The NSW COVID Small Business Grants

The NSW Government has recently announced grants available for small businesses who have been impacted by the NSW Government Lockdowns. This is available to all businesses that can show a downturn of at least 30% for a 2 week period between 26 June 2021 and 26 July 2021 compared to the same period in 2019. Businesses that are not within the “Lockdown Zones,” will have additional requirements to meet before…  Read more

NSW and Federal Government Combined COVID-19 Support Package

This week the NSW state and Australian Federal Governments announced a combined support package to help households and businesses during the ongoing COVID-19 lockdown. The COVID-19 Disaster Payment will be expanded and increased under this agreement. The payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 and less than 20 hours of…  Read more

Building a Personal Financial Plan – Essential Tips from Our Advisors

When it comes to understanding the fundamentals of money and managing your finances, it can be intimidating to begin if you don’t know where to start. Most of the time, however, money management can be relatively simple.  At the end of the day, you don’t have to be a financial genius to handle your finances, nor do you have to spend all your time and energy on knowing what to…  Read more

3 Tips to Make the Most of the End of Financial Year

Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting. The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time…  Read more

Important Change for Employers: Superannuation Guarantee increasing to 10% on 1 July 2021

A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or…  Read more

3 Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

6 Vital Money Management Tips for First-Time Entrepreneurs

Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to take advantage of opportunities. Here are 6 money management tips…  Read more

Business Update – 26 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. VIC: Melbourne’s Lockdown Fate Hangs in the Balance Authorities are locked in emergency talks about placing Melbourne in a five-day lockdown. A fresh cluster of COVID-19 cases in Victoria has grown to 15 in three days, and the next 24 hours are particularly critical as some of the infected…  Read more

Business Update – 19 May 2021

Welcome back to our Weekly Digest. Here’s the latest: JobMaker Hiring Credit’s Second Claim Period Now Open The second claim period of the JobMaker Hiring Credit is now open. If you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments: up to $10,400 over a year for each additional eligible employee aged 16 to 29 years up to $5,200 over a…  Read more

4 Ways to Make the Most of Business Down Time

Every business experiences slow periods when the market for their goods or services lessens and sales drop. Business owners might be tempted to view down times as unproductive or wasted, but there are ways you can make the most of your business during these seasons. Here are four ways to ensure this time isn’t wasted. Take a good look at your business When things are busy it gets easy to…  Read more

Australian Budget & Business Update – 12 May 2021

Welcome back to our Weekly Digest. Read on for the highlights from the Australian Federal Budget, the latest updates and some ideas to help us all move forward. Australia to Reopen Doors to India Australia will lift a ban on its citizens returning from COVID-ravaged India next week, as state officials reported that an outbreak in Sydney appeared to be contained. The Prime Minister stood by his decision to impose…  Read more

The Federal Budget 2021/22 Explained

The Federal Budget for 2021/22 was announced yesterday, 11th May 2021. Here’s the highlights including tax measures, superannuation changes and extensions to Government support post-covid. Tax Related Measures Personal tax rates: No changes to personal tax rates LMITO retained for 2021/22: The Low and Middle Income Tax Offset (LMITO) will be retained for the 2021/22 financial year. This provides a tax reduction ranging up to $1,080 for individuals and $2,160…  Read more

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Budget Overview This budget assumes our international borders won’t reopen until mid-2022.…  Read more

What do you write in a job description?

As your business grows, there will be an increasing need to create new roles and hire new employees. A job description will be an essential document for defining the responsibilities of the role, outlining the kind of applicant you’re searching for, and setting out your aims for how this new employee will fit into your existing operations as a business. So, what are the key elements to include in your…  Read more

Contribute to the World While Making Money

Gone are the days when an entrepreneur was expected to be entirely focused on making a profit. Obviously, earning money is important to being sustainable and therefore staying in business, but it’s possible to both earn a profit and contribute to a positive difference in the world around you, too. There are great reasons for doing so. Making a positive difference contributes to the greater good. It can also boost…  Read more

5 Important tips for Newcastle’s sole traders starting a new business post-COVID

Congratulations, you have jumped into being a sole trader and left the safety net of having a regular wage each week behind.   Success in small business is as much about planning as it is about ability. If the year of Covid has taught us anything as Newcastle based business owners, it is that we need to prepare for the unexpected. It may not be another pandemic; I have seen many…  Read more

Are you prepared for the super guarantee rate rise?

The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However plans have been in place for some years now to increase incrementally increase this to 12%. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will reach the legislated 12%. Prior to the delayed 2020 federal budget, there was discussion about…  Read more

Should I focus on profits or cashflow?

Turning a profit is at the heart of running any successful company. But should profits be the only financial focus if you’re looking to create a stable, long-term business? Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can’t cover your overheads, you can’t pay your employees and you can’t run your day-to-day operations – let alone think about…  Read more

Funding for business: Passion

Seeking outside funding for your business is a big step. Whether you’re expanding your company or starting a new one, it makes sense to feel a little nervous. If you combine your passion for your company with detailed financials and meticulous planning, there’s nothing to be afraid of. Have a plan, know your stuff and add some spark Investors want to know that you have a plan – They also want…  Read more

Is your business ready for hybrid working?

The Covid pandemic has changed the way we work and ushered in a new era of hybrid working. Is your business ready and able to offer this mix of on-site, off-site and remote working? When businesses were forced to close down their physical offices and workspaces, this brought technology to the fore. We’ve seen an increased use of remote working, video technologies and cloud-based business solutions. In 2021, Aussie’s are…  Read more

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