Marketing Tips to Grow Your Business In 2021
2020 was a difficult year for the majority of Australian businesses. Constant border closures, lockdowns and social distancing rules made it difficult for businesses to make a huge profit from their customers. Here are some tips to help improve your marketing strategy in a way that will build more meaningful relationships with your customers […]
The Financial Impact Snap Lockdowns Are Having on Australian Businesses
The Professional Accounting Body has called for Australia’s federal, state and territory governments to work together to create a national response for businesses that are impacted by future snap lockdowns whenever a new outbreak of covid-19 occurs. Keeping Australian citizens safe during the pandemic should be the government’s top priority and the quick action taken […]
250,000 More Australians Might Be Unemployed When JobKeeper Ends
Another 250,000 Australians could potentially find themselves unemployed when JobKeeper ends on 28th March 2021. The end of the scheme is anticipated to lead to thousands of businesses failing across the country. This will consequently lead to anywhere between 125,000 and 250,000 people left without a job. There are many businesses that would’ve already […]
The Federal Government Expands the SME Loan Scheme
Small and medium-sized enterprises (SMEs) are now eligible to borrow up to $5 million dollars as part of the federal government’s decision to expand its loan scheme. The recently announced expansion will be included in the governments post-JobKeeper support package which aims to financially assist SMEs. The SME recovery loan scheme will be an […]
Struggling Businesses Are Concerned About What the End of JobKeeper Will Mean for Their Future
Struggling businesses and their employees are concerned about what is going to happen to them once JobKeeper ends on the 28th March 2021. Economists are predicting that over 100,000 jobs could be lost when the government ends the covid-19 welfare supplement later this month. When covid-19 shattered Australia’s economy in March 2020, millions of people […]
The Federal Government’s SME Recovery Loan Scheme
In an effort to reduce the economic struggle caused by the covid-19 pandemic, the federal government has announced an extension of its small and medium-sized enterprise loan scheme. Following the conclusion of JobKeeper the government will continue to work with lenders to offer assistance to Australian businesses who are still in need of access to […]
Fringe Benefits Tax Year End Planner
Fringe Benefits Tax (FBT) is a tax imposed on employers for specific benefits they provide to their employees or their employees family or friends. FBT’s purpose for its existence is to prevent tax leakage from businesses deducting the cost of provide those however income tax is not collected on the employee side. Some major examples […]
The Small Business Ombudsman Calls for FBT To Be Scrapped
The Small Business Ombudsman believes that removing the fringe benefits tax, and enabling GST to be remitted at the point of sale, would potentially make the tax system more small business friendly. A recent research paper published by Australia’s Small Business and Family Enterprise Ombudsman has listed 25 recommendations that aspire to create a tax […]
New Partnership Profit Guidelines Introduced by the ATO
Three years after first commencing a review of how professional firms engage in income splitting the ATO has released its highly anticipated partnership profit guidelines. The new guidelines will be introduced on 1st July 2021. The ATO has published a drat copy of the guidelines under the name Practical Compliance Guideline 2021/22. This document explains […]
Accounting Advice for Recently Appointed Barristers
Congratulations on your recent appointment, if you have recently been appointed as a barrister, from a business structure perspective you will be operating as a sole trader. You will therefore need to apply to obtain an ABN (Australian Business Number). During your time spent in previous roles of employment you have been operating as a […]
