Category: Business Updates

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

WA Cancels Plan to Reopen Borders on 5 February

All states and territories, except Western Australia, have reopened their internal borders despite a record surge in cases. Last Thursday, WA Premier Mark McGowan made a shock announcement that the reopening of borders, which was originally set on 5 February, would be delayed indefinitely or at least until the percentage of triple dose vaccinations hit 80%.

Currently, triple dose vaccinations are at around 26%.

EU and US Cut Australia from Travel Lists

The US and Europe have downgraded Australia’s travel safety rating due to the surge in Omicron cases. The European Council took Australia off its travel green list, which means restrictions will be imposed for non-essential travel. On the other hand, the US listed Australia at its highest risk rating.

While it have become more difficult for Australians to visit these countries, it is now easier for them to get home. A PCR test is no longer required for international arrivals to the country, and instead, a rapid test within 24 hours of departure will be accepted.

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.

Novavax COVID-19 to be Available Soon

Australians 18 years old and above will now have access to a fourth COVID-19 vaccine, Nuvaxovid (Novavax) in the coming weeks. The government has purchased 51 million doses of the Novavax COVID-19 vaccine, with samples set to arrive in early February for the Therapeutic Goods Administration batch testing.

The Novavax vaccine will be available to be administered from the week of 21 February if the testing turns out to be successful.

Business Confidence Hit by COVID-19 Surge

A survey from the National Australia Bank showed its index of business confidence slid 24 points to -12 in December, worse than the decline during the Delta wave last year. This comes as a surge in COVID-19 cases negatively affected consumer spending and staffing.

Business conditions eased a more modest 3 points to +8, as sales held firm at +14 and profitability climbed a point to +10. Meanwhile, its measure of employment showed a decline of 9 points to +2.

Australian Businesses Struggle with “Lockdown-like Conditions”

Australian Chamber of Commerce and Industry chief executive Andrew McKellar said businesses across a wide range of industries in Australia are struggling due to staff shortages, supply chain crunch that lead to higher costs, and weak consumer confidence.

A recent survey by Business NSW also showed 40% of businesses reported they did not have enough cash flow for the next three months.

Are you one of the business owners who are having cash flow troubles? Get in touch with us today!

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.

• Connecting online with the ATO: sole traders. You can register here.
• Connecting online with the ATO: businesses. You can register here.

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.

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.

Should You Mix or Match Your Booster Dose?

In Australia, Pfizer and Moderna COVID-19 vaccines are recommended as booster shots, regardless of which vaccine you had for your first two doses. Some research has indicated that “mixing and matching” vaccines could give your immune system a bigger boost.

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.

Update Your ABN Details

Make your ABN details even more detailed by adding up to 4 additional business activities on top of the main business activity currently stored. By reflecting the full range of your operations, government agencies will be able to provide you with the right support and access to stimulus measures.

You can update your ABN details using myGovID and Relationship Authorisation Manager (RAM) to log in.

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.

• Connecting online with the ATO: sole traders. You can register here.
• Connecting online with the ATO: businesses. You can register here.

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.

Visa Fee Refund Offered to Students and Backpackers to Fill Worker Shortage

The federal government will provide a fee rebate, which is around $600, for international students who arrive anytime in the next eight weeks and for backpackers on working holiday-maker visas who arrive within the next 12 weeks. This is an attempt to help prop up industries struggling with worker shortages.

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.

Business Adoption of eInvoicing

More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an eInvoice will lead to up to around $20 in cost savings.

The government has taken a series of actions to support the business adoption of eInvoicing.

In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.

The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.

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.

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 is currently given in the form of a $750 lump sum payment for seven days. However, this will change slightly from 18 January into a tiered system. While it will remain 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 will also be introduced next week, which will mean 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.

NSW Introduced Restrictions Due to Omicron Variant

NSW introduced restrictions on socialising, as the government tries to ease pressure on its health system due to the increasing cases of COVID-19.

Singing and dancing at clubs and bars is banned from 8 January to 27 January, while residents are being encouraged to limit large indoor and outdoor gatherings, and to remain seated while drinking in hospitality venues. This comes as mask mandates and density limits in hospitality settings were reintroduced last month.

Consumer Confidence Relatively Stable

Consumer confidence took a smaller-than-expected decline of 2.2% in December, according to the results of ANZ-Roy Morgan’s consumer confidence survey. However, economists warn that Omicron and supply shortages could still adversely impact the economy.

Confidence metrics used by the bank registered mixed results. Consumer confidence in current economic conditions declined by 8.7%, confidence in their current financial conditions increased 1.4%, and confidence in future financial conditions improved by 0.7%.

ServiceWA App Launched

The WA Government has launched the free ServiceWA app to help Western Australians with WA’s Safe Transition. This app allows people to show proof of their COVID-19 vaccination, check in at businesses and venues with SafeWA, and access their G2G Pass for interstate travel – all in one convenient place.

You can also use this to access important information such as where to get tested or vaccinated, how to prepare a household for COVID-19, and check exposure location sites. The app is safe and secure, as it requires the user to use a Digital Identity to create an account to prove who they are online.

You can find more information here.

Retail Sales Hit Record Before Omicron Outbreak

Retail sales surged to a record $33 billion in November before the Omicron outbreak. As the economy reopened, pent-up consumer demand was unleashed in the pre-Christmas and Black Friday sales period.

Retail sales jumped 7.3% in November, confirming the economy was rebounding strongly before being subdued by the pullback in consumer spending and staff shortages in the new year due to the Omicron variant.

Record sales in clothing, footwear and personal accessories (up 38.2%), household goods (up 11.6%), and department stores (up 26.0%) were hit in November.

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.

WA Border Reopening

Western Australia will reopen its borders at 12.01am on 5 February. For domestic travel, you can find information about state-by-state travel restrictions here. Meanwhile, for international travel, you need to check the official advisory of the country you’re visiting.

Depending on the location, you may need to obtain a PCR test, show proof of vaccination, quarantine, or purchase insurance. Australia has a travel bubble with Singapore, which means West Australians can travel to the country without having to quarantine.

Business Adoption of eInvoicing

More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an eInvoice will lead to up to around $20 in cost savings.

The government has taken a series of actions to support the business adoption of eInvoicing.

In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.

The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.

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. This is the last weekly digest for the year. We hope you have a relaxing holiday break and we’ll be back with more updates in the New Year.

Government Rules Out Lockdowns Despite Omicron Surge

Prime Minister Scott Morrison said Australia must move past “the heavy hand of government” and authorities must stop shutting down people’s lives with lockdowns. This comes amid the surge of COVID-19 cases due to the Omicron variant. The government is now aiming to ramp up the rollout of booster shots.

Australia- UK Free Trade Agreement

The UK and Australia have signed a Free Trade Agreement, eliminating all tariffs on UK exports and making Australian products more accessible for the UK market. The deal will also allow British nationals 18 to 35 years old to work and travel in Australia for up to three years at a time, eliminating previous visa conditions.

Australia and Vietnam Deepen Trade Ties

The governments of Australia and Vietnam announced their enhanced economic engagement strategy to boost bilateral trade and investment ties. This will provide mutually beneficial opportunities especially in key areas such as education, resources, agriculture, manufacturing, and the digital economy.

Over the past two decades, two-way trade has expanded by 8.6%– this is much higher than the average growth rate of 5.8% between Australia and other ASEAN countries.

Australia-India Travel Bubble Pact

Australia joined the list of countries that have a travel bubble agreement with India. Qantas has recently started flights between Sydney and New Delhi. It is also set to start flights between New Delhi and Melbourne before Christmas.

Record Monthly Increase in Jobs Number

Australia added 366,000 jobs in November, representing the single largest monthly increase in employment in history. This drove the jobless rate down to 4.6%, a level not expected until mid-2022. The latest figure surpassed market expectations of 220,000 new jobs.

NSW: Emergency Surge Support Program Launched

The government is now offering a one-off emergency surge support program to supply Rapid Antigen Testing kits for residential aged care facilities in New South Wales. You can find the list of eligible Local Government Areas here.

$276 Million to Support Health Scientists

The government is providing $276.4 million through 12 research grant opportunities to support Australian health and medical research. Researchers can apply for grants in various areas including chronic respiratory conditions, Indigenous health, and chronic neurological conditions.

Aviation Recovery Plan Launched

The federal government is investing an additional $78 million to help Australia’s aviation sector recover from the COVID-19 pandemic. The framework includes support to rebuild the workforce, boost general aviation, drive emerging technologies, modernize regulation, and reduce red tape.

WA Border Reopening

Western Australia will reopen its borders at 12.01 am on 5 February. For domestic travel, you can find information about state-by-state travel restrictions here. Meanwhile, for international travel, you need to check the official advisory of the country you’re visiting.

Depending on the location, you may need to obtain a PCR test, show proof of vaccination, quarantine, or purchase insurance. Australia has a travel bubble with Singapore, which means West Australians can travel to the country without having to quarantine.

Business Adoption of eInvoicing

More than 1.2 billion invoices are exchanged in Australia every year, with around 90% of invoice processing still partly or fully manual. Replacing a paper or email invoice with an invoice will lead to up to around $20 in cost savings.

The government has taken a series of actions to support the business adoption of eInvoicing.

• In the 2020-21 Budget, as part of the JobMaker Digital Business Plan, the government invested $3.6 million to facilitate eInvoicing adoption across the public sector.
• In the 2021-22 Budget, as part of the Digital Economy Strategy, the Government invested a further $15.3 million to improve business awareness and accelerate eInvoicing adoption.

The government is now seeking stakeholder views on further ways to support business adoption of eInvoicing, including by consulting on the idea of a Business eInvoicing Right (BER). You can submit responses to this consultation up until 25 February 2022. You can view the submission guidelines here.

FBT Implications of Christmas Parties

As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organizing gifts for their staff. With this, it’s important to be aware of the fringe benefits tax (FBT) implications of these.

Because there is no separate FBT category for Christmas parties, here are some ATO guidelines to keep you on track:

• Exempt property benefits– The costs associated with such events are exempt from FBT if they are provided on a working day, on your business premises, and consumed by your employees.
• Exempt minor benefits– It can be regarded as a minor benefit and exempt if the cost of the party is less than $300 per employee and certain conditions are met.
• Christmas gifts– Christmas gifts to employees may be a minor benefit that is an exempt benefit when the value is less than $300.

If you need help with your FBT, get in touch with us today to avoid running into problems with the ATO.

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.

Queensland Border Reopening Requirements

The Queensland border will open at 1 am on 13 December, earlier than expected. Fully vaccinated people from declared “hotspots” – that includes NSW, Victoria and South Australia- will be able to enter by road or air.

Those crossing into Queensland from a declared hotspot require evidence of a negative PCR test in the 72 hours prior to crossing the border. After arriving, those from hotspots must also take a second test after five days. Meanwhile, international arrivals will still have to quarantine.

Rules will come into effect on 17 December to allow only vaccinated people into some public spaces.

Pfizer Vaccine Approved for Children 5 to 11 Years Old

The Therapeutic Goods Administration has provisionally approved the Pfizer COVID-19 vaccine for children between the ages of 5 and 11. According to the Health Minister, the rollout could begin from 10 January.

International Students Return to Australia

The first group of 250 international students is in quarantine after flying into Sydney under a COVID-19 pilot scheme to boost the education sector.

Onboard the flight from Singapore were nationals from more than 15 countries who will be placed in quarantine.

$540 Million to Expand COVID-19 Response

The government has invested an additional $540 million in response to the COVID-19 pandemic, including significant funding to keep Australians safe and for COVID-19 testing.

The existing Refundable Accommodation Deposit (RAD) Support Loan Program will also be extended to continue to support the residential aged care sector.

Less Than 6% of $4.2 Billion Received in Jobkeeper Repaid

Australian companies listed on the stock exchange repaid just 5.73% of the $4.2 billion in Jobkeeper they received over the past two years, according to data released by the Australian Securities and Investments Commission.

They repaid just $26.8 million in 2020, but amid rebounding profits and political pressures, this increased dramatically to reach $241 million in 2021.

Support for Farmers to Increase Soil Carbon

The government is working with Australian farmers to help lower emissions and realize new commercial opportunities through soil carbon projects.

According to Minister for Industry, Energy and Emissions Reduction Angus Taylor, a new Emissions Reduction Fund (ERF) method will make it easier for farmers to generate income from increasing soil carbon.

This could create a new revenue stream of more than $2.4 billion annually for farmers and land managers. The Long Term Emissions Reduction Plan also shows increasing soil carbon could reduce our emissions by between 4 and 16%.

FBT Implications of Christmas Parties

As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organizing gifts for their staff. With this, it’s important to be aware of the fringe benefits tax (FBT) implications of these.

Because there is no separate FBT category for Christmas parties, here are some ATO guidelines to keep you on track:

• Exempt property benefits– The costs associated with such events are exempt from FBT if they are provided on a working day, on your business premises, and consumed by your employees.
• Exempt minor benefits– It can be regarded as a minor benefit and exempt if the cost of the party is less than $300 per employee and certain conditions are met.
• Christmas gifts– Christmas gifts to employees may be a minor benefit that is an exempt benefit when the value is less than $300.

If you need help with your FBT, get in touch with us today to avoid running into problems with the ATO.

Upcoming Key Dates for December 2021

Here are the upcoming key dates for the month of December:

21 December

• November monthly BAS due

Support for Apprentices to be Expanded

The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

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.

International Border Reopening for Skilled Workers and Students Delayed

Plans to reopen international borders to skilled workers and students have been halted due to concerns over the COVID-19 Omicron variant.

The 1 December opening will be delayed by at least two weeks, including the plan to open the border to visitors from Japan and South Korea.

Travel Guidance for International Arrivals

In an effort to prevent the spread of the Omicron variant, Australia has tightened its travel rules for international arrivals coming from southern African countries.

Those entering from South Africa, Lesotho, Botswana, Zimbabwe, Mozambique, Namibia, Eswatini, Malawi and the Seychelles must undergo 14 days’ quarantine, regardless of their vaccination status.

Travellers from other countries into NSW, Victoria, and ACT are now also required to go to their place of residence or accommodation immediately and isolate for 72 hours pending further advice.

PM Urges State Leaders to Stick to Reopening Plans

Despite increasing concerns about the Omicron variant, Prime Minister Scott Morrison urged state and territory leaders to stick to their reopening plans. Meanwhile, health authorities will continue to gather more information about the new strain of the coronavirus.

Q3 Economic Decline Not as Bad as Feared

As the Delta variant put half the population under lockdown, latest data showed Q3 GDP declined by 1.9%. However, this figure was still better than forecasts of a 2.7% decline, and relatively moderate compared to the 6.8% quarterly fall last year when the pandemic first struck.

From 9.6% in Q2, the annual pace of growth slowed to 3.9%. Yet, this again beat forecasts of 3.0%.

Manufacturing Industry Rebounded in November

After several months of flat results due to the Delta variant, the manufacturing industry recovered in November. The Australian Industry Group performance of manufacturing index rose by 4.4 points to 54.8.

However, there are still some concerns about the reliability of supply inputs and the worsening labour shortages.

Support for Farmers to Increase Soil Carbon

The government is working with Australian farmers to help lower emissions and realise new commercial opportunities through soil carbon projects.

According to Minister for Industry, Energy and Emissions Reduction Angus Taylor, a new Emissions Reduction Fund (ERF) method will make it easier for farmers to generate income from increasing soil carbon.

This could create a new revenue stream of more than $2.4 billion annually for farmers and land managers. The Long Term Emissions Reduction Plan also shows increasing soil carbon could reduce our emissions by between 4 and 16%.

FBT Implications of Christmas Parties

As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organising gifts for their staff. With this, it’s important to be aware of the fringe benefits tax (FBT) implications of these.

Because there is no separate FBT category for Christmas parties, here are some ATO guidelines to keep you on track:

• Exempt property benefits– The costs associated with such events are exempt from FBT if they are provided on a working day, on your business premises, and consumed by your employees.
• Exempt minor benefits– It can be regarded as a minor benefit and exempt if the cost of the party is less than $300 per employee and certain conditions are met.
• Christmas gifts– Christmas gifts to employees may be a minor benefit that is an exempt benefit when the value is less than $300.

If you need help with your FBT, get in touch with us today to avoid running into problems with the ATO.

Upcoming Key Dates for December 2021

Here are the upcoming key dates for the month of December:

21 December

• November monthly BAS due

Support for Apprentices to be Expanded

The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

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.

Australia Hits 90% Single-Dose Mark

Australia has hit a new milestone, with 90% of those who are 16 years old and above having received at least one dose of a COVID-19 vaccine. This makes every state and territory on track to hit 80% fully vaccinated by the end of 2021.

Australia Aims to Vaccinate Children Under 12 Years Old

Australia will likely start administering the shots for children under 12 years old in January. According to Health Minister Greg Hunt, medical regulators are still reviewing the health and safety data for the vaccinations and are unlikely to decide this year.

Just this month, the US Centres for Disease Control and Prevention recommended the Pfizer-BioNTech shot for use in the five to 11 age group, after it was authorised by the Food and Drug Administration.

Potential Travel Bubbles with South Korea and Japan

Australia had a two-way travel bubble with New Zealand earlier this year until Delta broke out in Sydney. A similar arrangement with Singapore is in place from 21 November.

On Wednesday, Prime Minister Scott Morrison said he hopes South Korea and Japan would formalise arrangements in the coming weeks.

Parts of Northern Territory Shut Down

Federal Health Minister Greg Hunt has announced additional measures to contain the COVID-19 outbreak in the Northern Territory.

Under these new rules, parts of the territory will be shut down until 6 pm on 18 November. This move comes after the Northern Territory recorded nine new cases on Tuesday.

FBT Implications of Christmas Parties

As the end of the year is fast approaching, businesses are getting ready for their Christmas party and are organising gifts for their staff. With this, it’s important to be aware of the fringe benefits tax (FBT) implications of these.

Because there is no separate FBT category for Christmas parties, here are some ATO guidelines to keep you on track:

• Exempt property benefits– The costs associated with such events are exempt from FBT if they are provided on a working day, on your business premises, and consumed by your employees.
• Exempt minor benefits– It can be regarded as a minor benefit and exempt if the cost of the party is less than $300 per employee and certain conditions are met.
• Christmas gifts– Christmas gifts to employees may be a minor benefit that is an exempt benefit when the value is less than $300.

If you need help with your FBT, get in touch with us today to avoid running into problems with the ATO.

Google to Invest $1 billion in Australia

Google has announced that it will invest $1 billion in Australia over the next five years to build a research hub, increase its cloud computing capacity, and fund partnerships with local organisations.

The Digital Future Initiative is expected to create 6,000 jobs and support 28,000 overall.

JobMaker Hiring Credit Payments for 3rd Period

JobMaker Hiring Credit payments can be claimed by 31 October 2021 for additional eligible employees hired between 7 April 2021 and 6 July 2021. Eligible businesses can claim for up to a year for each additional eligible employee hired between 7 October 2020 and 6 October 2021. Get in touch with us for assistance in your claim.

Single Touch Payroll (STP) Quarterly Reporting Due Dates

From 1 July 2021, small employers must report any closely held payees through STP. Reports can be done every pay day or quarterly. Also, STP quarterly reporting concessions for micro employers are only available to those who meet certain eligibility requirements, including the need for exceptional circumstances to exist.

We can help you apply for this concession on your behalf. Those who haven’t started reporting through STP and don’t have a deferral or exemption must start reporting now.

Upcoming Key Dates for November 2021

Here are the upcoming key dates for the month of November:

22 Nov 2021

• October monthly BAS due

29 Nov 2021

• September quarter SG charge statement due

Change in Super Rules from 1 November for Your New Employees

There’s a change that involves an extra step to comply with ‘choice of fund’ rules when a new employee starts working for you. Currently, if new hires don’t choose their own Super fund, the employer can pay Super contributions for them to your default fund.

Starting 1 November, employers will need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing account which is linked to an employee, and this change in rules aim to minimise the number of additional Super accounts opened each time an individual starts a new job.

You can use online services for business to request for your new hires’ stapled super fund details. If you need help with your tax and super, get in touch with us!

Changes for Directors starting in November: Identification Number Needed

All directors of a company will need a director identification number (director ID) from November.

The director identification number is a unique identifier that allows shareholders, creditors, employees, and consumers to know certain details about the directors of a company. All directors are required by law to verify their identity with the Australian Business Registry Services before receiving a director ID.

All directors need to apply for their own ID so while we can’t apply for this on your behalf, we can help you if you have any questions.

You can also follow the steps for application here.

Support for Apprentices to be Expanded

The $3.9 billion Boosting Apprenticeship Commencements program will extend support into the second and third year of an eligible Australian Apprenticeship through the $716 million Completing Apprenticeship Commencements program.

From October, eligible employers will receive a 10% wage subsidy in the second year of an eligible apprenticeship, and 5% in the third year. The government’s investment is expected to continue to support the 270,000 anticipated commencements under the Boosting Apprenticeship Commencements program from October 2020 to March 2022.

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.

Get in touch

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