Tag: business owners

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

Present Owners Fare Better in Hospitality

For businesses that are struggling now, the prognosis is not great, and without significant change there is unlikely a panacea to the improvement of the business. It’s been no surprise that more active and present owners have been more willing and able to adapt, making for businesses that fair better through market changes or periods of decline.