S & H Tax Accountants

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  • What is a balance sheet and how does it help me manage my finances?

    What is a balance sheet and how does it help me manage my finances?

    You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.”

    Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how financially healthy your company is. If your assets outweigh your liabilities, you’re in the black. However, if you have more liabilities than assets, you’re in the red – which is undesirable.

    But how does a balance sheet help you to manage your finances? Read on to find out.

    Track your assets and liabilities over time

    Most companies prepare a balance sheet quarterly, but you can certainly complete yours more or less frequently than that. The key is to prepare one regularly to understand how you perform over time.

    When you have a set of successive balance sheets, you can clearly see how your assets and liabilities measure up on average. For example, you may have had a costly period with critical equipment requiring replacement or repair. That balance sheet might not look so good if that’s the only one you have to interpret.

    But when measured against other balance sheets, you may see that it was just an anomaly from which you have handily recovered. Perhaps the improvements even helped you to earn more money once they were complete. There’s no way to know unless you use several balance sheets together.

    Measure risk

    Your assets act as security for your business because if you found yourself in a situation where you had to, you could sell them to cover your debts. This is how you determine how liquid your business is. Your balance sheet easily identifies how much you own and how much you owe, so you have an easy way of assessing your liquidity.

    This also enables you to determine how much risk your business faces. If you find you couldn’t readily pay what you owe by liquidating your assets, it would be clear that you couldn’t currently take on any more risk by borrowing money or buying something new.

    Calculate decisions

    Similarly, your balance sheet will help you see if now is a good time to spend your money or if you should hold off. For example, if your business is healthy, with plenty more assets than liabilities and easily able to pay shareholders, that would indicate a good time to make some capital improvements.

    If you find things more precarious, your balance sheet will guide you to hold off on making any major purchasing decisions until you’re in better shape. It may even indicate you need to find a way to offload some debt to get back on track.

    Use with other financial statements

    Your balance sheet helps you see your assets and liabilities clearly. It becomes even more useful when used with the other two main financial statements: income statements and cash flow statements.

    An income statement (which may also be called a profit and loss statement or an earnings statement) shows your revenues, expenses, and profitability. It tells you what you earn and the costs you incur to make that revenue.

    Your cash flow statement will show what money came in and went out of your business during a specified period. Its primary purpose is to highlight your ability to operate based on how money moves through your business.

    Together, these three financial statements give you a clear picture of how your company operates and how financially healthy it is.

    Final thoughts

    If you’re unfamiliar with financial statements, a balance sheet can initially seem intimidating – especially if it shows that you’re in the red. However, once you prepare one for your business, you will find it invaluable to help you see where you stand and what you can do about it.

    Get in touch to have your balance sheet questions answered and learn more about how we can help you prepare this critical financial statement.

     

    Recording your financial information is a useful way of identifying your financial position. S & H Tax Accountants are able to assist you with recording your financial information accurately as well as being able to guide and assist you to reach your financial goals. Whether it be a balance sheet or income statement, our accountants can do it all. Book an appointment today at S & H Tax Accountants, call us at 03 8759 5532.

  • 7 ways your trades business can market its services

    7 ways your trades business can market its services

    When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all.

    However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential, there are a few other ways that you’ll want to market your services to ensure that you have a steady stream of work. Read on to learn 7 ways you can market your trades business.

    1. Appear in directories

    Since setting up a new business is usually a digital experience these days, it’s easy to overlook the step of making sure you appear on a physical list where people can find you. Ensure your business is on whatever relevant trade directories run in your area.

    Additionally, make sure you appear in the online equivalent. Yelp, Google, and Facebook each have business directories. And let’s not forget the old standby: the phone book. Yes, they still exist! They are valuable resources for some people looking to hire a tradie.

    2. Have a website

    Some website-building platforms are very user-friendly, but if you feel that’s beyond you, hire someone to do it. Almost everyone does an online search before they hire a business, and not having a website is like waving a giant flag that says you’re out of touch, old-fashioned, or possibly not legitimate. Meanwhile, having a website reassures people that you are who you say you are, and can provide the services they need.

    3. Leverage social media

    Nothing is stronger than a good referral, and people naturally turn to social media to find out what your customers are saying if they don’t know someone who’s used your services personally.

    Keep your social media presence strong and engaged. If you’re uncomfortable doing this, hire someone to do it for you. It’s critical when doing business today.

    4. Offer referral promotions

    When you wind up with a happy customer, provide them with an easy way to speak positively about you and suggest you to their friends. A card or a thank-you email with a discount code will do the trick.

    5. Run ads

    Tradie marketing can be tricky because, typically, your services aren’t always needed. But when you are needed, it’s usually urgent.

    If your trades business doesn’t appear on the first page of Google, it might be worth your while to take out an online ad. That way, when someone searches for a tradie in your area, your business will appear next to their search. The only way someone can click on your information is if they see it – so make sure they have that chance, whether through an organic search or a paid ad.

    6. Make yourself visible in the real world

    Make sure your business’s name and logo appear on any equipment you use and make clothes for your team to wear when they’re out and about in the world.

    It may be smaller than a billboard, but driving and walking around letting people know who you are, what you do, and how to contact you will go a long way to market your trades business. If people become familiar with your business name, they’ll be more likely to turn to you when they need you.

    7. Good old-fashioned snail mail

    Believe it or not, print campaigns are alive and well! If you operate a trades business whose services are sorely needed in a specific area, consider making a print ad to pop into mailboxes. A word of warning, though – make sure your print ad is relevant, valuable, and eye-catching. You don’t want to spend money producing something that will immediately go to the recycling bin.

    Final Thoughts

    Marketing for trades businesses is a lot like any other type of business in that you have to understand your audience and their needs and show up when they’re looking for you. With some research and proactive planning, you can be sure your business will appear in the right place and at the right time.

    Need help growing your business? Get in touch with our specialists today.

    If you need accounting services, feel free to contact S & H Tax Accountants, we would be more then happy to help. We are a local accounting service in Cranbourne, that provide excellent services for any type of trade services. We have excellent staff members and tax agents who are always looking to give you the best service.

  • Important Things to Know about an Estate Plan

    Important Things to Know about an Estate Plan

    If putting together your estate plan isn’t at the top of your priority list, you’re not alone. It’s something that people typically don’t want to do–for a variety of reasons. It’s not fun to think about what happens after we’re gone, and we often believe we have a lot of time to get our affairs in order.

    No matter how large or small your estate is, you need a plan to ensure your wishes are carried out and your loved ones are taken care of in the way you see fit. A will is an important part of your estate plan, but your estate plan is bigger than your will.

    Here’s what you need to know about having an estate plan.

    It’s for everyone

    The term “estate plan” may make people think that it’s only for the incredibly wealthy, but an estate plan is for anyone who wants to ensure their assets–whatever those maybe–are available and accessible to their beneficiaries. Assets include bank accounts, investments, properties, vehicles, household furnishings, and anything else that you own or are owed.

    Beyond that, an estate plan lays out where your money should go, who should be in charge of your estate, and who will take guardianship of your minor children.

    Business Man Show Money Bank Note Make Financial Plan Invite People Sell Buy House Car Monetary Properties Loan Credit Insurance Concept

    Your priorities might change

    Review your estate plan regularly, especially if you have a major shift in your circumstances. The will you wrote when you were 30 and newly married may no longer reflect your wishes now that you’re 55, and on your second marriage with three children, 2 step-children, and a grandchild.

    Perhaps you’ve purchased a second property, now have a retirement plan, or have collected valuable artworks. These are all items that can change how your estate is divided. Any change in your circumstances should trigger a review of your estate plan.

    This estate plan review should include who your beneficiaries are and if they’ve changed recently, how you want them to receive your assets, who you trust to make important medical or financial decisions if you become unable to, and how your bank and investment accounts are managed.

    It’s not just for after your life

    We associate estate planning with death, but it’s just as much about planning for disability or incapacitation. Your estate sets out who can access your money to ensure your medical needs are taken care of–and who will make important decisions on your behalf. Without an estate plan, someone in your family may have to petition the court to be allowed to make decisions for you, and you run the risk that the person granted that ability is someone you don’t trust.

    Hands Agent Client Shaking Hands After Signed Contract Buy New Apartment 1150 14836 (1)

    If you don’t have a plan, decisions will be made for you

    With an estate plan, you dictate how your assets are distributed. Without a plan, your assets are distributed according to the law where you live. Simply living with your significant other might not be enough to ensure they receive your estate in regions that don’t validate common-law marriages. In those areas, your estate goes to your biological family, not your unmarried partner, unless you have a will.

    If you have a blended family, you may want your biological children to receive all of your estates or you may want it split with your current spouse and their children from a previous marriage. Without an estate plan, those wishes may not be carried out.

    Final thoughts

    An estate plan is a vital part of your financial planning. It sets out how you want your estate distributed, who you want to be in charge of, and who can make decisions for you if you’re not able to. If you’ve been putting off your estate planning, now is a great time to get started. Estate planning is important for you and your next generation. S & H Tax accountants cranbourne can help you in estate planning.

  • 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.

    Get in touch

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

  • 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.

  • 4 Things to Consider Before Expanding Your Service Offerings

    If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams.

    Here are 4 important things to keep in mind when you consider adding to your services.

    1. Does the expansion complement your business?

    The best way to expand your service offerings is to add value that complements the work you’re already doing and is attractive to your current client base. While it takes more effort to bring new customers in, adding something that your current clients need and that you already have the capacity for is an efficient way to increase your profits.

    If you already offer lawn maintenance, find out what other yard work your clients need done, for example. It might be fairly simple for you to offer those services to your clients, and they’d probably be happy for you to do it rather than hiring someone new.

    2. Is your profitability consistently high?

    Spending money to hire new people and buy more equipment if your business isn’t consistently profitable is risky. It might be tempting if you make a lot of money in one year to jump into offering a new service, but hold back until you’ve got a couple years of high profits behind you. That allows you to save money to cover the increased expenses and ensure that the one year wasn’t an anomaly.

    Invest in your business, but expand your services when your profits are consistently up, not when you’ve had one really good period.

    3. Is there a potential partnership or merger that makes sense?

    There are times when forming a partnership or otherwise merging businesses makes sense. Is there someone out there who works in a similar capacity that you could work well with? Maybe they are great in their field but need help running a business. Explore a partnership or a buy-out.

    For example, if you offer immigration consulting and you know someone who offers relocation services, you might form a partnership so the new company can offer both immigration help and relocation services. That can lead to new clients for both you and your new partner.

    4. Are you doing it for the right reasons?

    There are many good reasons to add new services, but there are also reasons that can increase your risks. Competition, for example. While competition can drive innovation, it’s not the only reason to add a new service—and doing so just to beat your competitors can lead to mistakes being made and money being lost. Rushing to expand is when companies find themselves in trouble for adding services there’s no market for or without a fully-formed plan.

    Final thoughts

    Expanding your business is exciting, but it’s important to consider some issues before you commit your time, energy and financial resources. If you’re adding new services, do so because it makes sense, you’re in a financial position to do so, your clients want it and you have the capacity for it.

  • Business Update – 9 September 2021

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

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

    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.

    Regional Victoria Leaves Lockdown

    Victorian Premier Daniel Andrews has announced restrictions will ease across regional Victoria, except for Greater Shepparton, from 11:59pm Thursday night.

    This means travel will be allowed around Victoria with no distance limit, but movement between Melbourne and the regions is restricted. A maximum of 10 people will be allowed for public outdoor gatherings, and outdoor tours will be capped at 20 people.

    Religious gatherings and ceremonies will be capped at 20 people and weddings will be limited to no more than 10 people. In-home visits are still not allowed in regional Victoria, and masks must still be worn indoors and outdoors.

    You can find a comprehensive list of the new rules here.

    Parts of NSW to Come Out of Lockdown

    The Mid and North Coast of NSW, as well as areas across the Riverina, and the Murrumbidgee regions, will all be free from lockdown restrictions on Friday at midnight. Regional travel is set to resume when 70% of the state’s adult population has been fully vaccinated.

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

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

    NSW Grants

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

    NSW: Micro-business grant

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

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

    COVID-19 Business Grant

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

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

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

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

    The ATO may be able to:

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

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

    JobMaker Hiring Credit

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

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

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

    Wage Subsidy Scheme for Apprentices and Trainees

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

    4 Easy Ways to Provide More Value for Your Customers

    Customers choose you over your competitors because you provide the most value. As competitors find ways to make their offerings more appealing than yours, you should also implement some strategies to provide even greater value than you already do and retain customers. This Forbes article shares some tips on how you can achieve this.

    • Become a niche authority. Establish yourself as an authority in your niche and provide solutions or insights to their pain points through blogs and social media posts.
    • Ask customers for feedback. Obtain honest feedback from customers to discover how you can add even greater value and improve customer experience.
    • Proactively customise your offerings. A one-size-fits-all approach doesn’t always work. Understand what each client needs and tailor your services accordingly.
    • Reward loyalty. If you want to gain repeat customers, find ways to reward their loyalty. Provide incentives and devise a rewards system.

    As you try to make your customers happier, your business becomes more memorable and valuable for them. Therefore, it’s a win-win situation!

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

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business. We at S & H Tax Acountants help Small business in Accounting, Tax and Bookkeeping. we are Accountants located in southeast of Melbourne. We offer Tax agent services in Cranbourne, Clyde and surrounding areas.

  • Succession Planning: A will for your business

    The unfortunate reality is most business owners don’t take proper holidays. Usually this is because their business relies on them and they don’t have the support to keep the business running without them.

    As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury?

    Would the business survive? How would the bills get paid? And while it might not be nice to think about, if you were to die, are you sure your business partners would give your loved ones a fair deal? For these reasons, and many more, it’s important for all business owners to have a detailed succession plan. A succession plan is like a will, but for a business. Although there are often a wider range of scenarios and options to consider.

    Just like your will, a good business succession plan can vary from one business to the next. But there are some key areas that should always be considered, which you can find below. Chat to us if you want advice on future-proofing your business.

    Business Structure

    In the event of death or retirement, the ownership and control of the business may need to be transferred to the owner’s family or to the surviving business partners. How easily this occurs will often depend on how the business operates, such as through a trust, or a company, or without a separate entity at all.

    Succession agreements

    If something happened to one of the business partners, would their spouse or children take over the control of that share of the business? If the answer is no, then a succession agreement can assist the other business partners to continue business operations whilst allowing for compensation for the former partner’s family.

    Managing risk

    Just like personal insurance, business insurance can provide a range of protection such as temporarily meeting the normal costs of running the business (business expenses cover) or paying for a short-term replacement manager (eg. trauma or disability cover). A life insurance policy linked to the succession agreement that provides the deceased partner’s family with suitable compensation for the transfer of business ownership to the surviving partners may also be a good idea.

    Powers of Attorney

    Most small businesses struggle to do much without the advice and authority of the figurehead or main key decision-maker. That’s why a Power of Attorney is integral to a good succession planning process. It helps the business to physically operate if the owner is incapacitated because of illness or injury.

    There is a range of people who may need to be involved in setting up a succession plan, including a financial adviser, lawyer and accountant. We can help you find the right team for you.
    Even if you have a plan in place already, it is important to review agreements and insurance policies so they’re up to date and reflect the current value of the business.

    Need a succession plan?

    Chat to us to get started. We’re here to help you run a successful business and protect your assets, now and in the future.

    We at S & H Tax Acountants help Small business in Accounting, Tax and Bookkeeping. we are Accountants located in southeast of Melbourne. We offer Tax agent services in Cranbourne, Clyde and surrounding areas.

  • Business Update – 18 August 2021

    Business Update – 18 August 2021

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

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

    Tougher COVID-19 Restrictions in Melbourne

    New stricter COVID-19 restrictions came into effect in Melbourne at 11:59pm on Monday and will be in place until 2 September.

    As part of the new restrictions, playgrounds, basketball courts, skate parks and outdoor exercise equipment will be closed and people will no longer be allowed to remove their masks to consume alcohol outdoors. Meanwhile, large construction projects will be restricted to 25%.

    Curfew will also be in force from 9:00 p.m. to 5:00 a.m. each day.

    Sydney Lockdown Fines Increased to $5,000

    State police will fine people up to $5,000 if they are found breaching stay-at-home orders or lying to contract-tracing officials. It is also looks increasingly unlikely that Sydney will end its nine-week lockdown on 28 August as planned.

    SA Blocks Travellers From Parts of NT, Greater Darwin Enters Snap 3-day Lockdown

    South Australia closed its border to travellers from several local government areas north of the Central Desert and Barkly LGAs — excluding the East Arnhem LGA — in the Northern Territory as of 6:00 p.m. Monday night.

    Only returning South Australian residents, essential travellers, those who are relocating, and people escaping domestic violence will be allowed to enter SA from the affected LGAs. Meanwhile, Greater Darwin and Katherine entered a three-day lockdown at noon on Monday after one positive case of COVID-19 was recorded.

    Victorian Business Costs Assistance Program Round 2 July Extension

    The Victorian Government’s Business Costs Assistance Program Round Two July Extension (BCAP2e) gives eligible businesses that had not previously applied for the Program in June, or have since become eligible, with the opportunity to apply for the equivalent of the July Top-Up Payments.

    The program offers grants of $4800 to eligible businesses, including employing and non-employing businesses, depending on their industry sector.

    Read the eligibility criteria here.

    All hotspots: COVID-19 Disaster Payment for recognised lockdowns

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

    NSW Grants

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

    NSW: Micro-business grant

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

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

    COVID-19 Business Grant

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

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

    JobSaver payment

    JobSaver is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. To check your eligibility and apply, visit the Service NSW website.

    Small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view more NSW Government COVID-19 Support Packages here, including Jobs Plus, Sydney CBD Friday vouchers, Payroll tax support and support for the tourism industry. Get in touch with us if you have any questions.

    QLD COVID-19 Business Support Grant

    Your business may be eligible for financial support through the 2021 COVID-19 Business Support Grants. $5,000 grants will be made available to small and medium businesses across Queensland affected by COVID-19 lockdowns and lockdowns in other states. You must have experienced a 30% reduction in turnover as a result of the lockdown.

    Applications will open in mid-August so we will keep you updated.

    The Business Queensland website has an overview of the range of assistance available.

    Fuel Tax Credit Rate Hike

    Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including:

    • the rate that applies at the end of your BAS period
    • the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle.

    You can find the updated rates here and use this fuel tax credit calculator to work out your claims. If you need more help with your tax, contact our tax agents today!

    Government Support for Best Emerging Innovators in Western Australia

    A total of 21 start-ups and SMEs have been awarded up to $20,000 each by the Government of Western Australia. A total of $385,000 has been given through the Innovation Vouchers Program, which aims to assist Western Australian innovators in commercialising their ideas and creating new jobs.

    Since its launch in 2011, the Innovation Vouchers Program has awarded 199 vouchers worth approximately $3.7 million.

    Downsizer Contribution Into Superannuation

    If you’re at least 65 years old and you meet the eligibility requirements, you may be able to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home.

    Your downsizer contribution will not affect your total superannuation balance until your total super balance is re-calculated to include all your contributions, including your downsizer contributions at the end of the financial year.

    It will count towards your transfer balance cap which applies when you move your super savings into the retirement phase. You can also access the downsizer scheme only once, and if you sell your home and choose to make a downsizer contribution, you will not be required to purchase another home.

    Get in touch with us to check your eligibility and if you have any questions.

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

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

    The ATO may be able to:

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

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

    JobMaker Hiring Credit’s Second Claim Period

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

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

    Register any time until the scheme ends.

    Wage Subsidy Scheme for Apprentices and Trainees

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

    4 Ways Your Business Can Increase Its ROI in 2022

    Finding ways to boost your business’ profit margins can be challenging, especially if you’ve already tried many of the traditional ways of improving the stability of your cash flow during the pandemic. This Forbes article shared some unusual methods to grow your ROI.

    1. Invest in high-performing marketing platforms. Look into platforms that are not as saturated as Facebook, including Youtube and Instagram. You could also switch gears by starting a company podcast.
    2. Automate more tasks. Automate more tasks with the assistance of AI-driven tech and integrations to free up your team’s time and allow them to focus on getting higher level work done.
    3. Unclog your sales pipeline. Sit down with your sales team and outline your customer journeys. Remove stumbling blocks and friction points to improve your sales pipeline and speed up your sales cycle.
    4. Reorganise your team. Switching responsibilities between team members could improve your efficiency and may allow you to keep the same amount of core staff while scaling your business.

    Do you need expert advice on your specific situation? Get in touch with us today and let’s work out a plan!

    Get in touch

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

  • Victorian Government has announced Grants for Licensed Hospitality Venue and Costs Assistance Program

    Victorian Government has announced Grants for Licensed Hospitality Venue and Costs Assistance Program

    Victorian Government has announced Grants for Licensed Hospitality Venue and Costs Assistance Program

    Program overview Licensed Hospitality Venue

    The $70 million Licensed Hospitality Venue Fund 2021 supports eligible licensed hospitality venues.

    Grants of $3,500 for businesses with a premises in regional Victoria and $7,000 for businesses with a premises in metropolitan Melbourne will be available to eligible liquor licensees operating a restaurant, hotel, café, pub, bar, club, or reception centre that is registered to serve food and alcohol.

    • Eligible liquor licensees with an eLicence email address will receive an email containing their grant application link from Business Victoria from Thursday 3 June 2021.
    • Liquor licensees without an eLicence email address must set one up on their Victorian Commission for Gambling and Liquor Regulation Liquor Portal by 20 June 2021 to receive their grant application link from Business Victoria within five business days.

    Business Costs Assistance Program Round Two

    The Victorian Government’s $371 million Business Costs Assistance Program Round Two will assist eligible small to medium businesses most affected by the restrictions announced on Thursday 27 May 2021 and extended beyond Thursday 3 June 2021.  The program offers grants of up to $5,000 to eligible small and medium businesses, including employing and non-employing businesses. The grants will support businesses in eligible sectors directly impacted by restrictions.

    Eligible businesses with an annual payroll of up to $10 million can receive grants of $2,500 or $5,000.

    (ref: Business Victoria)

    If you need an assistance with application for the grant then call S & H Tax Accountants on 03 87595532 or complete the followig form so we can contact you asap

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  • Important Change for Employers: Superannuation Guarantee increasing to 10% on 1 July 2021

    A Quick Overview

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

    What is Superannuation Guarantee?

    The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing.

    Ordinary Time Earnings or OTE, is generally what your employees earn for their ordinary hours of work. It includes commission, loadings and allowances but does not include overtime or reimbursements. The ATO’s checklist will help you categorise OTE, but you can ask us if you have questions.

    What is changing?

    The Superannuation Guarantee rate is increasing to 10% from 1 July 2021. It will continue to increase by half a percent each year until it reaches 12% on 1 July 2025.

    What do you need to do?

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

    Why is this important?

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

    The Superannuation Guarantee Charge (SGC) is the penalty charged when employers don’t pay :

    • the required super guarantee contributions for eligible employees,
    • super contributions by the payment cut off date or
    • super to each employee’s chosen super fund.

    More changes expected from the 2021 Budget

    Treasurer Josh Frydenberg announced future super changes in the 2021 Federal Budget. Under the current superannuation arrangements, if an employee earns less than $450 per month from one employer, they are not entitled to receive the superannuation guarantee. The $450 threshold is set to be scrapped so employees will be entitled to employer-paid superannuation, regardless of how much money they earn.

    This Government has indicated they expect this to come in before July 2022. We will keep you updated.

    Got a question?

    Get in touch with us if you need any help or have any questions.

  • 5 Xero Mistakes Business Owners Make and How To Avoid Them

    If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system.

    1. Not connecting all the bank and credit card accounts dedicated for your business

    Make sure that you keep all your business bank and credit card accounts synced to Xero to ensure that you don’t miss any sales or expenses in your reports.

    Also, make sure that you separate your business accounts with your personal ones to avoid hassles during tax season. Trust us…your accountant and bookkeeper will thank you! Doing this also helps you make accurate business decisions.

    2. Not reconciling the bank account in Xero to bank statements

    Run a reconciliation report in Xero on a regular basis and then compare it to your bank statements to ensure there aren’t any errors or duplications.

    Many business owners miss this critical step, which means that they are looking at inaccurate or incomplete data when they check their reports.

    3. Not checking user access and permission levels

    Many business owners simply give key team members full access to their business’ Xero system and don’t review the user permissions at all.

    However, the best practice is to provide access on an “as needed” basis and review who has access to the system and what permission level they have on a quarterly basis.

    Also, when your staff members leave, remember to revoke their Xero access immediately.

    4. Not setting financial SOPs (standard operating procedures)

    Create a proper financial SOP which describes who is responsible for what and by when, as well as the step-by-step process on how to get things done.

    For instance, you can assign your operations manager to run the aged receivables report in the system so you’ll know who owes your business money. Then, map out a clear action plan of what happens in specific scenarios such as a payment that’s 2 weeks late. You can also have standard replies that the team can send as needed.

    5. Mishandling transactions when you’ve paid with your personal money

    We find that many business owners don’t know how to handle transactions when they’ve paid for a business expense using their personal account. There are actually ways to capture such expenses paid on the wrong card in Xero so you can still claim the tax deduction.

    You may need to get in touch with your advisors to make the adjustments accordingly.

    Avoid Xero Mistakes by Working with a Specialist Advisor

    The best way to ensure that you’re taking full advantage of all the features in Xero and avoiding costly financial mistakes is to work with an experienced advisor who knows the ins and outs of this cloud accounting system.

    We’re Xero Certified and would be happy to take a look at your file to give you some suggestions.

    Get in touch with us today and let us help you save time and make smarter decisions that are supported by data.

    We at S & H Tax accountants are expert in xero and we have been using this since 7 years. We can help you to manage your books if you need them. We offer services to small business in cranbourne. We have office in cranbourne. We offer accounting and tax services to small businesses in Cranbourne and surrounding suburbs.

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  • The worst business advice to follow

    The worst business advice to follow

    When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while other times they share whether you want them to or not. While the advice is almost always well-intended, it’s not always good. In fact, sometimes it’s downright awful.

    Here are some tips that well-meaning people give to small business owners that definitely should not be followed.

    1. Never turn down a paying customer

    Money is a good thing. But that doesn’t mean you should say yes to everyone who comes through your door. Not every person who approaches you is good for your business. If your gut tells you something is off—maybe the person is very demanding or constantly questions your prices—it’s in your best interests to say no.

    It’s not necessarily about the client, either. You might be very busy, and taking on another project means you’ll be giving them subpar service or using up your valuable personal time.

    If possible, turn them away graciously by explaining that you’re very busy and cannot give them the attention they deserve. Consider recommending another business for them that they could turn to.

    Don’t say “yes” to everyone who walks through the door just because they’re a paying customer.

    2. The customer is always right

    It’s often in your best interests to ensure an unhappy customer is addressed and their needs are met. But there are clients out there who will never be happy, no matter what you do. It’s okay to try to make things right with them, but you also run the risk of word getting out that you’ll bend over backwards to make customers happy. That just encourages more unhappy people to come your way. Or it encourages people to find reasons to be unhappy so they can get additional benefits from you.

    If it’s a normal part of routine that customers are constantly complaining and getting some sort of reward, you need to examine your business. If the customers are truly right, then it’s time for some changes. If they aren’t right, stop treating them like they are.

    3. Do what you love

    In an ideal world, we’d all have jobs we love and make endless money with no added stress, all without giving up any of our personal time. That’s not how the world works. Just because you love something doesn’t mean there is a market out there for it.

    It’s more important that you find something you are okay with doing—don’t take on something you hate—that fills a need. And it has to be something enough people would be willing to pay for.
    That’s how you make money in business.

    Final thoughts

    Everyone has advice about running a small business, even if they have never run one of their own. Some of the advice is helpful but much of it is harmful. Listening to that advice can lead a small business owner down the wrong path.

    When someone offers you advice on your small business, ask what credibility they have to share their insights. Have they owned their own business? Do they have knowledge of the industry you work in? Have they learned lessons you could learn from? Was their business similar to yours?

    Remember, just because someone is offering advice doesn’t necessarily mean their advice is relevant to you. And just because they offer the advice—or just because the advice is a common saying—doesn’t mean you have to follow it.

    Got a question about your business? Please don’t hesitate to get in touch?

    We at S & H Tax Accountants are here to help. We have 99% customer satusfaction rate. Best accountants in Melbourne are here to help

  • Creating your business to-do list

    When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such cases, it’s easy to push important tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you’re trying to catch up.

    Here are some ways for you to determine the most productive order to complete your tasks.

    1. Know all of your tasks

    It isn’t enough to have a running list of tasks in your head; you need to write them out so you can see them at a glance. Take the time to list all your tasks, and break down large tasks into smaller steps.

    Write a list of the activities you need to do for the week—or even the next two weeks—on Monday morning. Include information such as how urgent they are, how long they’ll take to complete and what their deadlines are.

    Now you know what you need to complete and you have an idea of when things need to be done.

    2. Determine what tasks are vital

    There are many methods for determining which tasks are the most vital. Here, we’ll go into two: the Eisenhower Decision Matrix and the ABCDE Method.

    In the Eisenhower Decision Matrix, you classify each task into one of four quadrants. These quadrants are based on whether the task is important, urgent, both or neither. Tasks that are both important and urgent should be done first, followed by those that are either important but not urgent or urgent but not important, and finally those that are neither important nor urgent. If possible, delegate tasks that aren’t both important and urgent to someone else.

    Another method is the ABCDE method, in which you assign each task on your list a letter from A through E based on its level of importance. Tasks with a level of A or B are the most important, while D and E are not at all important. Anything from C down can likely be rescheduled or delegated to someone else.

    3. Schedule your tasks

    Now that you know which tasks are the most important, schedule your to-do list in that order. Write yourself a daily list that puts the most important tasks at the start of your day. Don’t overschedule yourself, though. After all, there’s a good chance that in the course of your week, a new activity that is both important and urgent will arise and you’ll need the space in your calendar to address it.

    Give yourself deadlines in the day to get the work done, based on a reasonable assessment of how long the activity should take you. You can also chunk your work, in which you set aside specific, uninterrupted periods of time to do focused work and then schedule in breaks around that.

    Make sure you turn off distractions and let your colleagues know that you aren’t available during those times.

    Final thoughts

    By determining which of your tasks are the most important to you and your business and scheduling your day based on that criteria, you can ease the pressure caused when you have a long list of activities to take care of.

    Want to chat about your business? Get in touch with our advisors.

  • COVID-19 Business Update – 16 September 2020

    Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update.

    Melbourne’s Roadmap to ‘COVID Normal’

    A staged plan to ease Melbourne out of tight COVID-19 restrictions has been released. Stage 4 restrictions will remain in place for another two weeks with some minor changes, and will start to ease further from 28 September.

    The final step should be reached by late November if the city reaches a targeted decline in COVID-19 cases. Details about this roadmap to COVID Normal can be found here.

    Regional Victoria to Move to Step Three of Reopening Plan

    Regional Victoria will move to step three of the reopening plan from 11:59pm Wednesday night, which means that sitting in a restaurant, meeting up to 10 people outdoors, kids’ sport and travelling for a holiday will all be allowed.

    However, masks will still be mandatory and strict restrictions on the number of people who can visit your home remain in place. You can find a detailed guide on the changes that are coming here.

    Business Resilience Package for Victorian Businesses

    The Victorian government is investing $3 billion in cash grants, tax relief, and cashflow support to aid businesses hit by the tight restrictions and help them prepare for COVID Normal. The types of support included in this package are divided into three categories: Business Support, Business Adaptation, and Waivers and Deferrals.

    Included in Business Support is the third round of the Business Support Fund for small- and medium-sized business ($822 million), with applications opening on 18 September 2020.

    Meanwhile, Business Adaptation involves funding, tools, and resources to help businesses adapt to COVID Normal. Tax and cashflow support amounting to $1.8 billion will be provided by the government under the Waivers and Deferrals scheme.

    For a detailed rundown of the inclusions of the Business Resilience Package, click here. Let us help you assess your eligibility and gain access to government support! Get in touch with us so we can schedule a consultation.

    Missed the Superannuation Guarantee Amnesty Deadline?

    The Superannuation Guarantee Amnesty ended last week on 7 September. Businesses that failed to apply for the SG amnesty but still have unpaid or late paid super to disclose will need to lodge a Superannuation guarantee charge statement and pay the super guarantee charge (SGC).

    The ATO will notify you of the quarters that are not eligible for the amnesty and charge you with an administration component of $20 per employee per quarter. They will factor in the circumstances of your business in their decision of whether the Part 7 penalty should be remitted and will also work with you through the debt processes to collect the outstanding amount.

    If you have any superannuation concerns, feel free to contact us and let us sort it out for you.

    Xero Starter Plans have changed

    COVID-19 has seen a spike in new businesses started in Australia, with the vast majority being micro/small business. To help, the Xero Starter Plan has been upgraded to help micro and small businesses digitise their accounts.

    It’s still $25 per month, however the plan now includes:

    • The bank statement limit has been removed
    • 20 invoices p/m (approx. 1 per business day)
    • 5 Bills per month
    • Hubdoc included
    • 1 employee through payroll

    To celebrate, Xero’s offering all new Starter plans at $12.50 for the first 4 months. This applies to new subscriptions only and for a limited time. See xero.com/pricing or get in touch with us for more information.

    Second Round of Cash Flow Boost

    If you’ve received initial cash flow boosts, you will automatically get a second round of cash flow boost when you lodge your activity statements for each monthly or quarterly period from June to September 2020.

    If you lodge:

    • quarterly, you’ll receive 50% of your total initial cash flow boost for each activity statement
    • monthly, you’ll receive 25% of your total initial cash flow boost for each activity statement.

    If you receive some funds into your account from the ATO and aren’t sure what it relates to, feel free to get in touch with us and we can investigate.

    More details can be found in the ATO website.

    Bankruptcy Protection Rules Until End of 2020

    Australia will extend its temporary insolvency and bankruptcy protection rules until the end of this year, providing businesses a lifeline to recover from the impacts of COVID-19.

    The rules, which were first introduced in March and originally due to expire on 30 September 2020, indicate that creditors cannot issue bankruptcy notices to businesses for debts below A$20,000.

    The creditors’ notice period to act on debts could also be extended, allowing businesses to keep trading without paying rent, tax, and loans.

    Contact us if you have any questions and we’ll help create a plan for your business.

    JobKeeper 2.0 Bill Passed By Federal Parliament

    The JobKeeper Amendment Bill 2020 was passed by Federal Parliament this week. Below are the key changes to the scheme:

    Extending the period of operation– The JobKeeper scheme and the provisions that allow employers to temporarily vary the working arrangements (by way of JobKeeper enabling directions or agreements under Part 6-4C of the Fair Work Act 2009) will now end on 28 March 2021 instead of 28 September 2020.

    New payment rates– The current JobKeeper subsidy rate for full-time workers of $1,500 a fortnight will drop to $1,200 from 28 September 2020, and then to $1,000 a fortnight from January 2021. Meanwhile, those who worked less than 20 hours per week in the relevant reference period (being the four-week pay period before either 1 March 2020 or 1 July 2020) will receive $750 from 28 September 2020, and then to $650 a fortnight from January 2021.

    Legacy Employers– Employers who no longer qualify for JobKeeper after 28 September will be classified as legacy employers, and will have to satisfy a 10% decline in turnover to have access to modified JobKeeper enabling directions.

    Decline in Turnover Test Certificate– Employers will need to obtain a 10% decline in turnover test certificate from an eligible financial service provider, including a BAS or Tax agent.

    These modified directions include reducing an employee’s ordinary hours to a minimum of 60% of the employee’s ordinary hours as they were at 1 March 2020, but cannot result in the employee working less than two consecutive hours in a day.

    A dispute can be brought before the Fair Work Commission about whether an employer holds a 10% decline in turnover certificate for the relevant period, including a dispute about whether a certificate is valid.

    Penalty– A penalty of up to $13,320 for individuals and $66,600 for body corporates or employers will be imposed if an employer doesn’t meet the 10% decline in turnover test and knowingly or recklessly tries to use the provisions or fails to notify employees that a JobKeeper enabling direction or agreement is not continuing due to not having met the requirements.

    JobKeeper Turnover Test Requirements

    From the 28th of September 2020:

    • businesses looking to claim the JobKeeper payment will be required to demonstrate that they experienced a decline in turnover using actual GST turnover, rather than projected GST turnover.
    • businesses will be required to reassess their eligibility with reference to their actual GST turnover in the September 2020 quarter to be eligible for the JobKeeper Payment from 28 September 2020 to 3 January 2021 (the first extension period).

    From 4th January 2021:

    • businesses will need to further reassess their turnover to be eligible for the JobKeeper Payment. They will need to demonstrate that they suffered a decline with reference to their actual GST turnover in the December 2020 quarter to be eligible for the JobKeeper payment from 4 January 2021 to 28 March 2021 (the second extension period).

    The required decline in GST turnover percentages will remain the same:

    • 30% for an aggregated turnover of $1 billion or less
    • 50% for an aggregated turnover of more than $1 billion
    • 15% for ACNC-registered charities other than universities and schools.

    Government-backed COVID-19 Loans Extended

    The government is extending its small business COVID-19 loans scheme until June 2021. If you need help to access these loans or you want to find out if you are eligible, don’t hesitate to drop us a message.

    Keeping Your Mental Health in Check and Supporting Others

    With the prolonged lockdowns and tight social restrictions, combined with the financial uncertainty that everyone is facing, it is important to keep our own mental health in check and look out for others. In this Forbes article, Psychiatrist Dr. Dawn Brown discussed some tips on how you can support those struggling with their mental health:

    • Allow for a conversation. As mental health can be a very sensitive matter, start slow and let them lead.
    • Treat them with respect and understanding. Watch your language, don’t judge, and be careful not to make assumptions.
    • Encourage seeking the support they need. Your support alone may not be enough, so encourage them to talk to a professional who is equipped with more resources to help them.
    • Be supportive of positive mental health and do your part to make your workplace better.

    Meanwhile, this article focuses on some weekend habits that can help you boost your happiness and productivity. Some ideas include:

    • Going for solo dates to renew your mind and experience something new. This exploration will give you fresh sources of creativity.
    • Do a weekly personal check-in. This will reorient your life if certain aspects are off track and help you assess your emotional well-being.
    • Connect with close friends and family. Stay in touch by scheduling video calls and starting meaningful conversations. Doing this will improve your connection and make you feel better.

    Government Launches Business Continuity Website to Support Businesses Amid COVID-19

    The Australian Government has launched the Australian Business Continuity website to support businesses with staff working remotely amid the pandemic.

    The site provides free practical tools for remote communications, collaboration, workforce management, and video conferencing, as well as advice on how to best use teleworking services.

    Get in touch

    Contact us if you have any questions. We offer tax and accounting services to small business in Cranbourne and surrounding suburbs. We are expreienced accountant in Clyde, Cranbourne.

  • More JobKeeper changes expected

    7 August 2020

    You may have heard the news that Treasurer Josh Frydenberg has announced the government will expand the JobKeeper scheme again. This comes a few weeks after announcements of JobKeeper 2.0 to start at the end of September.

    Below is a roundup of what has been announced and what we expect to see, but please note that this is not legislated yet and is still subject to change. Again, we appreciate your patience as we work through the changes and what it will mean for your business.

    Two significant changes to JobKeeper have been announced: one is to the business turnover requirements and one to the eligible employees requirements.

    Business Turnover Test

    Previously:

    Previously a business would need to have experienced a decline (by the requisite amount in their turnover) in both the June and the September quarters to be eligible for JobKeeper in the December quarter.

    The change:

    Now the government is saying businesses only need to be down in the September quarter. This takes into account that some businesses did okay in April to June, but have suffered in recent months. This is welcome news for those in Victoria who may be struggling in July, August, and September given the Stage 4 lockdowns.

    Eligible Employees Test Changes

    Previously:

    In the past, an employee had to be on the books as of the 1st of March in order to be eligible for the JobKeeper wage subsidy.

    The change:

    Now, the government will change the eligibility to also qualify employees that were hired as of the 1st of July.

    This is to allow for businesses that started opening up and taking on new employees after March. Those employees will now join the JobKeeper program over the September quarter.

    Payment amounts

    There has been no new changes announced to the payment amounts for JobKeeper 2.0. As it stands, the next phase of JobKeeper will start at the end of September at a reduced rate. The subsidy will be reduced from $1500 per fortnight to $1200 per fortnight for full time workers and those working more than 20 hours per week. For those working less than 20 hours per week, they will receive $750 per fortnight.

    From 4th January 2021, these payments will fall to $1000 per fortnight for full time employees and to $650 per fortnight for those working less than 20 hours per week.

    Thank you

    Thanks for your patience as we work through these changes. We will continue to keep you updated as we have more news.

    As always, we appreciate your ongoing support.

    If you need help call us on 1300 724 829

    We are here to support you in this hard time if your business need help.

  • COVID-19 Business Update – 17 June 2020

    Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update.

    Instant Asset Write-Off Extended

    Last week, it was announced that the Instant Asset Write-off has been extended for six months to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided they each cost less than $150,000.

    You can find more information on which assets can you claim as an immediate deduction here, or contact us so we can walk you through the different thresholds, exclusions, and limits.

    Grant checker

    The business.gov.au website has a useful tool for finding grants, funding and support programs that you might be eligible for. Check out the tool online.

    COVID-19 Relief and Recovery Fund

    The Australian Government has set aside $1 billion to support regions and communities disproportionately affected by the economic impacts of coronavirus. Support is extended to these industries:

    • tourism
    • aviation and transport
    • agriculture and fisheries
    • education
    • the arts

    You can find more details here but feel free to chat to us and we can find the right support for you.

    Free Financial Counselling for regional businesses

    The Government has committed $4.7 million to provide small regional businesses affected by COVID-19 with access to free financial counselling. You can learn more about the assistance for affected regions, communities and industries here.

    COVID-19 Safety Guidelines

    SafeWork Australia has put together useful guidelines for a range of industries. The guidelines provide clarification on WHS laws, workers’ rights, risk assessments, hygiene, emergency plans and more.

    HomeBuilder Grant

    The Australian Government has recently announced the new HomeBuilder initiative, which is a time-limited, tax-free grant program to support the residential construction industry get through the pandemic. The $25,000 grant is available to eligible owner-occupiers (including first home buyers) to build a new home or substantially renovate an existing home. You will be able to apply for the HomeBuilder when your state or territory government signs the agreement. Further information will be announced in due course.

    Updates on JobKeeper Payments and Declarations

    JobKeeper payments will cease from 20 July for employees of a child care subsidy approved service and for sole traders operating a child care service. You can check the media release here.

    Also, monthly JobKeeper declarations now need to be completed before the 14th of the month, which gives you a little more time to lodge.

    What’s your Break-Even Point?

    Whatever type of business you have, calculating your break-even point is important. It tells you the amount of revenue you need to generate to cover your fixed and variable expenses. If you are not a finance or math person, don’t stress! This FREE Break-even Calculator we created will make your analysis fast and easy.

    If you need expert advice on the financial aspects of your business, especially on how you can become more profitable, please get in touch so we can help you plan your next big steps.

    What’s next?

    Over the last few weeks we’ve brought you updates on various government initiatives and cashflow schemes to help businesses impacted by COVID-19. We’ll keep you updated if anything changes but now we’ll shift to helping you get a plan in place for the future. Please get in touch to discuss what’s next for your business. S & H Tax accountants offer small business advice to business owners around Cranbourne and srounding suburbs.