Business Update – 21 July 2021
South Australia Announces Shutdown, Victoria Extends Lockdown
South Australia moved to a full lockdown yesterday after the number of local COVID-19 cases grew to five. The lockdown will last for at least a week to contain the spread of the Delta variant. This article outlines the COVID-19 rules on travelling, gathering, and mask-wearing.
Also, South Australia has shut its borders with NSW and Victoria as outbreaks continue. You can find the complete set of border rules here.
Meanwhile, Victoria extended its lockdown by a week after recording 13 new cases. From midnight, Victoria will no longer permit travel for those arriving from NSW, except for essential workers or on compassionate grounds.
We’re thinking of everyone affected by these ongoing lockdowns around the country and encourage you to get in touch if you need any assistance. Please be aware this is a busy time for us as well and we will do our best to keep you informed.
COVID-19 Disaster Payment for recognised lockdowns
This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.
NSW: JobSaver and Micro-business COVID-19 support grant coming
The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.
JobSaver is fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. You can register your interest with Service NSW.
If you’re a micro business (small business or sole trader with annual turnover of more than $30,000 and under $75,000) impacted by the current Greater Sydney restrictions, you may be able to apply for a $1,500 payment per fortnight of restrictions from late July 2021.
NSW small business fees and charges rebate
If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.
You can view the range of NSW Government 2021 COVID-19 Support Packages here.
Cash Grants for Victorian businesses affected by lockdown
The Victorian Government has announced further financial support through the Business Costs Assistance Program, ensuring businesses will get another $2800. For businesses who received earlier rounds of the grants, the top-up payments will be automatic. Businesses who didn’t apply or were ineligible in May-June lockdown, their applications will be considered.
Alpine businesses will receive an additional $3000 for closure during peak season and community sport and recreation organisations will also receive $2000 grants for events that have been cancelled or postponed.
South Australian Business Support Grant
Cash grants of $3000 will be available to small and medium businesses that suffer significant loss of income and sole traders can apply for a $1000 grant.
The SA government will also provide $600 weekly support payments to workers in regional South Australia, after areas outside of Adelaide were left out of the Commonwealth “hotspot” declaration, meaning they miss out on disaster payment federal support.
Applications are expected to open within the next fortnight and businesses can register interest on the SA Treasury website.
NZ Freezes Travel Bubble with South Australia, Extends Pause on Travel Bubble with Victoria
Quarantine-free travel from South Australia to New Zealand has been paused, but those who are currently in the state who ordinarily live in New Zealand will be able to return on “managed return” flights starting with the next available flight.
A negative pre-departure test taken within 72 hours of flying will be required for eligible passengers, and they must also complete a health declaration confirming they haven’t been at a location of interest.
Meanwhile, NZ’s Ministry of Health extended its pause on quarantine-free travel for Victoria for two days starting on Monday. The freeze would be reviewed again today, as well as the arrangement with New South Wales which was on pause since 22 June.
Tax Implications of COVID-19 Rent Concession
If you’re a landlord who has given a rent concession or a tenant who received a rent concession because of COVID-19, you need to consider this in your tax returns.
Take note that the changes in the income you declare, deductions you can claim, GST, and capital gains tax obligations depend on the type of rent concession and the changes to the landlord-tenant agreement.
If you need some expert guidance, contact us today so our specialists can help you.
Government Adds More Telehealth Services as Lockdowns Continue
The federal government has announced extending telehealth consultations for Australians in COVID-19 hotspots from Friday last week. Two new Medicare telephone items will be available for GPs and other medical practitioner services for patients living in hotspots.
The new items will allow doctors to provide longer telephone consultations of 20 minutes or more.
JobMaker Hiring Credit’s Second Claim Period
The second claim period of the JobMaker Hiring Credit is now open. So 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 year for each additional eligible employee aged 30 to 35 years
Register any time until the scheme ends.
Wage Subsidy Scheme for Apprentices and Trainees
The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.
Income Statements can be found in myGov in July
Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) now known as Income Statements can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your or 31 July, depending on if the employer has 20+ employees or 19 or less respectively.
How to Solve Growing Business Pains
Experiencing business growth can be both exciting and challenging. As your business moves to the next level, some things may take you by surprise. This Forbes article discusses some of the most common growing pains and some tips on how to deal with them.
- Constantly fixing mini-crises. When everyone turns to you every time a mini-crisis arises and you constantly put out fires, you lose focus on your long-term goals. What you can do is to hire some senior members to help with some of these issues, as well as set long-term goals and forecasts for your business.
- Not enough time to meet business demands. When you hit a growth curve, demand also increases and it can sometimes feel like you don’t have enough time to accomplish everything. Review your org chart and make sure your employees are accomplishing tasks that are aligned to your short and long-term goals. If you’re not ready to take in more in-house staff, hire freelancers for short-term requirements.
- No established processes and procedures. Focus on your long-term goals and implement procedures before you need them. You should also listen to your employees’ feedback about your existing technology and processes because they’re the ones who use them every day.
- Ineffective communication. While you don’t necessarily have to say goodbye to informal catch-ups even as your business grows, you should scale communications and have formal processes for increased transparency and efficiency.
- Knowing when to scale. Not everyone is meant to run large-scale operations, so be realistic about your capabilities. Have a reliable board of directors or mentors to serve as your trusted advisors.
Is your business growing too fast? We’re not only good at crunching numbers, we can also guide you through this new stage in your business. If you need tailored advice, get in touch with us today!
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Contact us if you have any questions or want to discuss the next steps for your business.