Why It Is Important for Businesses to Assess Their Viability Before JobKeeper Ends
The JobKeeper scheme will end on 28th March 2021. Since September 2020, over half a million businesses across the country have graduated from the scheme. Despite the schemes success at helping businesses survive during the pandemic there are a number of businesses struggling in industries such as aviation, tourism and the arts and recreation services. […]
KPMG Warns the Federal Government to Delay Their Push Towards e-invoicing
KPMG has advised the government against rushing to implement a compulsory approach to e-invoicing. KPMG has cautioned that compliance costs and competing priorities will weigh significantly against businesses. It is in the opinion of KPMG that the governments desire for mandating e-invoicing – beginning with large businesses has failed to consider the compliance burden […]
An Introduction to Understanding HECS-HELP for New University Students
This month universities across the country will commence classes for the first semester of 2021. New students who are wanting to defer paying their fees can do so by taking advantage of the federal governments HECS-HELP loan scheme. The HECS-HELP loan scheme is both a loan and a student discount for eligible students who are […]
The Importance of Declaring Cryptocurrency Related Assets
As cryptocurrencies become more and more entrenched in the mainstream, one of the biggest challenges in accounting for them has been that some investors may not be aware that it is a requirement for them to disclose crypto assets to their accountants. It is super important for financial advisers to educate themselves in relation to […]
Preparing for The End of JobKeeper
On 28th March 2021, the Australian Government is planning to phase out JobKeeper. The payment was originally introduced in March 2020 at the start of the covid-19 pandemic to encourage affected businesses to keep staff employed during the nationwide lockdown. JobKeeper is a wage subsidy payment made via the tax system. On top of […]
The Importance of Forensic Accountants in The Age of Covid-19
A 2017 Senate inquiry discovered that more than 50% of Australian businesses have experienced white-collar crime in the past two years, and over a third of these organisations have lost more than $1 million. It is impossible to identify exactly how much fraud goes unreported or undetected, although a global study on fraud believed a […]
Changes to The Statutory Demand Threshold, The Personal Bankruptcy Threshold and Ceasing A Director
Ceasing a Director The ASIC has announced that from 18th February 2021 onwards there will be new requirements in regards to ceasing a company director in accordance with the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 which was passed by Parliament in February 2020. The announcement which was made on 9th February 2021, […]
Treasury is considering an increase to the current Statutory Demand Threshold
The impact of the covid-19 pandemic has forced the government to make a huge number of changes to Australia’s insolvency framework. The Treasury is now deliberating about whether or not the current monetary threshold at which a statutory demand can be issued by a creditor should remain at $2,000 or should be permanently raised to […]
‘Ahead for Business’ – Supporting the Mental Health of Small Business Owners in The Age of Covid-19
The effects of the covid-19 pandemic have taken a huge toll on the mental health of many small business owners and their employees. The ongoing possibility of having to suddenly close whenever a new outbreak of covid-19 occurs means that many businesses are struggling to make a profit and are facing an uncertain future. As […]
Victorian Government Announces Support for Businesses Impacted by Covid-19 Lockdown
The Victorian Government has announced new support for small businesses, including sole traders which have been impacted by the covid-19 circuit-breaker action. Operators from businesses in industries such as; hospitality, events, tourism and the creative industries are all set to benefit from these grants. The $143 million Circuit Breaker Support Package is expected to help […]
