher than that, you’re probably overworked and also attracting mostly bargain hunters – not a true loyal customer base.

    If everyone is saying yes to your prices, you probably aren’t charging enough.

    Final Thoughts

    There is a lot to consider when raising your rates, and you don’t want to do too much too fast. Make a point to reevaluate your rates every six months, and you’ll find that you can keep your customer base while also keeping up with the increased cost of doing business.

    If you need advice, on how setting new prices may effect your accounts and how this would then effect your costs, please contact S & H Tax Accountants. We have qualified staff that can help you in the best possible way. Book a consultation with one of our accountants today, call us at 03 8759 5532 or emails us at info@sahtax.com.au.

  • Business Update – 19 July 2022

    Business Update – 19 July 2022

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

    20-year comparison shows how drastically the housing market has changed

    At the turn of the millennium, the median age of first-time homebuyers was 24.5 years, with mortgages generally taken out on 20-year terms. Today, the median age has risen by at least ten years and 30-year terms are commonplace.

    China pleased by recent deal with Australia in its own currency

    A ship of Australian iron ore arrived in China’s Shangdong province last week – and was paid for in Chinese yuan instead of in US dollars.

    Rent reaches a new high

    The rapid increase in rental rates across Australia has many wondering – if your landlord increases your rent, how long must they wait before they can do it again?

    ANZ to acquire Suncorp’s bank

    A deal between ANZ Banking Group and Suncorp worth $4.9 billion is expected to go through this week.

    Money isn’t the only barrier to entering the housing market

    Even after saving a deposit, getting into the housing market for first-time buyers typically takes several months due to ever-changing variables and other factors.

    The surprising way people are making ends meet

    With the cost of groceries skyrocketing, unexpected populations are turning to dumpster diving to fill their pantries. There are even Facebook groups dedicated to the practice.

    Air travellers endure hectic travel weekend

    The end of the school winter holidays paired with recent increases in COVID-19 cases led to absolute chaos at airports over the weekend.

    Crypto company owes its users billions after crash

    Celsius CEO and founder Alex Mashinsky said last week that its cryptocurrency lending platform Celsius Network owes its 1.7 million users billions of dollars.

    Senior has to drive 250km to keep welfare benefits

    A 63-year-old woman needs to make a 250km round trip to meet her mutual obligations and keep her benefits under the new Workforce Australia program. Others across the country have spoken out stating similar unreasonable requirements.

    Aussie creativity on full display at tax time

    Australians are always looking to save money on their taxes, and some get very bold and creative with their deductions. A round-up of recent deduction attempts can be found here.

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  • Business Update – 12 July 2022

    Business Update – 12 July 2022

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

    Many air travellers stranded as airports see busiest days since the beginning of the pandemic

    A significant portion of the airline workforce is recovering from COVID-19 or the flu, making flight delays and cancellations increasingly common.

    Doctors urge 4th shot as COVID-19 cases rise again

    As a new Omicron wave makes its way across the country, doctors urge everyone eligible to get a 4th shot as soon as they can to stave off serious illness.

    Twitter shares tumble amid broken deal

    Twitter shares slid on Monday, after Elon Musk said that he was abandoning his $65.21 billion bid for the company. Twitter responded that they will challenge Musk in court over the broken deal.

    Interest rate hikes threaten construction sector

    Master Builders Australia is urging the Reserve Bank to ease off rate hikes. Many companies in the construction sector are facing financial ruin under the strain.

    Rental and social housing crisis reaches the bush

    Tamworth, which has not traditionally had a problem with access to affordable homes, is suddenly feeling the effects of the rental crisis and now needs more social housing.

    ACMA code targets scam SMS messages

    A new code registered by the Australian Communications and Media Authority requires mobile phone companies to trace, identify, and block SMS scam messages. They could face fines of up to $250,000 if they fail to comply.

    Australia lagging in EV adoption, but could catch up with tax incentives

    The research centre RACE for 2030 has released a report recommending tax reforms similar to those in Europe to encourage fleet managers to buy EVs, rather than traditional internal combustion engine vehicles.

    Majority of Australians wonder why PM isn’t recommending masking again

    Anthony Albanese’s approval rate is wavering, signalling that the honeymoon period is over. Most respondents in the most recent poll stated that they feel Australia should return to mask-wearing to curb the winter spread of COVID-19.

    Food price increases affect every aisle in the supermarket

    Researchers are calling on the federal government to help subsidise growers, claiming it’s costing some lower socioeconomic families 40% of their income to buy a week’s worth of healthy food.

    Landlords warned to keep a “squeaky clean” record as tax season approaches

    According to experts, the tax office is keeping an even closer eye on potentially dubious real estate claims in 2022. Some 2.2 million Australians have rental property deductions, and claim $50 billion in tax deductions annually.

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  • Business Update – 6 July 2022

    Business Update – 6 July 2022

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

    How to keep your tax bill low

    With tax time upon us, here are 8 simple ways you can maximise your refund or keep your bill as small as possible.

    It’s a good time to catch up on your taxes

    It’s required to lodge your tax return every year, and most of us do. Those who don’t, however, could face up to $9000 in penalties or even jail time.

    Interest rates rose again this week

    The Reserve Bank of Australia triggered another interest rate rise this week lifting the official cash rate to 1.35% in a bid to deal with inflation.

    Ingredient cost comparison at the big 3 supermarkets

    The humble stir fry is one of the easiest, cheapest meals you can put on the table – or at least it was. With the price of fresh produce skyrocketing, many Australians now find the cost to whip up a stir fry ‘depressing.’

    Reserve Bank pushes for more frequent inflation data after being laughed at

    At a financial forum this month in Switzerland, world bankers laughed at Governor Phillip Lowe when the RBA chief lamented the fact his team doesn‘t receive monthly statistics like central banks in Europe and the US.

    Many Aussies received pay rises last week

    Millions of workers received a pay bump on Friday when the Fair Work Commission’s annual wage review came into effect.

    Thousands of Millennials are back to living back at home

    The latest census data reveals that the number of Millennials living at home has soared by thousands amid the pandemic, insecure work and an increasingly unaffordable rental market.

    Analyst predicts Australian economy is months from ‘bottoming out’

    Australian analyst Aryan Norozi of Barrenjoey predicts retailers are in the early stages of a years-long decline. He stressed that no two economic cycles are exactly alike, however.

    House prices fall for the second month in a row

    Rising interest rates are taking their toll, as house prices continued to decline this month. Falls are expected to accelerate in the coming months.

    Hot chip prices to skyrocket

    WA Chip, the last remaining commercial chip manufacturer and supplier to many of WA’s shops, warned customers that prices will be going up after their gas bill increased to a whopping $1,000,000 last year.

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  • Business Update – 29 June 2022

    Business Update – 29 June 2022

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

    Lack of Chinese investment worrying

    A new report shows that Chinese investment in the Australian economy fell a staggering 69 per cent in the last financial year, reaching 2007 levels. The shift signals a change in the international financial landscape.

    ATO cracks down on family trust fraud, worrying tax advisors

    Tax professionals worry that the ATO could now scrutinise past family trust behaviours, resulting in scenarios where people must repay enormous sums.

    The pay rise ‘anchor’ explained

    With inflation set to hit 7% by year’s end, critics say that the Reserve Bank of Australia’s 3.5% figure on what most people should get for a pay rise won’t cut it. The Guardian has created an explainer on how it will keep the economy moving.

    Used car prices reach never-before-seen heights

    New statistics from financial intelligence group Moody Analytics show that used cars are costing a staggering 65 per cent more than pre-Covid levels.

    Sydney and Melbourne property prices set to fall

    Analysts predict that Sydney and Melbourne are at the beginning of a housing market downturn that will go on for at least another 12 months.

    RBA warns of future interest rate hikes

    Reserve Bank governor Philip Lowe says interest rates are still very modest for an economy with low unemployment and high inflation, and that further rises should be expected by year’s end.

    What expenses can be claimed if you work from home?

    Though pandemic lockdowns have eased, the way people work has shifted. Brush up on what the ATO says you can claim on your tax return here. Ask us if you have any questions.

    Government excludes crypto from foreign currency tax arrangements

    The Australian Government has confirmed crypto currencies will continue to be excluded from foreign currency tax arrangements. The decision comes after El Salvador moved to allow Bitcoin as legal tender.

    Russia defaults on foreign debt for first time since 1918

    Strict international sanctions have made it impossible for Russia to pay its billions in debt back to international investors through American banks.

    Lettuce seed sales skyrocket

    Frustrated Aussies have started taking matters into their own hands as the cost of fresh produce reaches new heights. With supply chain issues sending prices through the roof, some consumers have reported prices of $12 for a single head of lettuce.

    Get in touch

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

  • Business Update – 22 June 2022

    Business Update – 22 June 2022

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

    What an American recession means for Australia

    What exactly does it mean for Australia if the United States is headed for a recession? Sky News breaks it down here.

    ASX continues to drop

    Most of Australia’s biggest companies continued to see major slides in the stock market last week, with a 2.5 per cent value drop overall.

    Number of people involved in fake GST claim scam continues to balloon

    A dozen arrest warrants have been issued for a viral tax scam that has allowed Australians to swindle over $1 billion in fake GST refunds. The ATO has put 70,000 people on notice for the scam, which spread via Facebook and TikTok.

    We’ve all lost $3500 on average

    As interest rates rise, Australians have lost a significant amount of money in reduced super and property values and, to a lesser extent, crypto.

    July 1 legal changes for businesses you need to know

    A roundup of the changes coming for the new financial year can be found here.

    Homes standing vacant amid severe housing shortage

    Over 87,000 properties in Queensland are likely empty, new figures from the Australian Bureau of Statistics show. The shocking number comes amid the worst housing crisis ever, with shelters packed and many renters forced out of their homes.

    Ministers to meet this week to address power crisis

    Federal and state energy ministers will consider financial support for small businesses facing massive gas price spikes. The power crisis has hit small and medium businesses especially hard.

    Government promises more help coming after minimum wage increase

    Prime Minister Anthony Albanese is promising the 5.2 per cent minimum wage increase is “just the beginning.” The Fair Work Commission handed down the inflation-beating increase earlier this week.

    Shared equity scheme means more people will be able to buy a home

    A new NSW government scheme makes homeownership more attainable for some. Single parents and older singles, as well as frontline workers like teachers, nurses and police, will be able to buy their home with just a two per cent deposit.

    Some people angered over light show amid electricity crisis

    The Vivid Sydney light show has been allowed to continue as-scheduled, even after politicians and regulators urged Sydney residents to conserve their electricity and switch off appliances or risk blackouts.

    Get in touch

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

  • Business Update – 15 June 2022

    Business Update – 15 June 2022

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

    Changes to aged care payment system

    Services Australia is updating the aged care payment system. Residential aged care services events won’t be able to be submitted between 14 to 22 July. Read the details here.

    Food tech company NotCo expanding into Australia

    The company produces plant-based milk, beef, and chicken alternative products and plans to open a plant in Australia in 2023.

    BNPL schemes face new rules

    The new government declared that buy now, pay later providers will be subject to major changes in rules governing the sector under traditional credit laws.

    New report leads to calls for government support to bolster female economic security

    A new joint report from EY and the Australian Fashion Council found that fashion employs more Australians than mining, export revenue exceeds beer and wine. It also employs the highest percentage of female workers.

    Another budget coming in October

    Federal Treasurer will deliver a second budget so as to put the Albanese government’s election promises in play and start the cutting back of wasteful expenditure.

    ATO warns of yet another tax scam

    The Australian Taxation Office has advised taxpayers to be aware of fraudulent emails which use fake 2022 tax return details to skim login information from unsuspecting victims.

    World’s most expensive cities list

    The annual list of the world’s most expensive cities to live in for 2022 has been released. It can be found here.

    What is stagflation?

    As interest rates rise and growth stagnates, the term stagflation is being thrown around. But what exactly does it mean? Find out here.

    Inflation is high, but it will get higher

    A leading economist warns that, although Australia’s level of inflation is still lower than the vast majority of OECD nations, change and the worst is yet to come.

    Faster rail services between Sydney and Central Coast coming

    The NSW government has pledged $500m for faster rail services between Sydney and Central Coast. The project is a partnership between the state and federal governments.

    Get in touch

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

  • Business Update – 8 June 2022

    Business Update – 8 June 2022

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

    ATO reminds Australians about changes this tax season

    The Australian Tax Office anticipates that many will continue to be impacted by COVID-19, and is offering support to get your taxes right the first time. A summary can be found here.

    Cash rate expected to rise this week

    The official rate is expected to reach 0.6% or 0.75% – another rise in variable interest rates for homeowners and businesses

    Labor calls for wage increase

    The submission was made to the Fair Work Commission on Friday, with an aim to assist minimum wage workers, who the party views as “heroes of the pandemic.”

    Biden brushes off Musk’s comments

    The American President touted the country’s strong jobs report, and wished the Tesla CEO “lots of luck on his trip to the moon,” when questioned about Musk’s recent comments about having a “super bad feeling” about the economy.

    Iceberg lettuce $12 a head in Queensland

    Floods, the pandemic and fertiliser shortages put increasing pressure on suppliers, with no immediate relief in sight.

    Crypto is complicated at tax time

    Cryptocurrency owners have been warned to start working out what they owe in anticipation of the upcoming tax season. Lessons come from the US, where their recent tax season saw some people owing more than what they earned after the recent crypto crash.

    Food producers warn gas prices will be passed to consumer

    Jason Fritsch, the chief executive of Kagome, stated that with gas prices out of control and raw materials prices on the rise, it’s only a matter of time before consumers see even higher prices at the grocery store.

    Australians are staying home with more colds and flu this season

    As winter approaches, workplace absences due to colds and flu were up 50% for the first two weeks of May. The drastic increase is due to a “perfect storm” of circulating winter illnesses and a lack of immunity due to the population not being exposed to the flu in recent years.

    Job vacancies grow nearly 25% in regional Australia

    The latest data from the Regional Australia Institute shows that there were 84,600 regional job vacancies in April 2022. The numbers reveal the optimism that is driving growth outside capital cities, though a lack of services and housing constrain opportunities.

    ATO issues reminder to small business owners about changes to superannuation

    Starting July 1, there are changes to who is eligible for superannuation, as well as how much super businesses will need to pay staff.

    Get in touch

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

  • Business Update – 1 June 2022

    Business Update – 1 June 2022

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

    ASX carries momentum into a new week

    The local sharemarket started the week at a three-week high, coming off a rally from last week. Tech and payment firms were among the industries leading the charge.

    Bubs jumps 80% as deal struck to aid US

    Baby formula manufacturer Bubs Australia soared in value after an agreement was reached on the weekend to send 1.25 million tins of baby formula to the United States. A bacterial infection forced the country to close a major formula manufacturing plant, leading to widespread shortages.

    AGL demerger fails, top brass resigning

    AGL Energy, Australia’s biggest polluter, has abandoned its plans to split the company’s assets, which would have allowed them to continue burning coal for 20+ years. Mounting opposition from shareholders forced the decision.

    Analysts disagree over how rising interest rates will affect inflation

    Up until the pandemic, short-range predictions among analysts typically did not diverge very much. However, there is now a broad range of guesses as to what measures are needed to bring inflation under control as interest rates continue to rise.

    Power bills set to surge 18%

    Anthony Albanese is set to face his first major hurdle as Prime Minister as petrol prices are about to soar. Meat, fruit, and vegetable prices could all follow suit in the coming months.

    NAB enters buy now, pay later space

    National Bank of Australia announced that it is launching a new buy now pay later service, in an attempt to take a bite out of competitors such as Afterpay and Zip Co. Unlike those services, NAB is advertising no late fees, no account fees, and no interest.

    Social housing at crisis point as demand far outstrips supply

    A new study has found that low-income households are facing decade-long wait times for social housing, and the worst is likely still to come.

    Crypto donations subject to tax regulations

    The ATO has published a list of guidelines for those wishing to donate crypto assets. An overview can be found here.

    Passport applications face huge delays

    Australians are experiencing waits of up to 3 months to receive passports. Many people are reporting that they cannot get through to the APO to check the status of their applications.

    Retailers seek seniors to address labour shortages

    The Australian Retailers Association (ARA) is calling on the government to make retail work exempt from Age Pension income test, as the industry faces its biggest employee shortage in half a century due to a lower inflow of international students and working holiday makers.

    Get in touch

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

  • Business Update – 25 May 2022

    Business Update – 25 May 2022

    Australia Weekly Digest – 25 May 2022

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

    Antony Albanese becomes Australia’s PM

    First Labor PM in nearly a decade vows to bring Australians together, and “promote unity and optimism, not fear and division.”

    ASX sinks again after Wall Street “bloodbath”

    The stock market was down again last week, taking a cue from Wall Street. Retail stocks were in a tailspin.

    Grim forecast for inflation and wage growth

    Australian wages are expected to take anywhere from 9 to 14 years to catch up with rise in inflation, says a forecast from RBA.

    Labour shortages biggest issue for Australian employers

    With migration levels down due to the pandemic, labour shortages are one of the leading challenges for Australian businesses.

    Power bills are about to double

    Energy retailers are set to announce up to 130 per cent price hikes amid rising costs of living.

    Petrol prices soar further

    Petrol prices have risen as high as they were before the tax cut, erasing the joy of the price break experienced last month.

    Unemployment rate at lowest point since 1974

    The rate dropped slightly to 3.9% this month. However, reduced working hours due to flooding and sickness leave due to the omicron variant meant the number of jobs added to the economy did not significantly change.

    Major Australian bank puts plans for crypto trading on hold

    Commonwealth Bank has paused its launch of cryptocurrency trading through its app amid turmoil and uncertainty in the market.

    Food brands quietly reduce packaging sizes as ‘shrinkflation’ takes hold

    The practice of cutting packaging sizes in order to pass rising costs onto the consumer isn’t new. Smaller packages of popular food items being sold at the same prices as before the change have been noted across Australia.

    Australians cutting streaming services to get ahead

    In the face of inflation, many Australians are cutting their subscription streaming services in what’s being called “the Great Cancellation.”

    Get in touch

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

  • Business Update – 18 May 2022

    Business Update – 18 May 2022

    Australia Weekly Digest – 18 May 2022

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

    Changes to company tax rates are in effect

    Companies, corporate earning trusts, and public trading trusts may be eligible for a reduced tax rate this season. Learn more about the changes and find out who qualifies here.

    STP Phase 2 requires more information when submitting payroll

    Single Touch Payroll (STP) reporting is now in Phase 2. Extra information is now required of employers every time they submit payroll.

    PM promises Super Home Buyer scheme in a bid to win re-election

    Prime Minister Scott Morrison announced on Sunday that if re-elected, his party would allow first-time homebuyers to use up to 40% of their super to purchase a home. The scheme would go into effect in July 2023.

    A new poll suggests raising the JobSeeker rate by $24 would sway the election

    The poll, commissioned by the Australian Council of Social Service, suggests that 46% of respondents would vote for a party that committed to raising the JobSeeker rate to $70/day, up from the current rate of $46/day. Neither Coalition nor ALP has committed to any rise at all.

    ASX closes low once again following concerning inflation report

    Markets slumped on Friday following a promising rally mid-week, closing at their lowest point since January. Tech firms caught the brunt again after a worrying inflation report spooked investors all around the Pacific.

    Afterpay owner Block Inc falls nearly 20% in ASX plunge

    Local tech stocks are weathering a savage blow as inflation reports out of the US are sending ripples to other markets around the world. Australian company Afterpay took a huge loss last week, as commodities hold steady.

    Morrison’s opposition to raising the minimum wage met with criticism

    Economists and advocacy groups seized on the Morrison government’s objection to lifting the minimum wage by the inflation rate. The comments came after Labor leader Anthony Albanese said his party would absolutely support wages keeping with prices.

    Australians struggling to cope with a higher cost of living

    A new survey shows that one in four Australian families are struggling to make ends meet with the rise in living costs, with fuel and groceries taking the biggest bite. That number is as high as one in three for those in the 25-34-year-old age bracket.

    Confirmation of income required by CCS recipients

    Those who received Child Care Subsidy (CCS) in 2019-20 or 2020-21 must confirm their income to continue receiving payments by 30 June 2022. Future subsidies will not be received without income confirmation.

    Conspiracy theories abound as crypto crashes

    Many on social media speculate that US hedge funds and trading firms caused the unprecedented crypto crash of TerraUSD and Luna coins, in what’s being called a plot by an “evil genius” due to the complex trades involved.

    Get in touch

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

  • Business Update – 9 March 2022

    Business Update – 9 March 2022

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

    COVID-19 Vaccine Claims Scheme

    The government is developing a claims scheme to provide a simple, streamlined process to compensate eligible people who suffer a moderate to significant impact following an adverse reaction to an approved COVID-19 vaccine without the need for complex legal proceedings. The scheme covers the costs of injuries of $1,000 and above.

    Business Sentiment Rebounds

    Business sentiment strengthened in February, as the Omicron wave dissipated, easing supply chain disruptions and reviving demand. Business confidence jumped to 13 points from a revised 4 in January, recording gains across all industries, according to a National Australia Bank survey.

    Labour Crunch May Affect Economic Recovery

    A labour crunch across critical industries threatens to weigh on the country’s economic recovery. Australia currently faces a shortfall of about 300,000 workers.

    Central Bank Still Patient on Rates

    The central bank head warned that the war in Ukraine was a new inflationary shock to the world economy, but Australia still had time to assess the impact before likely raising interest rates later in the year.

    Investment Attraction Fund Opens

    Expressions of interest are now open for the recently launched Investment Attraction Fund designed to attract new investment to Western Australia that will create local jobs and contribute to a more diversified economy.

    Grants for Regional Sporting Events

    Sporting events across rural and regional Australia are set to benefit from the government’s Regional Sport Events Fund. The fund is now open for applications and will support community sporting events with an aim of kickstarting local economies and encouraging visitors back after the impacts of the pandemic. More than 400 eligible LGAs across Australia can apply for funding of up to $50,000.

    Business Assistance Package for WA Businesses

    The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation, and events sectors.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality, and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate themselves due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact with someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Get in touch

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

  • Business Update – 2 March 2022

    Business Update – 2 March 2022

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

    WA Border Reopening

    After 697 days, Western Australia has finally reopened its borders. From 12: 01am Thursday, a long list of new restrictions is expected to stay in place for four weeks.

    Strong Economic Growth at the End of 2021

    The economy has reported its equal-best quarter of growth in 46 years, according to ABS National Accounts which showed a 3.4% increase in the December 2021 quarter. The National Accounts provide further evidence of rising inflation that may bring forward interest rate hikes.

    Business Investment Rebounds in Q4

    Australian business investment rebounded modestly last quarter, as demand recovered from lockdowns. The latest data from the Australian Bureau of Statistics showed capital expenditure rose a real 1.1% in the December quarter to $33.3 billion. Spending plans for the year to end-June 2022 were upgraded to $144.8 billion.

    Business Assistance Package for WA Businesses

    The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.

    Financial Assistance for Flood Victims in QLD and NSW

    Residents in 26 flood-affected local government areas across Queensland and New South Wales can apply for Commonwealth financial support through Services Australia. Australian Government Disaster Recovery Payment (AGDRP) of $1,000 per eligible adult and $400 per eligible child is available.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Get in touch

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

  • Business Update – 23 February 2022

    Business Update – 23 February 2022

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

    Australia Welcomes Back International Tourists

    After almost two years, vaccinated international tourists and business travelers began arriving in Australia with few restrictions. Prime Minister Scott Morrison said 1.2 million people had visas to enter Australia with 56 international flights due to touch down in the first 24 hours of the border reopening.

    $22 Million Health and Medical Research Support

    Six Australian health and medical researchers are set to receive a share of $22.9 million through the National Health and Medical Research Council (NHMRC) Partnership Project scheme to further ground-breaking research that will improve health and treatment outcomes for Australians.

    Research: Businesses Turn to International Talent

    More than 70% of Australian business leaders plan to hire international talent on a permanent basis in 2022 ad 61% plan to hire international talent on a contract basis to sustain their talent pipeline, according to research from Robert Half Australia.

    Booster Shots Now Required To Be Fully Vaccinated

    Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Rapid Antigen Tests Now Free for Some Australians

    Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:

    • Pensioner concession card
    • Commonwealth seniors health care card
    • DVA gold, white or orange card
    • Health care card
    • Low-income card

    If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Get in touch

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

  • Business Update – 16 February 2022

    Business Update – 16 February 2022

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

    Booster Shots Now Required To Be Fully Vaccinated

    Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

    Borders to Reopen to International Travel

    The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.

    Safe Transition Industry Support Package

    The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

    Career Foundation for Young Australians

    The Australian Retail Association’s (ARA) Retail Ready Youth PaTH-Way Program offers retail-specific training leading into employment for 200 jobs seekers aged between 15 and 24. The ARA program is an innovative partnership between the retail industry and the Australian government.

    Uncertainty Over Jobs Data

    Some uncertainty remains around key labour force data for January due to the impact of the Omicron variant. The Reserve Bank of Australia and the federal government are both predicting the jobless rate to fall below 4% this year, a level not seen in about half a century.

    Supply Chain Issues Likely to Continue

    While COVID-19 cases are dropping, retailers have warned supply chain issues are expected to continue for up to 18 months. This is due to the international shipping crisis sparked by the COVID-19 pandemic and the shortage of freight space on ships, shipping containers, and pallets.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

    However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

    The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    Rapid Antigen Tests Now Free for Some Australians

    Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:

    • Pensioner concession card
    • Commonwealth seniors health care card
    • DVA gold, white or orange card
    • Health care card
    • Low-income card

    If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Webinars to Help You Become More Efficient with Tax and Super

    The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.

    These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

    Get in touch

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

  • Business Update – 9 February 2022

    Business Update – 9 February 2022

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

    Borders to Reopen to International Travel

    The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.

    Business Confidence Rebounds in January

    Business confidence bounced back in January as the Omicron outbreak quickly peaked, as the National Australia Bank business survey for January showed confidence rebounded 15 points. This pick-up in business confidence may further continue into February due to the reopening of international borders.

    Australia-UK Free Trade Deal a Step Closer

    Australia and the UK is one step closer to a new free trade agreement that will benefit farmers, business owners, investors, and travellers. The free trade will remove red tape and barriers to exports.

    The deal is set to remove taxes on 99% of Australian exports worth $10 billion and UK imports worth $200 million. Trade Minister Dan Tehan hopes that the free trade agreement will be finalised within the next year.

    Deloitte: Business Investments Likely to Rise After Omicron

    Government and business investment in Australian projects is expected to grow steadily in 2022 before accelerating in 2023 and 2024, according to the latest quarterly Investment Monitor report of Deloitte Access Economics. The report stated that before the Omicron outbreak, business investment had returned to pre-COVID levels and had never dropped more than 5% below where it was before the pandemic hit.

    Investment in New South Wales and Victoria is expected to grow the fastest.

    Lifeline’s Crisis Text Service Goes 24/7

    The government has invested $1.5 million to launch a 24/7 crisis text service to expand its support for Australians struggling with the challenges of the COVID-19 pandemic. Australians are reaching out to Lifeline’s crisis support and suicide prevention services in record numbers, hitting more than 3700 calls in one day last month.

    Lifeline’s 13 11 14 crisis support service allows you to speak to a trained crisis supporter any time of day or night.

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

    However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

    The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    $24 Million for Research to Reduce Pressure on Emergency Departments

    Through the Medical Research Future Fund, the government will invest up to $24 million in research to improve acute care systems and reduce emergency department waiting times in hospitals. Up to $3 million will be provided for the top research proposal in each state and territory, to ensure the research provides nationwide benefits.

    Rapid Antigen Tests Now Free for Some Australians

    Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:

    • Pensioner concession card
    • Commonwealth seniors health care card
    • DVA gold, white or orange card
    • Health care card
    • Low-income card

    If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Webinars to Help You Become More Efficient with Tax and Super

    The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.

    These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

    Get in touch

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

  • Business Update – 2 February 2022

    Business Update – 2 February 2022

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

    NSW Unveils $1 Billion Support Package for Businesses

    The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

    However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

    The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

    $800 Bonus to Support Aged Care Workforce

    The government will provide $210 million to support the aged care workforce to continue to care for older Australians during the pandemic. The $800 bonus will be paid in two instalments of up to $400 each.

    The payments will be for clinical care workers and expanded to those providing direct care, food or cleaning services in government-subsidised residential care.

    Australia’s Economic Accelerator Announced

    The new $1.6 billion Australia’s Economic Accelerator is part of the $2.2 billion package for the commercialisation of the six national manufacturing priority areas and will turn the country’s leading research into world-beating businesses.

    Together with a new $150 million expansion of CSIRO’s Main Sequence Ventures, it will reshape research funding to emphasise projects with high potential for commercialisation that are directed at National Manufacturing Priorities and industry engagement.

    Retail Sales Declined in December

    Latest figures from the Australian Bureau of Statistics showed retail sales fell 4.4% in December to $31.9 billion after a huge 7.3% surge in November. Sales were still up 4.8% compared to the previous year and sharply higher for the December quarter as a while, suggesting household spending made a major contribution to economic growth.

    A further slowdown was likely in January as a surge in COVID-19 cases led to a self-imposed lockdown by many consumers.

    Rapid Antigen Tests Now Free for Some Australians

    Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:

    • Pensioner concession card
    • Commonwealth seniors health care card
    • DVA gold, white or orange card
    • Health care card
    • Low-income card

    If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

    Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

    The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

    The payment will be:

    • $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
    • Additional $1,000 for CBD businesses;
    • Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
    • Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.

    The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

    Support for Small Businesses

    If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

    Learn more about the available support, and the small business debt helpline for free, independent advice.

    Webinars to Help You Become More Efficient with Tax and Super

    The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.

    These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

    Pandemic Leave Disaster Payment

    People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

    You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

    The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

    A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

    You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

    COVID-19 Vaccination Info Kiosks

    COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.

    Grants for South Australian Businesses

    The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.

    A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.

    Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.

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