A wise man once said, “Don’t confuse being busy with being productive – they’re not necessarily related.” There’s a lot you can do as a business owner. But the reality is, you can’t do everything. We often see business owners wearing multiple hats to fulfil different roles within their business at one time or another. But for your business to be an efficient, well-oiled machine, … Read More
2021 Fuel Tax Credit Rate Changes
Earlier this month, the Australian Taxation Office announced a slight increase to fuel tax credit rates in line with fuel excise indexation. Fuel tax credits rates change regularly so it’s important to check the rates each time you do your business activity statement (BAS), but this month, Kurt discusses the most recent changes that came into effect on February 1. … Read More
Life after COVID | Part 4: Working with your advisor
Welcome to the final part of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. Business advisors are a dime a dozen, but at 542 it’s our approach that makes us uniquely different. And in business: different is good. As we approach 2021, it’s more important than ever before to … Read More
Life after COVID | Part 3: Looking ahead at business in 2021
Welcome to part 3 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. In this part we look to the year ahead for businesses, and discuss the connection between efficiency and sustainability. As always, our team are here to help. If you would like assistance or would like to talk … Read More
Life after COVID | Part 2: Managing cash flow post COVID-19
Welcome to part 2 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. Ordinarily, the festive season can present a number of challenges for business when it comes to managing cash flow. With the added decrease in Government stimulus for many businesses, it’s more important than ever to budget, forecast … Read More
Life After COVID | Part 1: Accessing Government Stimulus
Welcome to part 1 of our 4-part video series, arming you with the tools you need to prepare your business for life after COVID. To help manage the economic impact of the Coronavirus on businesses, the Government continues to provide financial support to businesses affected by COVID-19. This week, we discuss the Government stimulus packages and what financial assistance may be … Read More
Road to Recovery? The 2020/21 Budget Detailed Review
By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn’t enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, “You have to spend money to make money” to trade our way out of a black hole. Some of the measures are aimed at addressing … Read More
The end of JobKeeper: is your business prepared?
The extension of JobKeeper, came as a welcome relief for many business owners. In an attempt to reduce the number of employees receiving more money than they previously earned prior to the pandemic, the overhauled scheme came with strict new rules. Centred mainly around who qualifies, meaning businesses are now required to complete more frequent turnover-reporting to prove ongoing financial distress. Surviving, … Read More
Are you ready? JobKeeper 2.0 changes coming into effect
Last month, in response to the worsening economic conditions in Victoria due to the Stage 4 restrictions, the Federal Government announced further changes to the JobKeeper program. As part of the announcement, it included new requirements for eligibility as well as gradually reduced payments for employees. Keeping up with JobKeeper At a glance, the major changes to the scheme included: the extension of … Read More
JobKeeper 2.0: NEW Requirements
From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. From this date, the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked in the 4 weeks prior to 1 March 2020 or 1 … Read More