THIS MONTH’S ADVISER IN THE SPOTLIGHT
Happy New Financial Year to all!
It’s not exactly the start to the financial year we wanted, and I hope that everyone is traveling ok through this most recent lockdown.
So what does a New Financial Year mean, aside from “getting the tax done”?
Well firstly it’s a great time for reflection – it was a challenging year for most, so looking back and highlighting all the things that went well and learning what we can to make next year bigger, better and easier.
We’re also halfway through another calendar year, so we should be halfway to whatever new years resolutions you may have set. It’s the perfect time to sit down and plan out what steps are required so that come 31 December we can make sure it’s not something that comes and goes without any action. (Check out the below snippet from the latest Pursuit Advisers Webinar to get some inspo on ensuring you achieve these goals.)
Now, unfortunately, it’s a little hard to do too much planning in our current climate and that can make it seem like things are a little out of our control. For me when this happens, I turn my focus to the things I can do right now to make myself feel a little better and a little more confident that things will be ok. Spending extra time with the family, re-looking at next year’s forecast for the business, or reaching out to someone you’ve not spoken to for a while and make sure they’re ok.
As always, our teams are always here if there’s something on your mind – so know that even if it’s just a niggly concern, feel free to reach out.
Featured is snippet from our latest Pursuit Advisers Webinar on “Making Your Business Goals a Reality.“
Here Stu discusses the Law of Results, a mindset tool where by going through the steps and decisions (good bad and ugly) that were made that lead to your results, enable you to have a better grasp on controlling the outcomes.
“Good decision making is having a deep understanding of what are the types of results your chasing, and a driver for making sure what is happening lines up with those actions.”
Play the short clip to learn more, simply by clicking on the image above.
NEW VICTORIAN BUSINESS SUPPORT PACKAGE
A new jointly funded package from the Commonwealth and Victorian Governments will give Victorian small and medium businesses the extra support and confidence they need to recover from the recent lockdown.
The package will deliver an additional $400 million in support to thousands of businesses and includes a $156 million Business Continuity Fund, a new $85 million Small Business COVID Hardship Fund as well as support for commercial tenants and landlords.
It will also build on Victorian Government support for licensed hospitality and alpine venues, with $70 million for the Licensed Hospitality Venue Fund 2021 and $9.8 million for Alpine Business Support.
Detail of the NEW support on offer is as follows:
Small Business COVID Hardship Fund
Enabling small businesses with a payroll of up to $10 million who have experienced a 70 per cent or greater reduction in revenue to be eligible for grants of up to $5,000.
Delivering $5,000 grants to up to around 30,000 businesses that remain impacted by capacity limits placed on businesses because of the continued restrictions. Twenty-four eligible sectors are covered by the fund including gyms, cafes, restaurants, event businesses, catering services and hairdressers.
Businesses located in the CBD that continue to be impacted due to restrictions on the number of staff allowed in office buildings will be eligible to receive an additional $2,000.
To receive this funding, businesses must have received or be eligible for the Business Cost Assistance Program Round Two.
The reintroduced Commercial Tenancy Relief Scheme will ease the pressure by providing rent relief for eligible tenants, while separate support will be provided to landlords who do the right thing by their tenants.
The Scheme will be available to businesses with an annual turnover of less than $50 million and have suffered a decline in turnover of at least 30 per cent due to coronavirus and is effective as of now.
Tenants and landlords can contact the Victorian Small Business Commission for further information on 13 87 22 or visit vsbc.vic.gov.au.
Full details on eligibility and how this package will work are yet to be announced but we will keep you updated as we learn more.
BUSINESS LENDING TIPS
Earlier this month our team had the pleasure of learning from some of the best in the lending biz, in a Finance Training Session with Kathryn Bordonaro and Nick Michaelides, from Allbiz Finance Brokers.
Listed below are ways you can make a stressful situation less stressful and ensure your next big-ticket purchase is a straightforward process.
- Let your lender know in advance so you can have a plan in place to make any vital changes, (ie curb unnecessary spending 3 months before beginning the application process).
- Ensure you have a clear tax portal (Reach out to your adviser if you are needing assistance with this).
- Be honest about your financial situation, enlist co-applicants if your credit history is not strong or you don’t have sufficient collateral.
- Be organized! It doesn’t cost extra to get your pre-approval in advance so why not be prepared. (It may need refreshing after 60- 90 days but this is a straightforward, 5 min process, if no drastic changes to your earnings or new purchases have been made since applying).
- Have credit limits in place for your business so money is on hand if needed at any time.
If you’re needing further lending advice, contact the friendly AllBiz team on 03 5616 2500 or visit their website www.allbizfinance.com.au.
MAKING BIG PURCHASE FOR YOUR BUSINESS? $2 COULD GIVE YOU PIECE OF MIND
The Australian Government’s Personal Property Securities Register (PPSR) is a single, national online database that shows whether someone is claiming a security interest in goods or assets.
Businesses can make a registration so others know when they have an interest in goods they are supplying, or leased/rented out goods for more than two years.
This means that if your customer doesn’t pay, or goes out of business, a registration on the PPSR puts you in the best position to get your goods, or their value, back.
The PPSR can help SMEs, including tradies, if they are:
- having trouble getting invoices paid
- looking to refinance or access credit
If you are buying or selling valuable second-hand goods, a PPSR search can provide more information about whether the property has a security interest against it. If it does, it may mean the property has money owing on it. You can also search for goods without a serial number, like yellow goods or livestock – just search against the seller’s details like an ACN or ABN using an organisation search.
A PPSR search costs $2. PPSR registrations cost $6 per customer and can cover future supplies of similar goods for up to 7 years.
To learn more visit the www.ppsr.gov.au website.
WHAT IS SUPER GUARANTEE
AND HOW DOES IT EFFECT ME?
The most common type of regular contribution regularly going into a super account is likely to be the Superannuation Guarantee – or SG for short – which is the contribution an employer is required to make into a super fund on the employees behalf.
The SG is part of the remuneration received from the employer and the amount is a percentage of an employees salary or wages, and is currently set at 10% for 2021/22 financial year.
This super amount has a due date of the 28th of the month following the end of each quarter. (For example, for the super which has accrued in the September quarter, this will be due on the 28th of October.)
What happens if I don’t pay my super on time?
If super is paid late, an employer you have to pay extra fees such as interest to the employee to compensate their super being paid late and an administration charge of $20 per employee per quarter where super is paid late to the ATO. This is calculated by lodging Super Guarantee Charge statement to the ATO.
If you would like to receive some personalized advice on anything super related, get in touch today.
IT’S THAT TIME OF THE YEAR AGAIN!
ASIC have increased some of their fees as of this month. See below to see how these changes may affect you and your business.
Business Name Registrations
Registration or Renewal for one year – $37.00 (no increase)
Registration or Renewal for three years – $88.00 ($1.00 increase)
Annual Review Fees
Propriety Companies – $276.00 ($3.00 increase)
Special Purpose Companies – $56 ($1.00 increase)
Late Payment/ Lodgement Fees
Fee 1 (received less than 1 month after due date) – $83.00 ($1.00 increase)
Fee 2 (received more than 1 month after due date) – $344.00 ($4.00 increase)
For a full list of price increases, please visit the ASIC website.
IMPORTANT UPCOMING DATES
|2 August 2021||August fuel tax credit rates change|
|16 August 2021||PAYG withholding annual report due|
|23 August 2021||July monthly BAS due|
|30 August 2021||Taxable payments annual report due|
June quarter Super Guarentee charge statement due
We are proud to announce we have added a couple of new friendly faces to our team this month, one being Angus, our new Graduate Accountant. Find out a little more about him and he’s delivery driving accolades in his “Meet the Team’ profile below.
Also keep an eye out for our second fresh face Emily, who we will also introduce in our next edition of “The Inside Look”, so stay tuned.