Australian Government Confirms Director ID Deadline
Current Australian directors will now be given 12 months to apply to receive their unique director identification number before fines of over $1.1 million kick in for non-compliance. Existing company directors will now be required to apply for a director identification number (director ID) by the 30th November 2022. Directors of Indigenous corporations that are […]
Common Cashflow Related Problems And Tips For Fixing Them
Cashflow is the buzzword used to describe for all of the money that is coming into and going out of your business. In financial terms, it’s the culmination of accounts receivable and accounts payable. Cashflow is not about sales or revenue, it’s about the actual, cold hard cash that is made available (or unavailable) to […]
A Large Number of SMEs Report To Having Difficulties With Their Cashflow
Recently published research has revealed that a large percentage of Australian SMEs are struggling with their cashflow as a result of the ongoing covid-19 pandemic. The survey that included data from over 900 commercial financial brokers showed that even before the latest lockdowns in NSW and Victoria came into full effect close to 77 percent […]
Australia’s Current Insolvency Rate Is Much Lower Than Anticipated
A recently published survey has found that the current insolvency rate for Australian business is running at less than half the pre-covid levels. However, this might be a result of the ongoing lockdowns and border closures. Despite the winding back of government support packages, external administrations are still running at historical lows despite concerns last […]
Listed Companies Are Required to Report JobKeeper Grants
Recently announced legislation means that listed entities are required to separately notify the market of JobKeeper payments even if that information has been included in the entity’s annual financial report. The legislation known as The Treasury Laws Amendment (2021 Measures No. 2) Act 2021 was announced by the Australian Government in September 2021. The announcement […]
Australian Businesses View Border Closures As A Major Concern
A recent survey has shown that border closures, recruitment issues and supply chain delays are anticipated to be the most significant pressures for Australian businesses over the next 12 months. 46 percent of respondents who participated in the survey believe that border closures will be a major factor in putting pressures on businesses, while 34 […]
Ombudsman Asking for Feedback from Female Business Owners
As a way of supporting and encouraging females to take up entrepreneurship in Australia, women who currently lead or own businesses are being asked to share their experiences. The Australian Small Business and Family Enterprise Ombudsman has released a survey aimed at identifying any unique challenges and opportunities experienced by women who own and lead […]
Treasury Admits That $13.8 Billion Worth of JobKeeper Payments Went To Profitable Companies
Federal Treasurer Josh Frydenberg has revealed that an excess of $13.8 Billion worth of JobKeeper payments were distributed to businesses that weren’t meant to receive the funding. A report published by the Treasury outlined that under the JobKeeper regime $11.4 billion and $15.6 billion in the June and September quarters of 2020 or a total […]
Australian Government Introduces New Casual Employment Laws
The Australian Government has announced that businesses who have long-term casual staff might soon be hit with fines exceeding $66,000, if they don’t offer them permanent positions. Since Monday 27th September, employers across the country must begin contacting casual staff who have been employed for at least 12 months, with a written offer to convert […]
Abuse Towards Retail Staff Increases In Sydney During Lockdown
Newly published data has shown that abuse towards retail staff in Sydney has skyrocketed during the covid-19 pandemic. Threats, violence and verbal abuse has increased by almost 80 percent in some parts of Sydney over the past 12 months. The research indicates that the abuse has been the most frequent to occur in areas in […]