The Australian Government announced that JobKeeper and JobSeeker payments will be extended, with changes starting on 28 September 2020. Below is a rundown of the changes to expect on these support schemes. Changes to JobKeeper The JobKeeper scheme will continue until 28 March 2021. The extension of the scheme will operate in two separate periods: Extension 1: 28 September 2020 to 3 January 2021 Extension 2: 4 January 2021 to…  Read more

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Queensland Border Zone Extensions from October 1st Queensland’s border zone will be extended to 5 local government areas in NSW starting October 1st. These areas include: Byron, Ballina, Lismore, Richmond Valley and Glen Innes councils. South Australia-NSW Borders to Open at Midnight South Australia will reopen its…  Read more

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Melbourne’s Roadmap to ‘COVID Normal’ A staged plan to ease Melbourne out of tight COVID-19 restrictions has been released. Stage 4 restrictions will remain in place for another two weeks with some minor changes, and will start to ease further from 28 September. The final step should…  Read more

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Australia To Extend Bankruptcy Protection Rules Until End of 2020 Australia will extend its temporary insolvency and bankruptcy protection rules until the end of this year, providing businesses a lifeline to recover from the impacts of COVID-19. The rules, which were first introduced in March and originally…  Read more

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. COVID-19 Cases in Victoria Fall to Seven-Week Low Victoria, the epicentre of Australia’s second wave of COVID-19 infections, has reported a significant drop in the number of new cases, reaching a near two-month low. This is good news as the total lockdown in Melbourne is set to…  Read more

The JobKeeper Payments Amendment Bill was introduced in the House of Representatives on Wednesday 26th August. We appreciate your patience as we process these changes This Bill introduces the extension of the JobKeeper scheme that was announced last month. The proposed rate changes will see the current $1500 per fortnight payment drop to $1200 for full time workers. and $750 for those working less than 20 hours per week from…  Read more

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Victoria’s State of Emergency extended for 18 months Victorian Premier Daniel Andrews has announced the State of Emergency will be in place for 18 months and lockdown restrictions will be extended beyond September. Businesses in Victoria that are struggling can access the state’s Business Support Package. Get…  Read more

The COVID-19 pandemic has caught most of us off guard. Who would’ve thought that the world would spend the year battling a virus? This unprecedented global crisis is a reminder that these business threats are very real and acts as a wake-up call for business leaders. Even if the scenario may seem far-fetched, it pays to prepare for the worst. When a pandemic hits, businesses play a crucial role in…  Read more

Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. Cashflow Boost and JobKeeper Audits The ATO has announced that it will be actively conducting audits on the cashflow boost JobKeeper scheme. If you receive contact from the ATO to review your JobKeeper eligibility, you will be required to provide documentation as proof that you meet the eligibility criteria.…  Read more

The ATO has released further guidance on the recent changes to the JobKeeper scheme in relation to the timing of an eligible employee. From JobKeeper fortnights commencing 3rd August, the key date for eligible employees has changed to 1 July. In the past, an employee had to be on the books as of the 1st of March in order to be eligible for the JobKeeper wage subsidy. This change is…  Read more

Networking can be a key way to keep your business growing. Regardless of your industry or business size, it is hard to ignore the benefits of forming professional networks for potential partnerships, expanding your client base, and scaling up. However, while we are all constantly reminded about the importance of networking, reaching out to grow your network isn’t the same now thanks to the COVID-19 pandemic. Social restrictions to prevent…  Read more

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. JobKeeper Changes Coming in September Last week the PM announced the JobKeeper wage subsidy scheme will be extended from September through to March next year, with some changes. Please be aware there are still plenty of “unknowns” surrounding the next steps, and these changes are yet to…  Read more

Your “war chest” is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep your reserve account healthy. Here are some ways to build—or preserve—a cash war chest during…  Read more

Most small business owners face a time in their career when they have to communicate in ways or about topics they aren’t comfortable with. COVID-19 has put small business owners in the position of having many conversations that are uncomfortable and stressful. Whether you’re communicating with employees about business issues during the pandemic, hoping to negotiate a rent reduction or changes to credit terms, or asking customers for help in…  Read more

The COVID-19 pandemic has proven challenging for many small business owners. It’s difficult to run your business remotely, especially if you’re not set up to do so. If you run a business that requires customers or clients to come to you, you might be very concerned about how you can continue to operate without opening your premises. If you have access to technology, are adaptable, and are willing to look…  Read more

Dealing with a sudden cash flow crisis, even if you’re working hard to avoid shortfalls, is hugely distracting. A formerly reliable customer might take much longer to pay than anticipated or a large consignment might fail to show up, leaving you out of pocket. If you’re starting a business, it could simply be taking longer than expected to turn a profit. Red light warnings Develop red light systems to warn…  Read more

More and more business employees are now telecommuting, that companies around the world are restructuring their management practices to meet the challenges of remote collaboration. Now with the spread of the Coronavirus and workers being asked to work-from-home the need for managing remote teams is higher than it’s ever been. Because they tend to be more agile and open to change, small businesses are particularly well positioned to adapt to…  Read more

If you’ve been reviewing your business’s financial position and are looking for ways to improve your cash flow, one of the first things to look at are your expenses. As your business grows, so will your costs, but there are things you and your employees can do to keep them down as much as possible and so improve your cash flow. It’s important not to rest on your laurels. Continually…  Read more

Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there, locked up in inventory, assets or your debtors’ book. You can often free…  Read more

If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business. It’s highly likely that the Coronavirus and it’s resulting impacts, could put some significant pressure on your…  Read more

Bootstrapping is figuring out how to reduce the cash you need to start, by eliminating any unnecessary overheads while finding out who will give you a hand.   If for whatever reason you’re not able to raise enough capital to start-up you might be able to get what you need by ‘bootstrapping’ (finding what you need through unconventional or low-cost methods). Have others lend what you need You don’t have…  Read more