The Federal Government has recently announced a new wage subsidy of up to $28,000 (per employee), paid in $7,000 per quarter over 12 months, aimed at business owners that have recently (within the last 3 months) employed new apprentices or trainees. Your business may be eligible for the subsidy if: you engage an Australian Apprentice between 5 October 2020 and … Read More
The Balancing Act: The 2021/22 Budget Detailed Review
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of a ‘patent box’ offering tax concessions on income derived from … Read More
How to: Invite a user to your Xero file
As lovers of technology, we’re big fans of helping you improve in efficiency and business processes. So with this in mind, we’ve put together another quick video, showing you step by step how to easily invite a user to your Xero file – a question we’re frequently asked on how to do. Check it out.
Dext: formerly known as Receipt Bank
As you may know, Receipt Bank recently announced their rebrand. Now known as Dext, the new name is a fusion of two words: the dexterity that accountants and bookkeepers bring to their client’s challenges and the next generation attitude that so many have. So, what does this mean for you? Jess Heapy, our ReceiptBank (Dext) 2020 Up and Coming Accountant, talks … 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
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
Small Business COVID-19 Recovery Grant
As you may be aware, Service NSW is offering a Small Business COVID-19 Recovery Grant from $500 and $3,000 which open today, 1st of July, and close on the 16th of August 2020. To be eligible for this grant, you must meet the following criteria as of 1 March 2020: Be a small business or a not-for-profit organisation based in … Read More